Veritas Investments has floated a plan to build 116 apartments on a parking lot in San Francisco’s Tenderloin.
The San Francisco-based developer filed preliminary plans to build the 18-story complex at 101 Turk Street, SF Yimby reported. It would replace a vacant single-story storefront.
The new apartments would be built next to a five-story building with 112 studio apartments built in 1906 at 57 Taylor Street, owned by Veritas and managed by RentSFNow.
Veritas bought the properties at 101-111 Turk Street and 57 Taylor in 2017 for $25.5 million, according to SF Yimby.
Plans call for building an 18-story highrise with 116 apartments, with 4,400 square feet of open space. The apartments would include 62 studios, 12 junior one-bedroom,12 one-bedroom, 18 two-bedroom and 12 three-bedroom units.
The project would use a state density bonus program allowing it to increase residential capacity by 50 percent in exchange for including an unspecified number of affordable units.
It would require demolishing the vacant single-story commercial building at 105 Turk Street and filling the parking lot at 111 Turk Street.
Veritas told SF Yimby that “entitlements will likely take years, so this project won’t be realized anytime soon. But this is a great opportunity to create housing on what would otherwise be a parking lot.”
The new building would be a block from Muni buses and light rail along Market Street, just past the Golden Gate Theatre, and three blocks from the Powell Street BART Station.
It would rise across the street from the Flatiron-style Serif condominium and hotel complex, with 242 units and 236 hotel rooms, that opened last year and has cut prices to offset rising mortgage rates.
Last month Veritas, one of San Francisco’s biggest apartment landlords, bought a four-story Art Deco apartment building in the Marina District for $13.3 million.
— Dana Bartholomew
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