The Balboa Reservoir Development Agreement: What It Means for San Francisco
On December 8, 2020, the San Francisco Board of Supervisors approved a development agreement for the Balboa Reservoir, a 17-acre site in the city`s Outer Mission neighborhood. The agreement lays out the terms under which a joint venture between AvalonBay Communities and BRIDGE Housing will build 1,100 new housing units, over a third of which will be affordable, as well as new parks, retail space, and other amenities.
The development has been in the works for years and has faced opposition from some local residents concerned about its potential impact on traffic and infrastructure. However, supporters argue that the project will help address the city`s ongoing housing crisis and will provide much-needed affordable housing in a part of the city that has been historically underserved.
Under the terms of the agreement, the developers will be required to provide a minimum of 550 affordable units, with 100 units reserved for very low-income residents and another 100 for low-income seniors. The development will also include a new childcare center, a public park, and a community center with a pool and other recreational facilities.
The agreement also includes provisions designed to protect the surrounding community. For example, the developers are required to provide a minimum of 130 parking spaces for the exclusive use of nearby residents and to work with the city to mitigate potential impacts on traffic and neighborhood infrastructure.
The Balboa Reservoir development is part of a broader effort by the city of San Francisco to address its ongoing housing crisis. According to the San Francisco Planning Department, the city is projected to need over 100,000 new housing units by 2040 to keep pace with population growth and demand. However, the city has historically struggled to build enough new housing to meet this need, with many residents opposed to new development in their neighborhoods.
The Balboa Reservoir development agreement represents a compromise between developers, community members, and city officials, and is seen by many as a positive step forward in addressing the city`s housing crisis. However, the project is still likely to face opposition from some local residents, and it remains to be seen how successfully it will be implemented.
Overall, the Balboa Reservoir development agreement is an important milestone in San Francisco`s ongoing effort to provide affordable housing and other amenities to its residents. Whether it will ultimately succeed in doing so remains to be seen, but the agreement represents a positive step forward for the city and its residents.