But the economy has picked up to the point where development is booming, and many of the projects that won deferrals are under construction, completed or ready to open. Which means the impacts of those projects will be felt – with, for example, more crowded buses – long before the money comes in to improve the transit system.
Of the $166,879,439 in deferred payments approved by the city, $28,980,664 has been paid, meaning there’s an outstanding balance of $137,895,775. That would buy a lot of new buses and fund a lot of affordable housing.
The problem with deferring payments, of course, is that the impacts happen when the projects open, not years later – and the cost of land is rising so fast that $1 for affordable housing today is likely to be worth far less than $1 two years from now.
Here are some of the major projects that won deferrals:
101 1ST ST Transit center — high rise office building
- $52,797,251.00
401 HARRISON ST — Rincon Hill One second tower – luxury condos right next to Bay Bridge
- $24,026,161.88
45 LANSING ST – luxury Rincon Hill condos block away from 401 Harrison
- $21,730,709.93
222 2ND ST – office building 2nd and Howard – being built for tech industry tenants
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- $14,252,427.70
350 MISSION ST – Salesforce headquarters being built by Kilroy Realty
- $8,066,938.97
900 FOLSOM ST – West Soma Plan – large site – closest to a neighborhood project on list
- $2,013,627.11
1998 MARKET ST – Market/Octavia Plan condos – Buchanan & Market
- $1,684,615.42
2559 VAN NESS AVE – Filbert & Van Ness Ave condos
- $1,611,274.68
401 GROVE ST – Market/Octavia Plan condos – Grove & Gough
- $1,113,284.47
942 MISSION ST – hotel across from Chronicle Building
- $1,033,516.43
899 VALENCIA ST – Eastern Neighborhoods – 20th & Valencia $1,016,069.67
