Deal cut to get One Oak Street condo tower built
Opponents of the proposed 40-story condo tower at One Oak Street in San Francisco have agreed to drop their appeal of the project in exchange for a package of concessions that include an additional $3 million for affordable housing.
On Tuesday afternoon, Supervisor London Breed said that members of the Hayes Valley Neighborhood Association that had appealed approvals for the 304-unit high-rise to the Board of Supervisors based on the argument that wind and traffic impacts from the tower had not been studied adequately would withdraw their opposition.
In exchange, developer Build Inc. will contribute the extra affordable housing money and Breed committed to writing legislation that would expand future environmental impact reports on development projects to include two new aspects: the traffic impact of ride services like Lyft and Uber, and the wind impact on cyclists.
In addition, Build will get to keep 136 parking spots at the building, which at .45 spaces per unit is higher than the .25 spaces per unit allowed under the Market and Octavia Neighborhood Plan, which includes the block. San Francisco State University professor Jason Henderson had argued that the additional parking spots were unjustified on a transit-rich block near multiple bus and train lines.
The developer, based in Hayes Valley, argued that the .45 parking space-to-unit ratio is extremely low for a high-rise condo. The average high-rise condo project in San Francisco has had a parking ratio of 1.04 spaces per unit. Banks and other potential construction lenders were unlikely to invest in a development with less than a .45 ratio.
Last week, Breed introduced legislation to temporarily limit parking to .5 per unit at new developments near Market Street and Van Ness Avenue. But the One Oak tower, which passed the Planning Commission in June, would be grandfathered in.
Breed said that she was reluctant to support the additional parking but that the public benefits offered by Build were compelling. Build has agreed to fund the construction of 94 affordable housing units on four Octavia Boulevard parcels. With the additional $3 million, Build’s affordable housing commitment rises to about 103 units, about 33 percent of the project’s total units.
In addition, Build will construct a 16,000square-foot public plaza and has agreed to maintain it over 100 years, funded through a $300,000 annual special tax on the property, totaling $30 million.
“It was a tough, delicate negotiation, but I’m comfortable with the extra affordable housing money to offset the impact of the additional parking,” Breed said. “The public benefits are really great. Build brought a lot to the table, which I appreciate.”
“Build is happy that we were able to reach a compromise agreement with the (Hayes Valley Neighborhood Association) and looks forward to moving on,” Build partner Michael Yarne said.
During a Board of Supervisor hearing Tuesday, Henderson called the deal a “a very good outcome.”
“For us, affordable housing is sustainable, transit-oriented housing,” he said. “We need to make our transitoriented housing accessible to all.” J.K. Dineen is a San Francisco Chronicle staff writer. Email: jdineen@sfchronicle.com Twitter: @sfjkdineen