FOR IMMEDIATE RELEASE April 10, 2007
Contact: Rachel Redondiez, 554-7973

SUPERVISORS SET TO APPROVE TRINITY PLAZA DEVELOPMENT AGREEMENT

Development Agreement Will Protect Existing Tenants with Life-time Leases,
Replace Rent-Controlled Housing, and Create 1900 New Rental Units

SAN FRANCISCO-- After a four year struggle to preserve the community at
Trinity Plaza Apartments, the Board of Supervisors will vote today on a
development agreement (DA) that will protect existing tenants, replace
rent-controlled units, and create up to 1900 rental units on the corner of
8th & Market Street in San Francisco.

The idea for a development agreement for Trinity Plaza helped break a
stalemate between the tenants of Trinity Plaza opposed to demolition of
rent-controlled units and Trinity Properties by providing a framework for
replacement of the units in a new development. The 360 replacement units
will be the first new units to be regulated under the City’s Rent
Stabilization Ordinance. In addition, over 230 units will be built under
the City’s Inclusionary Housing Program and will be available to households
at 60% of the City’s median income.

“Over the past 4 years, I have witnessed a group of everyday San
Franciscans organize to protect their community and to help save the soul
of San Francisco. The tenants of Trinity Plaza truly love their neighbors
and are unsung heroes of San Francisco,” said Supervisor Daly. “Today we
are reminded that protecting the most vulnerable is good for all of us.”

In the final days of negotiations Supervisor Daly and Trinity Properties
agreed to an increased number of affordable units, a prohibition on
condo-mapping of rent-controlled units, and a timeline to deliver the first
phase of the project including all 360 rent-controlled units within 42
months. Yesterday Trinity Properties filed a site permit application and
paid the accompanying $186,000 fee to the Department of Building
Inspection.

In addition to lifetime leases in the new development, the agreement also
includes other benefits for tenants such as a community room, children’s
playground, moving expenses, and the right of current tenants to select
units in the new building. The DA also requires the developer’s to
prioritize local residents and businesses through City Build, First Source
Hiring, and Local Business Enterprise participation.