The corner and the build
La Maravilla is under construction at 2970 16th Street, beside the 16th Street Mission BART station. Mission Housing Development Corporation and the Mission Economic Development Agency co-develop 382 affordable homes on a 57,325 square foot site. Phase one carries 136 permanent supportive homes in a nine-storey building, 89 studios and 47 one-bedrooms, for adults leaving homelessness.
The financed record
The first building costs $110.8 million, on the Mayor's Office of Housing and Community Development release of April 2026. Across 136 homes that is about $814,706 a home.
The stack closed in stages. Five Star Bank supplied $10 million through a low-income housing tax credit investment. Western Alliance Bank is senior lender and equity partner. Merritt Community Capital Corporation and the California Department of Housing and Community Development sit in the group. The first building also carries a 1,500 square foot Behavioral Health Services Center, case management offices and a courtyard.
The decade before ground
Maximus Real Estate Partners filed a market-rate plan at 1979 Mission Street in 2013. The parcel then stood vacant through years of dispute. The city took the site in 2021 and put a proposal for 70 prefabricated homes on it in February 2023. The 2023 request for qualifications drew Mission Housing and the Mission Economic Development Agency.
The published schedule
The project's own construction timeline reads: cleaning out of the existing buildings 22 December 2025 to 5 January 2026; environmental abatement from 5 January 2026, extended to 5 February 2026; demolition of the restaurant and market at Capp Street and 16th Street from 6 February to 27 February 2026; construction from 2 March 2026 to 6 December 2027; leasing and occupancy from 7 March 2027.
Phase two adds 134 family homes and phase three adds 112. Those figures sum to the published 382. Completion is published as late 2027, with full occupancy mid-2028.
The leasing rule
Every home leases through the city's Coordinated Entry system. The phase one homes are not on an open application list.
The objection, stated plainly
The strongest objection is the calendar. The 2013 filing promised more than 300 units. The first lease takes effect on 7 March 2027, and the family phases carry one published construction window, on one parcel, at July 2027. A reader can hold the finished 382 homes against the decade the corner spent unbuilt.
The same documents carry the answer. The city holds the parcel. The 2023 selection put two Mission organisations on it. The instruments that closed in October 2025 carry the first building.