Tenderloin Undergoing Major Real Estate Makeovers
With its checkered, colorful, even literary history, the Tenderloin remains one of San Francisco’s most interesting neighborhoods. With 80% of its 15,800 apartments locked in at below market rents or under rent control it remains a mecca for renters on lower pay seeking affordability in the city. Yet small store businesses moved away, and crime rose.
Now, with the economy rising, apartment developers are approved to start shoveling for new projects, and Tenderloin’s community (normally against such encroachments) are letting them in. And the new units will be market rate. Groups like Shorenstein, Group I, Tidewater Capital and Forge Land Co. are approved for 1,000 new units, at a cost of $500 million. In the bow wave of these developments new class restaurants and bars have come into the area.
According to the story in bizjournal.com Randy Shaw, executive director of Tenderloin Housing Clinic (provides legal services) he’s been trying very hard to bring in investment. “I aggressively try to see investment all the time—the positive kind.”
This fall, Group I will be tearing down a row of empty storefronts at 950 Market and start building a project with 232 hotel rooms and 242 condos.