There is a condominium at the top of the US condominium market that could set a new benchmark for affordability.
The world’s biggest and most expensive condo has been announced in a bid to bring affordable housing to more people in the Bay Area.
The $7.5 billion Riverside Condominiums will have a retail floor area of 5,000 square feet and a basement floor area that is 1,800 square feet, according to a release from developer Hines.
The project is being developed by a group of investors led by the New York real estate company JLL and will be the first condominium development in the world to include affordable housing.
The Riverside Condos project is located at 1,880 Riverside Drive in San Francisco’s Mission district, which sits at the intersection of Mission and Folsom streets.
The project will be built on the site of a former public housing complex and has already been approved by the city.
The developer said the development will bring affordable homes to the city, and will also bring jobs to the area.
“The Riverside project will provide affordable housing for the city’s growing population and will further the city of San Francisco as a hub for regional economic development and job creation,” said JLL President and CEO John Zemec.
“We are committed to providing a world class, environmentally-conscious and economically viable community for residents of the San Francisco Bay Area.”
The condominium is the most expensive project of its kind to be built in the United States.
The listing comes as other cities across the country, including Los Angeles, Seattle, and New York City, are moving to develop more affordable housing in their communities.
A number of other projects have been announced recently including the $5.2 billion South Bay Tower in Oakland, which will have two floors of retail space, an outdoor patio, a fitness center, and public art.
The company behind the project, San Francisco-based Krasner Realty Group, has been developing affordable housing and housing for low-income families for more than a decade.
The city of Oakland also announced it is developing its own affordable housing program that will include a 1,500 square foot condominium that will offer a suite for two.