Applications pour in for middle-income units in new SF apartment building

More than 1,000 people have applied for the 91 units

San Francisco /
Jan.January 17, 2022 09:17 AM
A rendering of 434 Minna Street (Meyers Plus)
A rendering of 434 Minna Street (Meyers Plus)

Applications are pouring in for affordable units at San Francisco’s the George, a new apartment complex near Fifth and Mission Streets.

More than 1,000 people have submitted applications for 91 below-market units, the San Francisco Chronicle reported. Some 30 percent of the 302 units available at the 434 Minna Street building have been reserved for households of two people earning between 100 and150 percent of the area’s median income, which is between $106,000-$155,000.

The George, which is scheduled to open on Jan. 18, has the highest percentage of middle-income, below-market-rate units in a market-rate building in San Francisco’s history.

The development, named for the Hotel George on the same site, is the first building to open in the larger 5M project. The full mixed-use complex will yield 856 housing units, a 648,000-square-foot office tower and 12,000-square-foot community arts center. Hearst, which owns the nearby San Francisco Chronicle, is developing parts of the project.

“It’s good to see so much new housing open in a transit-rich area,” Supervisor Matt Haney, who represents the neighborhood, told the Chronicle.

The deluge of applications shows just how much need there is for middle-market housing in the city for those who don’t qualify for supportive housing yet also still struggle to meet the region’s famously high rents.

“There is a well-known challenge in providing housing for the missing middle — that family with two educators or firefighters or someone who owns a small business, who don’t qualify for low-income housing,” Haney said.

The 5M development will ultimately consist of 40 percent below-market-rate units and will include 83 low-income senior housing units.

The George building replaced a parking lot along the recently landscaped, pedestrian-only portion of North Mary Street.

[SFC] — Victoria Pruitt





    Related Articles

    arrow_forward_ios
    Pasadena mayor Victor Gordo and attorney general Rob Bonta (iStock, Rob Bonta, City of Pasadena, Illustration by Kevin Cifuentes for The Real Deal)
    Small-town mayor withstands AG’s slings and arrows, SB 9 exemptions become law at local level
    Small-town mayor withstands AG’s slings and arrows, SB 9 exemptions become law at local level
    33 Mountain Spring Avenue, San Francisco (Steve Gallagher/Coldwell Banker Realty)
    ‘Sumptuous’ ask in Clarendon Heights
    ‘Sumptuous’ ask in Clarendon Heights
    Sharon Stone with 1 25th Ave (Getty, Redfin) Sea Cliff, Cali
    Sea Cliff property where Sharon Stone once lived now SF’s priciest listing
    Sea Cliff property where Sharon Stone once lived now SF’s priciest listing
    Tien Tzuo and 32 Julius (Redfin, Zuora, iStock)
    Alleyway “oasis” on Telegraph Hill lists for $10M
    Alleyway “oasis” on Telegraph Hill lists for $10M
    Pacific Urban Investors' Alfred Pace with 39800 Fremont Blvd (Revere, Google Maps)
    Pacific Urban pays $127M for apartments in Fremont
    Pacific Urban pays $127M for apartments in Fremont
    Mark Zuckerberg with 1743 Westbrook Avenue (Getty, Liveplayrealestate)
    Facebook birthplace hits market for first time
    Facebook birthplace hits market for first time
    Bell Partners president and ceo Lili F. Dunn with renderings of Cadence Apartments at 400 Cypress Avenue in South San Francisco (Chet Frohlich, Bell Partners Inc.)
    Builder sells 260-unit apartment complex in South San Francisco
    Builder sells 260-unit apartment complex in South San Francisco
    Bob Pavey with 46400 Clear Ridge Rd (Redfin) Big Sur, Mansion
    Silicon Valley VC exec behind record listing in famous coastal enclave
    Silicon Valley VC exec behind record listing in famous coastal enclave
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...