An entitled residential development in the Candlestick Point neighborhood is up for sale. Top Vision III, a 465-unit development site located at 601 Crescent Way in San Francisco is owned by San Francisco-based Universal Paragon Corporation.
The offering is exclusively offered by the San Francisco office of Kidder Mathews, with efforts led by its Executive Vice President and Partner Skip Whitney, along with David Wientjes, senior vice president and partner, and Max Sander, senior associate.
The offering is a rare opportunity for a development that is minutes from the newly-planned 500,000 square foot retail development by Santa Monica-based Macerich in the Hunter’s Point neighborhood and with proximity to downtown San Francisco. The proposal calls for a gated community that could offer a combination of for sale and rental units, according to sources familiar with the details of the project, which would give the potential buyer an opportunity for a diverse revenue profile. At the same time, the project falls under the 12 percent inclusionary housing ordinance, which would provide the new owner substantial cost savings.
Other amenities and positives for the development in the neighborhood include proximity to Pier 70, which is being developed into 3.7 million square feet of new commercial office, biotech and retail space. UBER’s 430,000 square foot development in Mission Bay, only a few miles away, will be completed in 2018 and will provide over 3,000 new high paying jobs. UCSF will be expanding by a total 2.7 million square feet, which will employ an additional 13,500 people. AT&T Park, home to the San Francisco Giants, and Chase Center, the new Golden State Warriors arena in Mission Bay, which will open for the 2018-2019 season, are with a few miles.
Top Vision III is within the Executive Park/Candlestick Point Project Area, a 71-acre acre area, which includes Universal Paragon Corporation’s (“UPC”) Executive Park Office Park redevelopment. UPC is developing and executing business strategies for over 3,000 currently entitled residential units within San Francisco, as well as future entitlements for nearly 12 million square feet of corporate campus, commercial, and mixed-use development in nearby Brisbane, according to its Web site.
According to sources familiar with the details of the offering, Universal Paragon is open to working with an equity partner on the development as well as outright selling the development. The sources estimate that the UPC is looking for market pricing on the development, which should be estimated around $50 million or $107,000 per unit.