Adding to brisk development in the South of Market (SoMa) community, a new, 14-story apartment building that contains retail space on the ground floor has been proposed for 650 Harrison St. in San Francisco.
The Project Sponsor is Six Fifty Harrison Investors LLC of San Francisco. The two contacts listed with that group are also principals with Realtex Group, a privately held commercial real estate development firm with a focus on residential, retail and mixed-use properties.
Cody Fornari is senior project manager with Realtex Group, while Tomas Janik is the company’s CEO. Phone calls to Janik and an email to Fornari seeking comment about the Harrison Street project were not returned on time of this publishing.
The project lists construction costs of $16.5 million and is located within the proposed Central SoMa Community Plan area, according to the Planning Department’s Preliminary Project Assessment that was delivered on July 26 to give feedback to the proposed project application that was filed on April 18.
According to plans filed with the city, the proposed new building would include 118 market rate apartments consisting of 60 studios, 48 two-bedroom and 10 one-bedroom units, for a total of 76,912 square feet. The project includes 989 square feet of retail space on the ground level at the corner of Hawthorne and Harrison streets.
The 131,728-square-foot complex also includes community space for residents and 106 Class 1 bicycle parking spaces. The project is located between Hawthorne Street to the east, Third Street to the south and Folsom Street to the north.
On the basement level, the project would include 26 vehicle parking spaces that would cover 10,057 square feet and be accessed by a vehicle elevator, as well as cistern, electrical, mechanical and generator rooms.
The proposal includes demolishing an existing two-story, 18,000-square-foot industrial and office building that was built in 1940. The 14-story, 128-foot-tall residential and retail building would be constructed in its place.
The property lies within the ongoing Central SoMa Plan Area, generally bounded by Second Street to the east, Sixth Street to the west, Townsend Street to the south and an irregular border that generally jogs along Folsom, Howard and Stevenson streets to the north.
A Draft Plan was published in April 2013, and a revised Draft Plan published in August 2016. Among other things, the Draft Plan proposes changes to the allowed land uses and building heights in the area.
Aiming to pave the way for growth, the Draft Central SoMa Plan recommends changing the height limit of the subject property to 130 feet. The project is proposed to be in the “G” bulk district, which establishes maximum dimensions above 85 feet in height.
Realtex’s website says the company’s real estate portfolio includes 10 million square feet of office buildings and residential developments. “We seek in-fill, transit-oriented markets with a focus on high quality, sustainable communities” where it can create “quality environments for people to live, work, shop and relax,” the company’s website says.
The company says its current project portfolio is in various stages of entitlements and consists of six projects with “500+ buildable residential units, totaling over 550,000 gross square feet.”
Realtex has charged into SoMa, a neighborhood filled with offices and companies big and small, from software startups to co-working company spaces to Microsoft-owned professional networking company LinkedIn.
Realtex lists three other San Francisco projects on its web site: 363 Sixth St., 1335 Folsom St. and 1394 Harrison St. In Berkeley, the company says it is developing projects at 1698 University Ave., 2902 Adeline St. and 2556 Telegraph Ave.
SoMa is now the city’s most highly-valued neighborhood, according to data released last month by the City and County of San Francisco Office of the Assessor-Recorder, according to a report in the San Francisco Chronicle.
The construction of Salesforce Tower, the new Transbay Transit Center and a number of apartment towers have helped push SoMa’s assessed value to around $17 billion, said Assessor-Recorder Carmen Chu.