Developments Rise Like Dandelions Near San Francisco Transit Center

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“You look at the number of employees with Google, Apple, Cisco, Adobe who live in San Francisco and take the bus to Silicon Valley. They want to live in a rich, dynamic, urban environment,” he said. “I believe Silicon Valley will be tremendously important, and the employers will increase their footprints in San Francisco not because of the business environment but because their employees are here.”

[contextly_sidebar id=”d3954020a235a22244e7df8726fe4d4d”]Tishman Speyer and Vanke are not releasing financial details for the development, and home prices won’t be decided until the sales office opens next year, Shannon said.

Tishman will develop and manage Lumina; China Vanke is participating as a venture equity partner. Cornerstone Real Estate Advisers is representing an institutional investor, according to a prepared statement.

The groundbreaking drew both Rob Speyer, president and co-chief executive of Tishman Speyer, and Wang Shi, chairman and founder of China Vanke. The development is China Vanke’s—China’s largest real estate company—first-ever U.S. venture. China Vanke last year sold 140,000 homes, Speyer said. It begins more than 100 new projects a year in China, the Vanke chairman said.

“The Bay Area is the perfect place for Vanke to start in the United States because it is about diversity, innovation and community—all our values that we treasure at Vanke for almost 30 years,” Wang said. “Vanke’s first mission to come to the United States is to learn from a much more developed social and economic context. Not just form our great partner Tishman Speyer but also from local communities.”

Like the neighboring Infinity, another Tishman Speyer development, architect Bernardo Fort-Brescia of Arquitectonica and San Francisco’s Heller Manus Architects designed Lumina. The towers share The Infinity’s curvilinear forms, floor-to-ceiling glass walls and views of the city and bay.

“It gives you all of these rooms with an amazing panoramic glass view. People walked into The Infinity, and they had never seen a living room like that. The view surrounds you,” said Fort-Brescia. “That feature reappears in this building because that was a very hot item.”

Tishman sold two-bedroom homes in Infinity Tower II for an average of not quite $700 a square foot while one-bedrooms sold for an average $801 a foot. The tower sold between February 2009 and March 2011, according to research from Polaris Pacific. On the resale market, the two-bedroom units are now selling for $1,000 a foot on average, and one-bedroom homes are selling for $845 a foot.

The Infinity, which also has two towers and 650 homes, was financially successful despite timing, Shannon said.

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