By D.K. Dineen : sfchronicle – excerpt
Common Ground Urban Development, led by real estate investor Chris Foley, has filed an application to build a 200,000-square-foot complex for nonprofits at 1850 Bryant St. The developer plans on dividing the new, five-story building into about 10 commercial condominiums and selling them to nonprofits that offer services including job training, housing placement, addiction counseling and adult education.
While construction wouldn’t start until June at the earliest, seven tenants have signed letters of intent to take 110,000 square feet, Foley said. None of the future tenants was willing to be identified because the leases have not been finalized. The building, which will also include some space for the arts and manufacturing, will include a 14,000-square-foot roof garden.
The project is being partly financed through federal New Markets Tax credits. Spaces in the building will sell for about 40 percent below market-rate values — about $575 a square foot, or $5.7 million for a 10,000-square-foot commercial condo…
an Francisco Supervisor Hillary Ronen, who represents the Mission, said she is cautiously optimistic about the 1850 Bryant St. project, although she wants to make sure it’s as affordable as possible to cash-strapped organizations.
“The idea of creating a permanent home for nonprofits, so they have a secure footing in the Mission, is really exciting,” Ronen said. “I’m intrigued by the idea of joint ownership — kind of a condo building for social service groups.”…(more)