[maxgallery name=”1400-mission-street-construction-progress-fall-2014″]Owner Tishman Speyer’s desire to keep the 656 unit Lumina condominium complex an exclusive luxury residency spawned a need to fulfill their affordable housing requirement through an offsite location. The company met this obligation by providing financing to Tenderloin Neighborhood Development Corporation’s 1400 Mission affordable housing project. With this financing and a $46 million cash loan from Ullico, the project broke ground last winter and today builder Swinerton is making considerable progress on the future 15 story tower. A onsite tour showed the reinforced concrete building rising to 10 floors and work recently started on the exterior windows and facade. Latest renderings by Brand + Allen Architect show the completed building to have an understated design with a clean simple exterior.
167 of the building’s 190 units will satisfy Tishman Speyer’s affordability obligation (25% of 656) and be reserved for those making an average 90% of the area median income (AMI). 20 units will be for those making 150% of AMI, and the remaining three will have a variable AMI limit governed by Planning Code Section 415.
Expected building completion is set for sometime in 2015.