Equity Residential’s and SoMa’s largest housing development in recent history is ready to kick off next week. The project consists of close to 700 market-rate apartments in San Francisco’s Design District area and includes two separate buildings at One Henry Adams and 801 Brannan St.
According to statements from the developer, the location of the new buildings, which will lie in the same neighborhood as several tech giants (Adobe, LinkedIn, Zynga, etc.), is the key to the project’s success, as the rental units are geared towards the tech companies’ employees.
[contextly_sidebar id=”tZd8sAqvJ4gmWQyjBKW38Ww4itvuS1bq”]The Showplace Square project, as the 6.9-acre development is being referred to, will produce a combination of a total of 840 market-rate and affordable units, which makes it the largest yet in the SoMa district. As reported by the San Francisco Business Times, the units will be broken down in three parts: 241 market-rate units at One Henry Adams, 449 market-rate units at 801 Brannan St. and 150 affordable units at 801 Brannan St.One Henry Adams broke ground at the end of last year, with BAR Architects announced as the designers. 801 Brannan project will begin next week with the market-rate building breaking ground first; the building is designed by David Baker Architects.
The Mayor’s Office will manage the affordable rate units for which Equity Residential has dedicated the land as part of its affordable housing requirement.
The Showplace Square development will give a more urban feel to the largely industrial area of SoMa. While several design features are being announced to pay homage to the industrial roots of the district, residential service and retail units with al fresco dining areas are also planned in an attempt to warm up the neighborhood.
Equity Residential also has a proposal for a total of 100,000 square feet of residential and retail space in the Central SoMa rezoning area at 667 Folsom Street. While industrial development may be preferred by the Planning Department, the residential builder has intentions of increasing the ratio of affordable housing in this location. This would certainly appease the local activists fighting for broader housing affordability in San Francisco, but also the developers who are able to fulfill this requirement within their larger housing projects.
Chicago-based Equity Residential’s presence in the Bay Area is significant and it keeps growing. Of the company’s roughly 110,000 units nationwide, over 13,000 are in the Bay Area alone. The company is also the developer of Azure at Mission Bay. The 16-story, for-lease development is home to 273 residences. In East Palo Alto, Equity Residential took over the Woodland Park Apartment Community, which is comprised of 101 buildings and 1,810 apartment units. A year ago, the company also broke ground at 340 Fremont, a 40-story tower designed by Handel Architects, where Equity is developing 348 units.
