Joint Venture of DM Development, Urban Land Development, and Urban Land Capital to Bring 168 Apartments Plus Retail Art Space and Underground Parkingto Former Parking Lot
SAN FRANCISCO (March 2, 2021) – DM Development (“DM”), a San Francisco-based real estate development and investment firm, and Urban Land Development (“ULD”), also a privately owned, full-service real estate development firm based in San Francisco, and Urban Land Capital (“ULC”), a subsidiary of ULD that provides institutional-grade investments in Bay Area projects, in a joint venture today announces the San Francisco Planning Commission’s approval of 321 Florida, a residential and retail arts project at Florida and 16th Streets in the Mission District.
“We are thrilled to have received a unanimous approval at the San Francisco Planning Commission for 321 Florida, and to be moving forward with this exciting mixed-use development,” said Mark MacDonald, CEO of DM Development. “We’re also pleased to be making a significant contribution to build a 100% affordable housing project on Folsom Street in the Mission neighborhood.”
Located in San Francisco’s “Media Gulch” area of the Mission District, the ground-up development of 321 Florida Street will replace an underutilized parking lot with a 157,341-square-foot multifamily apartment building comprising 168 apartment units. As such, 145 of the units will be market rate and 23 below market –14 of which are intended for residents making between 50 and 55 percent of the area median income — in a combination of 64 studios, 37 one-bedroom units, and 67 two-bedroom units.
In keeping with ULD and DM’s commitment to supporting the local arts community, the project will feature a locally designed and installed mural on the south façade, as well as 1,336 square feet of retail space on the ground floor that will be donated to Community Arts Stabilization Trust (CAST), a San Francisco-based nonprofit that acquires and preserves land for use by artists or art organizations.
“I am pleased that we worked collectively with community leaders in the Mission District to replace a parking lot with housing and arts space,” said Jon Mayeda, CEO of ULD. “This approval will enable us to continue our efforts to work with neighborhood organizations and the City to build affordable housing in the Mission District and provide a permanent home for local artists and culture enthusiasts through our partnership with CAST.”
There will also be approximately 118 bicycle parking spaces, 45 to 55 parking spaces, two of which would be for residents with disabilities and one as a car-share parking space. The parking spaces are located under the building, accessed by an automated mechanical system that stacks and stores cars to maximize the space.
Located along 16th Street in the heart of the Mission District, the property enjoys one of the most culturally dynamic and economically diverse neighborhoods, adjacent to Showplace Square and Mission Bay. The business district is home to many local retail, restaurants, arts and design businesses, along with a range of industries that include tech, life sciences, and healthcare for a number of growing companies such as Adobe, Invitae, UCSF, AirBnB, and Uber.
About DM Development
Headquartered in San Francisco, DM Development is a prominent real estate and investment firm that sets new standards for residential development by creating projects that combine bold architectural design with progressive sustainability features to enrich communities and redefine modern living. DM Development collaborates with visionary architects and designers to create remarkable new homes that push the boundaries for design and reflect an uncompromising attention to detail and focus on quality. Notable projects include 8 Octavia, 400 Grove, 450 Hayes, 815 Tennessee, 188 Octavia in San Francisco and The Harland in West Hollywood.
About Urban Land Development
Urban Land Development (“ULD”), a privately-owned, full-service real estate development firm based in San Francisco, has extensive real estate expertise in acquisition, value-enhancement, asset repositioning, ground-up development, and land entitlement. The Principals of ULD provide over 50 combined years of real estate experience creating commercial and residential projects that seamlessly integrate trendsetting, design-focused architecture to establish a new paradigm for the urban environment.
Urban Land Capital (“ULC”), focuses on real estate investment opportunities in the San Francisco Bay Area, driven by the key growth trends of technology, biotech, fin-tech, private equity, and supporting industries. ULC leverages the real estate investment, development, and management platform of ULD by providing investors with established execution abilities across all real estate asset classes. Identifying opportunistic investments in residential and commercial projects, including stabilized, value-add, and development, the Fund will provide investors with a diversified portfolio of select assets which would typically only be reserved for institutional investors. It is led by the Investment Committee with a collective 40 years of experience in Bay Area real estate investment and development, as well as international capital markets and fund management.