The City of San Francisco has entered into a 70-year Commercial Ground Lease agreement with Broadway Davis Retail Associates LLC for the real estate located at 725 Davis Street. The lease includes an annual base rent of $1 for the development of community-serving commercial space. The project is part of a larger affordable housing initiative related to 735 Davis Senior, L.P., a 52-unit development for low-income seniors. This resolution also includes the First Amendment to the Residential Ground Lease to remove the commercial property from the residential project, affirming the General Plan consistency and supporting the use of the property for public purposes.
The agreement supports the city's ongoing efforts to provide affordable housing while also ensuring the availability of commercial spaces that benefit the community. It enhances public amenities in line with the city’s broader development and public service goals.