SAN FRANCISCO, CA – APRIL 21 2015 – Related California, one of the state’s leading real estate development firms, today received key approvals to move ahead with Transbay Block 8, a 554-unit residential tower at Folsom and Fremont streets. This mixed income, mixed-use project is being developed in a partnership between Related California and Tenderloin Neighborhood Development Corporation (TNDC), a local non-profit housing developer.
The development will create approximately 124 market rate condominiums, 280 market rate rentals and 150 below market rate rentals. Approximately 18,000 square feet of ground floor and below-grade retail is also included in the development program.
“Throughout our 25 year history, Related California has been deeply committed to developing housing of the highest caliber at all income levels, and this project continues that commitment,” said Bill Witte, Chairman of Related California. “We’re proud to be working with a great non-profit partner like TNDC to bring 150 units of critically needed affordable housing to San Francisco.”
Designed by world-renowned architecture firm OMA in collaboration with award-winning San Francisco design firm Fougeron Architecture, Transbay Block 8 consists of a 550-foot tower, an eight-story residential building, and townhomes along Clementina Street. The project’s design introduces a mid-block passage – or “paseo”- that splits the podium of the tower in two, activating the base of the building to create a vibrant center for both residents and neighbors filled with retail and other amenities. Celebrating urban life, the passage expertly meshes with the neighborhood fabric of surrounding pedestrian corridors and green spaces.
Approval of the schematic design and the Disposition & Development Agreement allows Related California and TNDC to move ahead with purchasing the property and completing the design. Construction is anticipated to begin in 2016.
The Commission’s support of Transbay Block 8 – the last parcel on Folsom street – brings the Transbay Terminal closer to fruition, while adding a stunning work of architecture to San Francisco’s skyline.
About Related California
Related California, the West Coast affiliate of Related Companies, is a fully integrated real estate firm that develops multifamily residential and mixed-use properties in California. Since 1989, Related California has undertaken a range of transformational developments from best-in-class luxury high rise residential properties to the redevelopment of obsolete public housing, spanning a broad spectrum of urban infill, affordable, mixed-income and market rate multifamily developments.
The company has completed more than 9,800 residences and has a track record of consistently developing communities that represent industry benchmarks in design, construction, sustainability and property management.
Related California has a long history of community partnership, having collaborated with more than 20 municipalities and over 25 non-profit organizations throughout California. Related California has successfully developed and managed a broad range of property types throughout Alameda, Contra Costa, Los Angeles, Orange, Sacramento, San Bernardino, San Diego, San Francisco and Santa Clara counties. The Related California portfolio includes more than $2.5 billion worth of developments. For more information about Related California, visit www.relatedcalifornia.com.
About the Tenderloin Neighborhood Development Corporation (TNDC)
TNDC provides affordable housing and services for low-income people in the Tenderloin and throughout San Francisco, to promote equitable access to opportunity and resources. In San Francisco, TNDC envisions diverse communities where people with low incomes can fulfill their potential and meet their basic needs. TNDC housing is affordable and near amenities and services that enhance the quality of residents’ lives. As a healthy organization, TNDC is viewed as a trusted and well-organized community ally locally and a practice leader nationally.