DESCRIPTION

Forbix entered into a joint venture with Tabernacle Affiliated Developers (TAD) which had an option to buy a unique waterfront property in the Hunters Point area in San Francisco.  The project is entitled for 224 condominium units and 20,000 square feet of retail space.  The project is in an opportunity zone with unique tax incentives.  The current proposed structure is to sell 46 of the 224 condominium units and rent the remaining 178 condominium units with the 20,000 square feet of retail space as a long-term hold strategy.  The project received OCII commission final approval on January 19^th, 2021, and the development team intends to break ground in December 2021.