O’Farrell Towers

O’Farrell Towers, a 12-story building located in the Tenderloin neighborhood at 477 O’Farrell Street, was acquired from Citizens Housing Corporation in 2010. The property contains 101 one-bedroom apartments for low-income seniors and ground floor commercial space that is leased to the San Francisco Senior Center. The proposed project consists of a $12.4 million rehabilitation to address water intrusion issues, upgrade building systems and reconfigure ground floor space to better serve residents and building staff. While the primary purpose of the rehabilitation is mitigation of water intrusion issues we also intend to repair and replace building systems at the end of their useful life, improve accessibility, and reconfigure the ground floor community spaces and offices. Increased energy efficiency and green building methods are also priorities. The total estimated development cost is approximately $56 million. Anticipated funding sources include tax-exempt bonds, 4% tax credits, and a seller carry back loan.