By Nancy Amdur
Pasadena-based Alexandria Real Estate Equities and San Francisco-based TMG Partners are at it again. After forming a joint venture that earlier this year purchased 505 Brannan Street in San Francisco, the two firms recently submitted to the city a proposal for a redevelopment of the remainder of that same city block.
[contextly_sidebar id=”Yq4xwZyXsdiISXrUmfUPjkBQSaVzFjOx”]The Bay Club San Francisco Tennis facility at 645 Fifth St., which is on the opposite side of the same block where 505 Brannan sits, would be demolished to make way for a five-story office complex with a publicly accessible fitness center.
The developers propose razing the existing three-story tennis club to construct a mixed-use project with 368,550 square feet of office and 5,500 square feet of retail space. The project site, which is would be renamed 88 Bluxome St., also would include a 25,000-square-foot fitness club and four outdoor tennis courts. The project carries an estimated construction cost of $117 million, according to the preliminary project application filed with the city.
Plans call for the building to feature a contemporary design with a ground floor that is “transparent and visually active,” the application said. Studios Architecture is working on the project. The site’s surrounding neighborhood carries a diverse array of buildings, including many warehouses. The tennis club is located in close proximity to a Caltrain station and within one block of the future Fourth and Brannan Central Subway stop. Alexandria is reportedly under contract to purchase the tennis club from the Bay Club.
The 2.6-acre lot at Fifth and Brannan streets may be rezoned to increase its building height limit as part of the planning department’s new Central SoMa (South of Market) Plan. Zoning now permits the property height to reach 65 feet and the revised plan—to be presented to the Planning Commission en route to the plan’s adoption in early 2016—proposes allowing heights up to 85 feet. A 15-foot setback over the 85-foot base would allow a building to reach 130 feet high, said Candace SooHoo, a spokeswoman for the city’s planning department, in an e-mail.
Expected building height and density changes in the updated Central SoMa Plan have helped spur much development activity and leasing interest in the district. Alexandria announced last month that visual bookmarking tool Pinterest leased the entire building at 505 Brannan, and construction will begin in early 2016.
Also proposed for the neighborhood is Los Angeles-based Kilroy Realty Corp.’s Flower Mart project. The Flower Mart is kitty-corner from the tennis club and is planned to become a 1.5-million-square-foot office campus with 20,000 square feet of neighborhood retail space. It also would incorporate a Flower Mart wholesale warehouse and retail space.
Pasadena-based Alexandria, which has a San Francisco office, develops urban science and technology campuses. The Bay Club Co. was purchased last year by global investment firm York Capital Management and San Francisco-based JMA Ventures. Alexandria Real Estate and San Francisco-based TMG did not return calls for comment.