San Francisco’s housing market is about to get a reality check, and it’s not the kind that comes with a sky-high price tag. A bold development at Potrero Power Station is proving that middle-income housing isn’t just a unicorn fantasy.

Enrique Landa and his team at Associate Capital have pulled off what many thought impossible: creating a 105-unit apartment building specifically designed for the city’s everyday heroes - teachers, nurses, and tradespeople who actually keep San Francisco running.

The Middle-Income Housing Miracle

This isn’t your typical real estate development story. While most housing projects either cater to low-income residents or wealthy tech bros, the Sophie Maxwell building targets households making between 50% and 110% of the area’s median income. Translation? People who make enough to not qualify for subsidies but not enough to afford a closet-sized apartment for $5,000 a month.

Creative Financing Magic

How did they make this happen? By getting seriously creative. Landa’s team used a bond-recycling program, worked with multiple banks, and leveraged city financing districts to bring down construction costs. They managed to build units at $670,000 each - compared to the typical $1 million per unit in San Francisco.

Building More Than Just Apartments

The project isn’t just about housing. It’s a statement. With a rooftop deck, co-working spaces, and art installations honoring local community leader Sophie Maxwell, this development represents a potential blueprint for how cities can actually solve their housing crises.

As Landa puts it, “Our country used to do stuff like this”. And maybe, just maybe, we’re ready to do it again.