San Francisco Business Times
From the article:
A deal for Universal Paragon Corp. to develop more than 1,700 housing units of housing in a mixed-use project at the site of the former Schlage Lock factory in San Francisco has finally come together, after the city and the developer hammered out a complex financial agreement to pay for utility work and other improvements in the area.
Mayor Ed Lee announced the deal Monday, after years of work on the proposed development in the Visitacion Valley neighborhood. A previous $500 million plan to redevelop the site with fewer housing units hit the rocks in 2011 when Gov. Jerry Brown and the state legislature pulled the plug on redevelopment agencies across California. That eliminated the financing tool that would have paid for infrastructure, utilities and other improvements at the Schlage site. The site has been vacant and decaying since Schlage closed it and relocated its headquarters in 1999.
The delicate negotiations to bring together all the details of the latest proposal kept most key players quiet about specifics of the deal until the mayor’s news conference Monday morning at the Visitacion Valley site, but Lee and Supervisor Malia Cohen credited Universal Paragon Corp. and the community for their efforts.
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