monopoly_money.jpgA redevelopment project in San Francisco’s Mission Bay neighborhood will receive $1.35 million from the state to support the project’s affordable housing after it was named a model for sustainable development, Mayor Gavin Newsom announced Wednesday.

Mission Bay, a 303-acre former industrial site, has been transforming into a transit-oriented mixed-use development that will have more than 6,000 housing units, 4.4 million square-feet of new office and laboratory space upon completion.

Approximately 30 percent of its housing units will be affordable units.

Also included in the redevelopment are the 43-acre University of California, San Francisco life science research campus and 550-bed university hospital, which Newsom partially credits with attracting jobs in biotechnology, healthcare and education.

Today, 31,000 high-quality jobs are located on the site, and more than 30 life sciences companies call Mission Bay home.

“Mission Bay has become a critical engine for innovation and job growth in San Francisco, and it will be an important part of our city and regional economy for decades to come,” Newsom said in a statement.

The state designated the project as one of five gold-level “California Catalyst Communities,” which demonstrate a commitment to increasing affordable housing stock, improving connectivity between jobs and housing, stimulating job generation and enhancing transportation choices.

Catalyst communities will be awarded funding from Proposition 1C, which state voters passed in 2006 to provide financing for affordable housing and infrastructure across the state.

Served by a “robust” public transit network, the neighborhood is one of the most transit-rich neighborhoods in the state, according to the statement.

With this designation from the Department of Housing Community Development, Mission Bay is established as a priority for future state and federal funding, which Newsom said will “ensure that Mission Bay continues to be a model for smart growth and sustainable, affordable development.”

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