T
he San Francisco City Commission recently approved a proposal to allow for taller residential buildings and additional time for the transfer of approximately 2 million square feet of commercial space from one of FivePoint Holdings' stalled projects to another. This decision was made in order to facilitate the development of a new "innovation district" at Candlestick Point, a 280-acre site owned by FivePoint Holdings.

    The San Francisco Chronicle reported that this decision was made after receiving approval from the city's Office of Community Investment and Infrastructure, which also granted extensions for the project's development timeline. According to Lila Hussain, the city's senior project manager, these types of projects require significant infrastructure investment before any vertical construction can begin, and time was running out due to delays.

    The changes are expected to be implemented next year if both the Planning Commission and the San Francisco Board of Supervisors approve them. The Planning Commission is scheduled to discuss this matter on September 12th.

    The revised plan for Candlestick Point now includes a reduction in the number of residential units from 7,200 to between 120 and 180 feet in height, which is a significant decrease in size compared to FivePoint's original plan for the area, which called for approximately 7,000 residential units and 1 million square feet of commercial space.

    The developer believes that the innovation district will serve as a draw for biotech companies as potential tenants. However, not everyone is in favor of these changes. Bivett Brackett, who chairs the city's Office of Community Investment and Infrastructure, was the only vote against the proposed changes. Brackett expressed disappointment over the reduction in size of a previously planned performing arts facility, which was reduced from 75,000 square feet to 5,000 square feet. She also expressed concern over the affordable housing requirements, which she believes are set too high.

    According to Brackett, the affordable housing requirements represent incomes of $175,000 or higher, while the average income in Bayview is approximately $35,000 per year. This discrepancy has raised concerns about the project's potential impact on local residents and their ability to afford housing in the area.