The San Francisco Business Times reports that giant apartment developer Equity Residential (EQR) closed on a five-parcel portfolio in SOMA with plans for 60 residential units and no parking.
The proposed unit mix includes traditional one, two and three bedroom units along with a hand-ful of micro-units. According to EQR, micro units have the potential to generate attractive rental rates per square foot as tenants trade space for a lower nominal rent.
In a rare instance of beaurocratic foresight, The San Francisco Planning Department is becoming increasingly supportive of residential developments with little or no parking. This controversial policy may seem nonsensical if you've ever actually tried to park in the city, but city planners argue that a lack of available parking options will, over time, reduce the number of cars on our streets. And given the location squarely in the heart of SOMA, small units with no parking sounds like just what we need.