Oceanwide Buys San Francisco Parcel Next to its Proposed Mega Development for $32.5MM

Oceanwide Center, San Francisco, Foster + Partners, Heller + Manus, Transbay Terminal, Webcor, Swinerton Builders Bay Area

Oceanwide Center, San Francisco, Foster + Partners, Heller + Manus, Transbay Terminal, Webcor, Swinerton Builders Bay Area

By Vladimir Bosanac

If you pay careful attention in the proposed renderings for the new Oceanwide Center at 1st and Mission in San Francisco, there is a small, 10,000 square foot, two story building that jets out on both streets, surrounding the structure located at 88 1st Street. That 3,900 square foot parcel is now under Oceanwide ownership, for which an entity associated with the Beijing-based conglomerate paid $32.5 million. That figure comes to over $8,200 per land square foot or approximately $3,187 per square foot of building.

The structure is a nondescript retail building that was constructed in 1908. Part of the use in the building is a shared office loft, which can be rented for events or corporate gatherings. The Perilla Vietnamese restaurant is one of the tenants on the ground floor facing Mission Street, while El Faro, a Mexican restaurant is the tenant on the ground floor facing 1st Street.

It is not clear what Oceanwide would like to do with this location, although a renovation for the building is planned, according to the general contractor’s (Webcor) web site. According to sources familiar with the location and Oceanwide’s development details, there are no plans to change the Oceanwide Center development proposal in any way.

The Foster + Partners and Heller + Manus-designed Oceanwide Center is looking to become a transformative mixed-use project next to the new Transbay Terminal at the intersection of First and Mission Streets in San Francisco. The $1.6 billion proposed development is slated to have 2.4 million square feet in two high rise towers and also renovate two existing buildings located at 78 and 88 1st Street, according to Webcor’s web site.

The 910 foot tall, 61-story 1st Street Tower will include a 4 story basement, a 7-story tall open public space on the ground level, 33 stories of office space (1.35 million square feet) and 109 ultra-luxury condos. The steel 1st Street Tower will be the second tallest building in San Francisco and will be targeting platinum LEED certification.

At 610 foot tall, the concrete 54-story Mission Street Tower consist of a 169 key Waldrof Astoria hotel and 156 ultra-luxury condos. The unique façade of this tower will be natural stone with protruding glass bay windows.

Webcor has joint ventured with Swinerton Builders to build the development.

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