Under the agreement with Universal Paragon Corp., announced by Mayor Ed Lee and Supervisor Malia Cohen, 20 acres of vacant land at the factory site will be transformed into a mixed-use urban community featuring units affordable to low- and middle-income families, new parks and access to transit.
“At long last, the 20-acre Schlage Lock site will be reborn and transformed, from a blighted former manufacturing factory and railyard into a thriving, transit-oriented community with nearly 1,700 new homes that will enrich the unique and diverse Visitacion Valley neighborhood,” Lee said.
The mayor said the new development will move The City closer to its goal of building and rehabilitating 30,000 homes by 2020.
Of the nearly 1,700 housing units planned, 15 percent will be dedicated to below-market-rate housing. The Schlage Lock project will also include more than 2 acres of open space and parks, the full rehabilitation of the existing historic office building, a full-service grocery store, retail, and new infrastructure and utilities.
Schlage Lock opened its doors in 1926, and for more than 70 years, the factory manufactured metal locks for distribution nationwide. In 1999, the company was sold and moved its plant and headquarters, leaving the community with an industrial site that became vacant for years.