07/16/2024 | Press release | Distributed by Public on 07/16/2024 17:53
San Francisco, CA - Today, in a major win for housing, Mayor London N. Breed and Supervisor Myrna Melgar's legislation to transform the parking lots surrounding Stonestown into a town center with thousands of new homes and new open space was approved unanimously by the Board of Supervisors.
The approved Stonestown development agreement will maintain the existing mall, while allowing the transformation of the surrounding parking lots to add nearly 3,500 new homes, six acres of parks, plazas and open space, new childcare and senior center facilities, and improved parking and access. The legislation is co-sponsored by Supervisor Rafael Mandelman.
The proposal by Brookfield Properties is the culmination of five years of community outreach and a key part of the City's work to deliver on its housing goals under Mayor Breed's Housing for All plan, a strategy to fundamentally change how San Francisco approves and builds housing to allow for 82,000 new homes to be built over the next eight years.
"With the approval of this transformative project at Stonestown, we are showing how we can get to yes on housing and create a more affordable San Francisco for all," said Mayor London Breed. "This investment in our City will deliver jobs, sustain the mall as an economic engine, and provide badly needed housing, including for our seniors. I want to thank Supervisor Melgar for her leadership, our City staff for their hard work to get this done, the community for engaging on this project, and Brookfield for their commitment to being a partner with the City."
"Stonestown is the ideal location to add more housing to the westside," said Supervisor Myrna Melgar. "San Francisco should be proud of this comprehensive vision to build out Stonestown as a future Town Center that connects our neighborhoods while investing in union jobs, affordable housing, transit, infrastructure, and amenities such as childcare and senior services that benefit our entire community. "
"Having grown up in the Sunset, Stonestown was a big part of my life as a kid," said Supervisor Rafael Mandelman. "It's exciting to see it evolve in this way and it will be exciting to watch that neighborhood develop as a dense, urban center on the west side with amenities that will serve thousands of residents."
The project will be developed in phases, and creation of the housing and other community benefits will require a significant upfront investment in project infrastructure. The actions taken today by the Board of Supervisors include approval of legislation that is the first step in formation of an Enhanced Infrastructure Financing District (EIFD) for the site. The EIFD tool, which is designed for large-scale housing projects like Stonestown, would allow a portion of the net new property tax revenue generated by the new development to be reinvested into the infrastructure needed to enable the project. This improves the financial feasibility of the project and will allow the housing and community benefits to be provided sooner.
Stonestown Project
Stonestown isa40-acre site, consisting of 30 acres of parking lots and streets surrounding the existing Stonestown retail mall. The site is located on San Francisco's west side along 19th Avenue near San Francisco State University and major public transportation lines, including the M-Ocean View Muni Metro line.
The development agreement approved today was approved unanimously by the Planning Commission on May 9th. The project includes:
The project will provide a range of community benefits, including:
"We're thrilled with the collaboration and support we've received from the neighborhood and the city. Stonestown as a town center will address city housing goals, enhance the location as a focal point of community activity, and contribute to the long-term vitality and resilience of San Francisco," said Christie Donnelly, Sr. Director, Development, Brookfield Properties.
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