The San Francisco Planning Commission recently approved 321 Florida, a residential and retail arts project at Florida and 16th streets in the Mission District. The property is adjacent to Showplace Square and Mission Bay, located in the Media Gulch area of the Mission along 16th Street.

The ground-up development of 321 Florida Street will replace an underutilized parking lot with a 157,341-square-foot multifamily apartment building comprising 168 apartment units. As such, 145 of the units will be market rate and 23 below market; 14 of which are intended for residents making between 50 and 55 percent of the area median income. The development will be a combination of 64 studios, 37 one-bedroom units and 67 two-bedroom units.

San Francisco-based real estate development firms, DM Development and Urban Land Development (ULD), along with and Urban Land Capital, a ULD subsidiary that provides institutional-grade investments in Bay Area projects, comprise the joint venture behind the project.