The Transbay Joint Powers Authority has announced another giant land deal. This time it sold “Block 6,” the parcel that’s a part of the giant Transbay Transit Center Development Project, slated to be completed in 2017.
Here’s the full press release:
On April 16, 2013, the Commission on Community Investment and Infrastructure unanimously approved a disposition and development agreement with Golub Real Estate Corp. and Mercy Housing California for the development of Transbay Block 6. The proceeds from the sale will fund the Transbay Transit Center Project.
The development of Block 6 includes 409 units of market-rate housing and 70 units of affordable housing, as well as a publicly accessible open space and ground floor retail. Golub has committed to pay the $30 million purchase price by October 1, 2013 and plans to begin construction as early as fall of 2013, putting even more people to work in the Transbay Project area. The development is expected to be complete in 2016.
“This approval is a major milestone for the Transbay Transit Center Project,” said Maria Ayerdi-Kaplan, Executive Director of the Transbay Joint Powers Authority. “The sale of this parcel comes on the heels of the groundbreaking for the Transbay Transit Tower, signifying strong market recovery and job creation.” she said.
Block 6 is the second Community Investment and Infrastructure project to receive approval in the Transbay Redevelopment Area. The first, Block 11, is a 120-unit affordable housing project scheduled for completion later this year.
Coinciding with approval of the development on Block 6, the State Department of Finance issued a Final and Conclusive Determination confirming all of the enforceable obligations of the former Redevelopment Agency in the Transbay Redevelopment Area. This confirmation from the State clears any doubts as to the availability of net tax increment for the Transbay Project. The Transbay Redevelopment Project is one of only a handful of former redevelopment projects across California that has successfully secured this confirmation from the State.