Sutter Health and TMG Offer up for Sale Major Residential Development Site in San Francisco

Sutter Health, San Francisco, TMG Partners, California Pacific Medical Center, CPMC, The Heights @ 3700 California, CBRE, Grosvenor Americas, Robert A.M. Stern Architects
Rendering by Robert A.M. Stern Architects

By Jon Peterson

Sutter Health and San Francisco-based TMG Partners have placed on the market for sale the massive residential development site in San Francisco located at the California Pacific Medical Center (CPMC) Presidio Heights campus, also known as The Heights @ 3700 California. This offering is on an as-is basis with no available pricing guidance at this point.

The sellers have awarded the sales process to the San Francisco office of CBRE Capital Markets. The team working on the transaction includes Michael Taquino and Kyle Kovac, executive vice presidents with the firm, and Giancarlo Sangiacomo and Alex Haley, both vice presidents. CBRE declined to comment when contacted for this story.

Sutter Health first made the decision to offer the development site up for sale in October of last year. The project was approved in late 2020 following five years of planning and community meetings. Sutter Health maintained ownership of the property throughout the entitlement process, which was led by TMG.

Today, the fully-entitled site is ready for the development of a total of 273 residential units. It covers a total of 4.9 acres spread across three city blocks that sit within the Presidio Heights neighborhood of San Francisco. The location totals 626,000 gross square feet.

The project was approved to have a total of 19 new multifamily buildings, 14 new singled family homes and nine existing rental units. The types of planned housing include a mixture of 1, 2-, 3- and 4-bedroom flats, studios, two-story rowhouses and three- and four-bedroom maisonettes. The project also has open and shared amenity spaces.

The Heights @3700 California is located in a market that has very high barriers to entry. A project of this size is very rare in San Francisco. 

The residents of this project will have immediate access to The Presidio, Laurel Village and Sacramento Street Shopping District. These areas are known as a destination for luxury fashion boutiques, stylish outposts and quaint eateries.

West Coast Commercial Real Estate News