72 Townsend Knocks it Out of the Park with BMR Condos in a Winning Location

72 Townsend Knocks it Out of the Park with BMR Condos in a Winning Location

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There’s been a revitalization of San Francisco’s South Beach since the Giants moved their baseball team here in 2000. Most San Franciscans are now fans of this bustling neighborhood that has seen a spate of gleaming condo towers rise and plenty of popular eateries move in.

South Beach is a rare part of town for development, as height restrictions are less stringent, meaning densification can take place as part of a plan to meet San Francisco’s growing population, now topping 850K.

Amid this growth is 72 Townsend, a brand-new, nine-story, 74-unit development in the former Hooper’s South End Warehouse – the oldest such structure to survive the 1906 earthquake. The original façade of the warehouse was incorporated into this innovative steel-and-frame architectural design.

This property’s location near the waterfront esplanade and AT&T Park is a homerun, with game-day excitement spilling into the neighboring streets.

What’s even more exciting is the news that the Mayor’s Office of Housing and Community Development (MOHCD) is now accepting applications for the seven below-market-rate (BMR) condos for sale at 72 Townsend. The application date for this affordable housing in San Francisco is Monday, March 14, at 5pm; the lottery date is Tuesday, March 22, at 3pm, with the venue being MOHCD’s offices. 

Your first step to participate in the lottery is to schedule and attend a free first-time homebuyer workshop and one-on-one coaching session at one of five agencies recommended by MOHCD and HomeownershipSF. MEDA is one of these nonprofits where interested affordable-housing buyers can come. The organization’s Housing Opportunities Manager Juan Diego Castro and his team just finished putting in 73 clients’ applications at the Rockwell, with staff now poised to turn their energies toward applications for 72 Townsend. Your MEDA coach will be able to answer any of your BMR questions, plus provide assistance around accessing the City’s Downpayment Assistance Loan Program (DALP).

MOHCD priced these BMR condos at 95 percent of Area Median Income (AMI), but have made the qualifying AMI 100 percent. That means a one-bedroom unit starting at $177,314 and a two-bedroom unit beginning at $248,563.

All units included one parking space, a definite benefit for any car owner in this busy part of town.

Add in a private rooftop oasis with views of the Bay and this development is a real winner.

Interested in affordable housing at 72 Townsend?

MOHCD website information on 72 Townsend affordable-housing development.

Developer’s website on the project.

Call Mario at (415) 282-3334 ext. 101 to register for a free First-Time Homebuyers workshop; or email MEDA.

 

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