At a Board of Supervisors meeting Tuesday night, after a hectic day in City Hall, Mayor London Breed announced that the storied McDonald’s on Stanyan and Haight streets will officially be purchased by the city.

“We all know that opportunities to build 100 percent affordable sites are limited in San Francisco,” Breed said. “Those sites are even scarcer in neighborhoods like the Haight Ashbury, which are already developed.”

Calling it a “blighted nuisance property” that will be turned into “desperately needed affordable housing,” Breed said the city has negotiated an “incredibly favorable deal” for the lot: $15.5 million, which she says is several million dollars below market value.

In addition, Breed’s neighborhood preference legislation will be in play, guaranteeing that a percentage of the units built will be reserved for displaced residents in District 5.

There is no confirmation yet on how many units will be built, how “affordable” will be defined, and when the project will break ground. But Breed is optimistic.

“This is an incredible opportunity, not just for the Haight, but for the entire city,” she says. “I believe we can work together to ensure that this project is something the entire community can be proud of.”