5 Shocking Facts About 200 Folsom Street: San Francisco’s Most Expensive Affordable Housing Project
Contents
The Transbay Block 2 Project at 200 Folsom Street: A Complete Profile
The development at 200 Folsom Street is officially designated as Transbay Block 2 within the larger Transbay Redevelopment Project Area. This is not a single tower, but a complex of two buildings dedicated entirely to affordable rental housing.- Location: 200 Folsom Street, San Francisco, CA (Assessor's Block 3739, between Main and Beale Streets).
- Neighborhood: East Cut / SoMa (South of Market).
- Project Name: Transbay Block 2 East and Transbay Block 2 West.
- Development Type: 100% Affordable Residential Rental Housing.
- Block 2 East Details: A nine-story, Type I concrete building. Recent updates show the concrete structure is actively rising.
- Block 2 West Details: Slated to include 151 units of affordable residential rental housing.
- Total Units: The combined project will deliver several hundred affordable units to the neighborhood.
- Current Status (Late 2025): Construction is actively underway, with concrete structures rising. The project is moving through various financing and planning approvals.
- Key Entities: Transbay Redevelopment Project, City and County of San Francisco, various affordable housing developers (e.g., Transbay Block 2 Family).
1. The Staggering "Million-Dollar" Affordable Unit Cost
One of the most talked-about and controversial aspects of the 200 Folsom Street development is the astronomical cost per unit. In recent filings, staff noted a per unit development cost approaching $991,021. This figure highlights the extreme financial pressures of building in San Francisco, even for non-market-rate housing. The cost is a reflection of several factors unique to the Bay Area: the high price of labor, expensive materials, complex regulatory and permitting processes, and the necessity for deep foundations and high-quality construction in a dense urban environment. While the cost is shocking, it underscores the critical role of state funding and government subsidies in making these essential affordable homes a reality. The project financing explicitly includes state funding to bridge this massive financial gap.2. It’s NOT the MIRA "Twisted" Tower
A common point of confusion for those tracking the Folsom Street corridor is the distinction between 200 Folsom Street and the iconic, architecturally distinctive residential skyscraper known as MIRA. MIRA, famous for its spiraling, twisting facade designed by Studio Gang Architects, was originally called the Folsom Bay Tower. However, MIRA is located at 280 Spear Street (sometimes referenced as 160 Folsom Street), not 200 Folsom Street. The 200 Folsom Street site, Transbay Block 2, is a separate, dedicated affordable housing project. This distinction is vital for topical authority; while MIRA is a luxury condo tower, 200 Folsom is a public-serving affordable rental development, showcasing the full spectrum of new construction in the East Cut.3. A Critical Piece of the Transbay Redevelopment Puzzle
The 200 Folsom Street project is not an isolated development; it is a key component of the massive, decades-long Transbay Redevelopment Project. This master plan is transforming the area around the Salesforce Transit Center, replacing old infrastructure and creating a new, vibrant mixed-use neighborhood. Transbay Block 2 sits in Zone One of this redevelopment area. The larger project includes luxury residential towers, commercial space, and significant public open space. By dedicating this block entirely to affordable housing, the city is fulfilling its mandate to ensure that the benefits of the massive redevelopment are shared across all income levels, creating a genuinely mixed-income community in a highly desirable location.4. The Focus on Family and Community Services
The development at 200 Folsom Street is specifically referred to in some documents as the "Transbay Block 2 Family" project. This naming convention highlights the intention to create more than just housing—it aims to build a complete community. The plans for the nine-story Transbay Block 2 East building include dedicated ground-floor community-serving commercial space. This retail and service space is designed to support the residents of the affordable units and the surrounding East Cut neighborhood, ensuring that essential services, community programs, and retail options are integrated directly into the building's design. This holistic approach is a hallmark of modern urban planning that seeks to foster long-term neighborhood stability.5. Recent Construction Updates Show Concrete Progress
For a project of this scale and cost, construction progress is closely monitored. The latest updates from late 2024 and early 2025 confirm that the project is successfully moving past the initial foundation work. Reports indicate that the concrete is actively rising for Transbay Block 2 East. This visible progress is a major milestone, signifying that the project has overcome the initial hurdles of permitting, financing, and demolition of the former temporary Transbay Terminal site. The new illustrations and amended plans published show the final architectural vision for the two buildings, confirming a contemporary design that complements the sleek, modern aesthetic of the surrounding East Cut developments. The commitment to robust, Type I concrete construction also speaks to the long-term durability and quality of these new affordable rental homes.The Future of Affordable Living in the East Cut
The completion of the 200 Folsom Street development will mark a major victory for affordable housing advocates in San Francisco. It demonstrates the city's ability to execute large-scale, high-cost public-good projects in a challenging economic climate. The addition of hundreds of below-market-rate rental units will provide much-needed relief and stability to low- and moderate-income families seeking to live near the city's major employment and transit hubs. This development is a model for how complex urban redevelopment projects can integrate both luxury and affordability side-by-side. As the concrete continues to rise at 200 Folsom Street, it is not just a building being constructed, but a vital piece of the next-generation, equitable San Francisco neighborhood taking shape. The ongoing construction updates are a strong signal that the East Cut is rapidly evolving into one of the most dynamic and socially diverse areas of the city.
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