Berkeley-based Goldstone Management filed a formal application Monday, Oct. 5, to build an eight-story senior housing and retail building in downtown San Rafael, according to the city’s announcement.

The Fourth Street Market Hall project at 924 Third St. would replace existing commercial buildings with 197 rental units restricted to residents 55 and older, about 25,000 square feet of ground-floor retail, food service and other commercial space, and a 261-space parking garage accessed from Third Street.

The developer’s April preliminary application under Senate Bill 330, a state law that allows qualifying preliminary applications to preserve applicable development rules and fees, called for a 24-story, 345-unit tower. SF YIMBY reported at the time that the building would have been Marin County’s tallest at 260 feet. The formal filing cuts the project to eight stories and 197 units.

The affordable housing structure also shifted. The April proposal included 52 affordable units split between very-low-income and moderate-income households, according to SF YIMBY. The formal application designates nine low-income units and includes an in-lieu fee of about $3.5 million to San Rafael’s Affordable Housing Trust Fund, according to the city.

The six-parcel site sits between Third and Fourth streets, bounded by A Street and Lootens Place. The applicant would demolish existing commercial buildings and surface parking to make way for the project, according to the city's announcement.

Micah Hinkle, San Rafael's director of community and economic development, said in the city's Oct. 6 announcement that project evolution between preliminary and formal applications is common. "Staff will review the full project application, and we will share updates with the community as the process moves forward," Hinkle said.

The city says that under SB 330, it may hold no more than five public hearings on the project, including appeals, and must apply adopted objective development standards when deciding whether to approve, condition or deny the application.

The city lists the project’s status as “under review.” The project page does not list public hearing dates. Greg Minor, the city’s assistant director of community and economic development, is listed as project planner on the city’s project page.

Residents can view plans and sign up for updates on the project page or email questions to [email protected].