The pipeline signal sits at a station door
La Maravilla puts 382 affordable homes at 1979 Mission Street, on the block where 16th Street, Mission Street and Capp Street meet the 16th Street Mission BART station. Mission Housing Development Corporation and the Mission Economic Development Agency co-develop the three-phase programme.
The MOHCD release of 23 April 2026 records the first building at 2970 16th Street: nine storeys, 136 permanent supportive homes, completion expected in late 2027 and full occupancy by mid-2028. Phases two and three add 134 and 112 family apartments.
The contractor's schedule runs construction on the first building from 2 March 2026 to 6 December 2027.
Phase one stays off the open market
Every phase one home leases through San Francisco's Coordinated Entry system, per the same release. The building holds no open application list, and those 136 homes do not enter the market-rate rental pool.
The family phases carry the corridor's workforce lane. Phase two files 134 apartments across 16 floors at 149 feet, with 30 one-bedroom, 60 two-bedroom and 44 three-bedroom homes. Phase three files 112 apartments across nine floors at 84 feet, with 40 one-bedroom, 40 two-bedroom and 32 three-bedroom homes. Both filings carry a construction start as early as July 2027 and no completion date.
The financing stack that closed
MOHCD puts the phase one cost at $110.8 million. Mission Housing's post of December 2025 records a unanimous Board of Supervisors vote on a financing package that includes a $61 million MOHCD loan, the issuance of tax-exempt bonds and a long-term tax-exempt ground lease.
Private capital closed alongside the public layer. Western Alliance Bank provides about $77.9 million in construction financing and Low-Income Housing Tax Credit equity, and describes itself as senior lender and significant equity partner. Five Star Bank will invest $10 million in tax-credit equity. Merritt Community Capital Corporation and the California Department of Housing and Community Development sit in the same stack, per the MOHCD release.
What the stack signals for the next two buildings
Phase one reached construction with a city loan, tax-exempt bonds, a bank construction facility and tax-credit equity closing together. The next two buildings carry a filed start date of July 2027 and no construction financing on the public record.
The corridor's lodging base
OpenStreetMap returns 19 hotel-tagged properties within 0.85 miles of the station in a read taken on 16 October 2026, from Union Hotel at 65 metres to Crystal Hotel at 1,367 metres. Twenty-five sit within a mile. The ring measures straight-line distance from the station coordinate at 2000 Mission Street.
The demand side of the same ledger
SF Travel's forecast, reported by NBC Bay Area, puts citywide hotel occupancy at about 70 percent for 2026 and closer to 72 percent for 2027, with 25 million visitors expected next year and visitor spending above $10 billion.
Anna Marie Presutti, SF Travel's president and chief executive, told the station the convention calendar anchored the year.
One figure to watch each month
Track the citywide occupancy print against the 70 percent reading for 2026. The 2027 forecast rests on 72 percent, and the convention calendar carries the difference.