Emerald's $207M Mixed-Use Project On Track After SF Vote

Law360, New York (February 8, 2013, 3:18 PM EST) -- Emerald Fund Inc. said Thursday that a San Francisco panel’s approval to slash the number of affordable housing units in its $207 million conversion of the former American Automobile Association's California headquarters into a residential and retail tower will secure it construction financing.

In a unanimous vote, the San Francisco planning commission lowered the project’s required affordable housing units minimum from 15 percent to 12 percent, in the city’s first use of Proposition C — a new housing initiative that passed in November that loosened requirements...
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