City Hall
1 Dr. Carlton B. Goodlett
Place
San Francisco, CA 94102-
4689
City and County of San Francisco
Legislation Details
File #:
Version:
1
240849
Name:
Commercial Ground Lease - Broadway Davis Retail
Associates LLC - 725 Davis Street - First
Amendment to Residential Ground Lease - 735
Davis Senior, L.P. - 735 Davis - Annual Base Rent
of $1
Status:
Type:
Resolution
Passed
File created:
In control:
9/3/2024
Clerk of the Board
On agenda:
Final action:
10/11/2024
Enactment date:
10/11/2024
500-24
Enactment #:
Title:
Resolution 1) approving and authorizing the Director of Property and the Mayor’s Office of Housing
and Community Development (“MOHCD”) to enter into a Commercial Ground Lease for Real Property
owned by the City and located at 725 Davis Street (the “Commercial Property”) with Broadway Davis
Retail Associates LLC, for a lease term of 70 years and one 24-year option to extend and an annual
base rent of $1 (“Commercial Ground Lease”), in order to develop ground floor commercial space for
community-serving uses (“Commercial Project”); 2) approving and authorizing the Director of Property
and the Director of MOHCD to enter into a First Amendment to the Residential Ground Lease to
remove the Commercial Property from the leased premises under the Ground Lease between the City
and 735 Davis Senior, L.P., related to a 52-unit affordable housing development for low-income
seniors, including 15 units for homeless seniors; 3) adopting findings that the Project and proposed
transactions are consistent with the General Plan, and the eight priority policies of Planning Code,
Section 101.1; 4) determining that the less than market rent payable under the Commercial Ground
Lease will serve a public purpose by providing commercial spaces for community-serving spaces, in
accordance with Administrative Code, Section 23.3; and 5) authorizing the Director of Property and/or
the Director of MOHCD to execute the Commercial Ground Lease and the First Amendment to the
Residential Ground Lease and make certain modifications to such agreements, as defined herein, and
take certain actions in furtherance of this Resolution, as defined herein.
Sponsors:
Mayor
Attachments:
1. Leg Ver1, 2. DRAFT Commercial Ground Lease, 3. DRAFT First Amend to Ground Lease, 4. Form
126, 5. Cmte Pkt 092524, 6. Board Pkt 100124, 7. Form 126 Final, 8. Leg Final
Action By
Date
Action
Result
Ver.
RECEIVED AND ASSIGNED
President
9/3/2024
1
RECOMMENDED
Budget and Finance Committee
9/25/2024
1
Pass
ADOPTED
Board of Supervisors
10/1/2024
1
Pass
APPROVED
Mayor
10/11/2024
1