Tidewater Capital Submits Fresh Application for 144-Unit Residential Building in San Francisco’s Rincon Hill Neighborhood

Tidewater Capital, War Horse Cities, Rincon Hill, San Francisco, Solomon Cordwell Buenz, 430 Main Street, 429 Beale Street

By Kate Snyder 

A plan that would bring a nine-story, 144-unit residential building to San Francisco’s Rincon Hill neighborhood was resubmitted to the City after rising construction costs stalled development.

On the project’s website, developers are listed as Tidewater Capital and War Horse Cities, and according to public records, the architect is recorded as Solomon Cordwell Buenz.

Representatives for Tidewater and War Horse were not immediately available for comment.

The proposed project, located at 430 Main Street and 429 Beale Street, San Francisco, would consist of an approximately 140,280-square foot residential building with 60 studio, 25 one-bedroom and 59 two-bedroom units. Plans also include a combined 10,800 square feet of both private open space throughout the building and common open space at a rooftop deck and solarium as well as a 17,720-square foot basement garage for cars and bicycles.

The facility’s residential lobby would be located on Main Street, according to the proposal, and the exterior development would also include streetscape improvements – including new street trees – landscaping, bicycle racks and sidewalk repaving.

According to the updated application submitted earlier this month, plans for the project were approved in 2018, but because of increased construction costs stemming from the effects of the pandemic, the project stalled and was unable to meet the 2018 Downtown Project Authorization’s three-year deadline. Developers are now seeking an extension.

There were no modifications to the 2018 plan, according to the newest project application, and the estimated construction cost was listed at $75 million.

The project’s website emphasized its locale, making note that Rincon Hill is near the Embarcadero waterfront as well as employment centers in the financial district. The architectural treatment, per the submitted plans, includes “plank format fiber cement panels in a dark gray that will have a natural variation in tone to provide visual texture and dimension.”

“As a smaller-scale residential building, the project utilizes high quality materials and detailing and provides variety to the skyline compared to the more glassy, larger-scale towers found in other parts of Rincon Hill and throughout the South of Market area,” the plans state.

The proposed project also includes the demolition of two existing commercial structures with a combined area of 35,625 square feet as well as the merger of two parcels prior to construction.

Based in San Francisco, Tidewater Capital “invests in and develops real estate in the Bay Area for the collective prosperity of our partners and the communities in which we work,” according to the firm’s website.

The company’s recent residential projects include a 289-unit mixed-use development in West Oakland, according to previous reporting by The Registry, as well as the completion of a 13-story residential mixed-use community at 1028 Market St. in San Francisco.

The West Oakland project is a proposed 254,945 square foot development that would consist of a mix of studio, one- and two-bedroom units. Its planned location is 533 Kirkham Street.

The Market Street project was completed in March, according to previous reporting by The Registry, and consists of 193 for-rent apartment homes and approximately 5,500 square feet of ground-floor retail. Partners for that development included Olympic Residential Group and J.P. Morgan Global Alternatives.

Solomon Cordwell Buenz is the listed architect for both of those projects as well.

War Horse Cities is based in Baltimore. A previous San Francisco project, according to the company’s website, included the acquisition of a self-storage facility at 777 Brannan St.

West Coast Commercial Real Estate News