By Meghan Hall
Developers are continuing to make a name for themselves in San Francisco, pitching projects that will have a significant impact on the city’s skyline once completed. Most recently, up-and-coming development firm Ground Matrix has pitched a 575-foot tall skyscraper at 620 Folsom Street, according to documents on file with the City. If completed, the project would be one of the tallest skyscrapers in the San Francisco Bay Area.
The project would include 623 residential units. 102 units will be for affordable housing, and unit floor plans will vary across the development. Ground Matrix intends to build a mix of 123 studios, 246 one-bedrooms, 153 two-bedrooms and 101 three-bedroom units.
Studios will total about 364 square feet, while one-bedroom units will be nearly 700 square feet. Two- and three-bedroom units are expected to be about 950 square feet and 1,500 square feet, respectively. However, planning documents show that some units will exceed 2,000 square feet in size.
Of the development’s total 802,800 square feet, 697,710 square feet will be allocated towards residential uses. About 93,150 square feet will be set aside for a 173 spot parking garage, while the remaining 11,840 square feet will be usable open space. Project plans indicate that an amenities deck will be placed on the fifth floor, with additional terraces located on the rooftop.
The project will be designed by Solomon Cordwell Buenz, who is also working on a number of other residential skyscrapers in the city, including Strada’s 555-585 Bryant Street and 395 Third Street. Designs for 620 Folsom, including massing and materiality, have not yet been revealed.
The project is anticipated to cost about $250 million to construct, according to project plans. Ground Matrix does not currently own the project site, which is currently developed with a three-story commercial building. Public records list McLaughlin Family Associates and EJF Folsom LLC as the current owners. A preliminary planning application, however, discloses that Ground Matrix will ultimately buy the property.
The development is in a rapidly changing part of town. Just next door, at 95 Hawthorne Street, a 41-story tower with 412 units proposed by Trammell Crow Residential, is expected to rise. The Transbay Transit Center, with more than 100,000 square feet of retail and its 5.4-acre rooftop park, is a short walk away. The Moscone Center is also nearby.
Ground Matrix was launched in 2017 by Polaris Pacific co-founder Chris Foley and Jason Glasgow, an industry veteran. The company was established as a division of Polaris Pacific’s growing land and commercial development division. As a company, Ground Matrix targets the sourcing, approving and development of mid- and high-density projects in urban markets. The company has already surpassed $1 billion in projected asset value, according to the company’s website.
As of this writing, Ground Matrix had not yet returned The Registry’s request for comment.