The path forward for a new residential development at the old Lucky Penny site at 2670 Geary Blvd., would be well-defined if the Board of Supervisors approves a new Geary-Masonic Special Use District.
The Board's Land Use and Transportation Committee this week recommended approval of the proposed district, which would clear a path for a new residential tower that exceeds the site's current height and density limits.
The district would essentially be limited to parcels associated with the proposed development.
Project sponsor RG Architecture submitted new plans for the development in August 2017 aimed at qualifying for the Home-SF incentive that allows builders to add two stories if 30 percent of the on-site units are priced below market rate.
The key focus of the proposed special use district is to limit the number of spots for personal vehicle parking to 0.5 per unit, encouraging the developer to maximize the number of parking spaces available for car sharing.
Under the special use district, at least 25 percent of all parking provided would have to be permanently available to car-sharing services.
The location is well-served by public transit and is convenient to neighborhood shopping, so residents will be able to walk, cycle, or take Muni for most of their necessary travel, according to the Planning Commission's analysis of the special use district provisions.
As proposed, the project would have 95 residential rental units and 16 parking spaces. At least 22 units will be affordable to a range of income levels.
At least 10 percent of the affordable housing units would have to be available to very low-income residents who earn 55-65 percent of the average median income ($44,400 to $52,455).
The development would replace the one-story Lucky Penny diner, which closed at the end of 2015. | Photo: Kevin Y./Yelp
The Home-SF program is aimed at providing affordable housing to families, so the developer would have to make 40 percent of the units two bedroom or larger, and at least 10 percent three bedrooms or larger. Alternatively, half of the units could contain more than one bedroom.
The special use district would also restrict the amount of non-residential space to 3,000 square feet or less. Under the project sponsor's most recent plans, the ground floor would include a total of about 1,790 square feet.
The proposed project is expected to cost about $15 million to construct; about $100,000 will be needed to demolish the former restaurant and surface parking lot.
Special Use District Proposed For Geary & Masonic Development