Austin Klar breaks down the Prado Group's plan to redevelop a former medical complex in Laurel Heights, San Francisco's first major project in 50 years. The mayor's office created an Enhanced Infrastructure Financing District to make it work, reducing affordable housing requirements from 185 to 125 units and letting the developer borrow against future tax revenue.
Something that hasn't happened in nearly 50 years might be happening in one of San Francisco's wealthiest neighborhoods. Not a lot of large-scale communities get built on the north side of San Francisco, but the Prado Group has been making headway on a large-scale redevelopment of now-defunct medical facilities in Laurel Heights. The mayor's office recently introduced legislation to help kickstart the project by creating what's called an Enhanced Infrastructure Financing District. Basically, it changes a lot of the default rules surrounding things like taxes, affordable housing, and a bunch of other different levers that can help make a project more feasible. And if these measures pass, the hope is that the Prado Group will be able to borrow against future projected tax revenues that the development would generate in order to start building out infrastructure at the site. The affordable housing requirement will also be cut from 185 units to 125 units to help make the project more financially feasible. Looking forward to seeing this one move forward because the plans look awesome and we desperately need more housing in the area. Follow me for more Bay Area real estate.
