By Laura Waxmann : sfchronicle – excerpt

Oakland developer oWow is the latest builder planning to “supersize” a previously approved project in San Francisco due to a recent change in state law.

An application filed with the city’s Planning Department on Wednesday proposes updates to the design of 960 Howard St. in the Central SoMa neighborhood, which, in recent years, was approved for redevelopment into a three-story creative office building with a 9-story, 113-unit residential addition.

Developer oWow purchased the site, that was long home to a small industrial building, in 2019 and has nearly completed the three-story office component of the plan. It is now seeking to add a total of 16 stories of high density housing.

“The approved 113 units will not achieve a product that meets the returns that anybody would want to invest in today to get that project started,” said Danny Haber, oWow’s CEO and co-founder. “It is not financially feasible.”

The new plan proposes a total of 274 rental units. If approved and constructed as currently designed, the project would provide 158 studio apartments and 116 two-bedroom apartments. Out of the total proposed apartments, 42 units would be designated as affordable housing while the remaining units would be rented at market rates.

Per the application filed Thursday, the approved three-story office building would serve as the base of the residential tower — in total, the project would rise 19 stories.

The Central SoMa District limits building heights in the area to 85 feet, but OWow has proposed using the State Density Bonus law, which provides a density boost of up to 50% in exchange for greater affordability for very low income households, to waive that cap.

And, as a result of Assembly Bill 1287, a new state law that became effective this year, that 50% density bonus can be doubled so long as 15% of a qualifying project’s residential units are set aside for “middle income” households earning up to 120% of the Area Median Income, or AMI. …(more)