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The 321 Florida Street apartment project in San Francisco’s Mission District is expected to start construction in November 2026 after years on hold, according to reports published in September and October 2026. The project reportedly secured a $61.7 million construction loan and equity financing; completion is projected for late 2028. The planned unit count differs across sources and project stages, so no single final count is established in the public information cited here.
Where the project is planned
The site is on the east side of Florida Street between 16th and 17th Streets in the Mission District. The project would replace a private parking lot with a nine-story apartment building. CoStar News identified the site as 321 Florida Street in its October 8, 2026 public page.
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What the project includes—and why unit counts differ
The project has changed, or is described differently, across its planning and reporting history. The available public sources do not reconcile these figures into one definitive construction plan.
| Source and date | Reported project details |
|---|---|
| San Francisco Planning Commission staff, January 28, 2021 | Nine stories, 92 feet tall and 154,396 square feet, with 168 dwelling units, 1,336 square feet of retail space and 47 off-street parking spaces. The proposal sought state density-bonus waivers for height and ground-floor ceiling height, plus a concession related to residential open space. Planning Commission staff executive summary. |
| DM Development announcement, March 2, 2021 | A 168-apartment plan with ground-floor retail and arts space and underground parking. The announcement said the Planning Commission had approved the project and named DM Development, Urban Land Development and Urban Land Capital as the joint venture. Developer announcement. |
| Institutional Real Estate, Inc., September 2026 | A 152-home project, including 15 affordable homes, 39 covered parking spaces and about 10,000 square feet of indoor-outdoor rooftop amenity space. Trade report. |
| DM Development project page, viewed October 8, 2026 | A planned 171-unit, nine-story multifamily community with studio, one-bedroom and two-bedroom homes, with completion listed for 2028. Developer project page. |
The 168-unit figure describes the 2021 planning proposal; 152 is the count in the September 2026 trade report; and 171 is the count on the developer’s project page as viewed October 8, 2026. They should not be treated as interchangeable or as proof of the final permitted scope. The later trade report also gives a different parking count from the 2021 proposal and does not specify retail space.
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Why work was delayed
Public highlights from the San Francisco Business Times’ October 7, 2026 report attribute the earlier pause to the pandemic and interest rates rising significantly in early 2022. The accessible highlights do not provide a full chronology or establish how much each factor contributed.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Financing and expected schedule
The Business Times’ public highlights report that DM Development and equity partner Ascentris secured a $61.7 million construction loan from PNC Bank about three weeks before the story’s October 7, 2026 publication. This financing report helps explain why the project is moving toward construction, but it is not confirmation that work has started.
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Institutional Real Estate, Inc. reported in September 2026 that construction was expected to begin in November 2026 and completion was anticipated in late 2028. CoStar’s public page on October 8 likewise said the developer expected to break ground the following month. These are projected dates, not verified milestones; the cited public information does not confirm that construction began or establish the status of final building permits.
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What is still unsettled
- The final number and mix of homes, including the affordable share.
- The construction-version parking and retail specifications.
- Whether the projected November 2026 start occurs and what the final permit scope authorizes.
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