Rendering: Shorenstein Properties
The Tenderloin neighborhood in San Francisco is known as the underappreciated “skid row” of the city. It was one of the last areas of central downtown to be hit with incoming condos and developments, and there’s now a rallying cry from affordable housing developer Tenderloin Neighborhood Development Corp. (TNDC) against the proposed condo development at 1066 Market Street.
Shorenstein Properties has approval to build a 304-unit building on the property, with 36 units or 12 percent designated as market-rate housing for those who make no more than 55 percent of San Francisco’s area median income. That comes to $41,450 per year for one person, but according to the San Francisco Business Times, TNDC has said that “the median income of Tenderloin residents is around $23,000 per year, or 31 percent of the area median income.” The current Tenderloin community would be competing against much wealthier incoming residents.
If TNDC’s appeal is unsuccessful, construction will begin at 1066 Market Street in the fourth quarter of 2016, with completion scheduled for the fourth quarter of 2018. The 12-story building was designed by Arquitectonica to blend well with the surrounding historic buildings, and to make good use of the site’s irregular geometry and topography. The firm also designed the Venus statue currently under construction at 8th Street and Market Street; once completed, it will be the tallest statue in San Francisco.
1066 Market Street will not be the only major change the neighborhood will encounter over the next few years. A few examples include Boeddeker Park, which recently reopened after a $9.3-million renovation, and Reddit’s leasing of a 50,000-square-foot building at 420 Taylor Street.