40% affordable housing
Through on-site housing, land dedication, and funding, the project will provide approximately 241 affordable units, which is equal to 40% of the project’s market rate units. Most units will be restricted to deeply affordable rent levels—at or below 50% of Area Median Income (AMI). 87 units will be dedicated to middle-income households, ranging from 100% to 150% of AMI.
New open space for South of Market neighborhood
Three large, publicly-accessible open spaces will be privately funded and built by the project: Mary Court West (14,500 sq ft); Mary Court East (11,500 sq ft); and an open space on the rooftop of the Chronicle building (23,000 sq ft)—accessible through a dedicated public elevator at the corner of Mary and Minna.
Transportation & pedestrian safety improvements
The 5M Project will pay $8.8 million in Transportation Infrastructure Development Fees. Additionally, over $3.4 million will be dedicated to pedestrian safety and streetscape improvements in the surrounding neighborhood.
Commitment to transit
Located 750 feet from the Powell Street BART and Muni station, the 5M Project is surrounded by dozens of local and regional transit routes for Muni, BART, Golden Gate Transit, and SamTrans. There will be 495 bicycle parking stalls; 4 showers and 24 lockers on site to encourage biking. A transportation demand management plan will incentivize and promote the use of transit by residents and employees.
$70 million in benefit fees
The project will generate over $60 million in standard city fees for city transit development, open space, jobs, affordable housing, schools and art projects/programs. An additional $11.8 million in benefit fees will be directed toward the SOMA community.
1,200 construction jobs and 3,150 permanent jobs
Over 600,000 square feet of newly constructed office space plus ground floor retail that generates thousands of new, permanent jobs across a variety of sectors for the City of San Francisco.
Arts, culture and educational opportunities
12,000 square feet of office space will be dedicated to arts, cultural and educational uses. Open space will be programmed to include community arts and cultural events.
Focus on district youth and education
Additional funding will be provided for youth development and wrap-around services for students of Bessie Carmichael, the only elementary and middle schools in SOMA. Support for teacher training and professional development will also be provided
Retention of historic buildings
The Chronicle Building and its iconic clock tower will be activated with a rooftop open public space. The Dempster Building, a historic resource, will be preserved and restored. The Camelline Building at 430 Natoma will be retained.