Owners of a three-story building formerly housing the headquarters of ride-share company Lyft announced plans for a mixed-use addition combining residential, retail and office space, Curbed San Francisco reported.
The proposed expansion will add a 67,000-square-foot, five-story building to the existing structure. The second and third floors will house 26,600 square feet of office space and will be topped by nine townhouses with private patios.
Underground parking will also be included, though it will have about 25 fewer spaces than the existing surface lot on which the addition will be constructed.
San Francisco is one of the country’s hottest housing markets, with tight supply and soaring rents and home prices. The expansion of Lyft’s old headquarters will add unique townhomes to the Mission District without taking away existing housing or office space.
Despite San Francisco’s popularity, the city’s high cost of living and tight market are driving some residents to consider moving away. A recent poll by the Bay Area Council, an advocacy group, found that 40% of respondents are thinking about moving out of the region soon — of that group, nearly half (46%) are between the ages of 18 and 39.
There is also speculation among economists that employment activity in the region has peaked, with the slowdown partially driven by a lack of housing to accommodate earlier job growth.
In recent years, the Mission District has been grappling with battles over increasing gentrification, as the area’s rising popularity is transforming the once working-class neighborhood and causing rents to skyrocket.
The neighborhood’s dwindling affordable housing stock could see some relief, the San Francisco Chronicle reported, with six below-market-rate projects, totaling 733 units, ready to break ground in the next two years.
The city is also considering an allowance for taller residential buildings provided they include more low- and middle-income housing options.
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