Transbay Joint Powers Authority Plans Public Auction Sale of Parcel F

Transbay Transit Center, San Francisco, Colliers International, 524 Howard LLC, Crescent Heights, Chad Mitchell Associates
3D rendering by steelblue for Pelli Clarke Pelli.
3D rendering by steelblue for Pelli Clarke Pelli.

By Jon Peterson

The San Francisco-based Transbay Joint Powers Authority (TJPA) will be holding a public action in order to dispose of its Parcel F asset in the Transbay neighborhood of the city.

[contextly_sidebar id=”uorZxAUu6l8WRUo8yfnf26TsIrpSgILT”]“The minimum qualifying bid is $160 million. Qualified bidders will submit written bids that meet or exceed this amount on August 26th. The highest written bid will become the opening bid at the live action on September 2nd,” wrote Maria Ayerdi-Kaplan, executive director of the TJPA in an e-mail. The actual bidding will take place at 10:00 AM at San Francisco City Hall in the South Light Court.

There have already been a number of questions sent to the TJPA about Parcel F from potential bidders. One of these came from Shanghai-based Greenland, one of the largest developers in the world, according to sources aware of this company.

Parcel F contains a total of 29,000 square feet of net developable area. It’s located mid-block between First, Second, Howard and Natoma Streets. It is also adjacent to the new Transbay Transit Center.

The site is located within the Transit Center Commercial Special Use District. “The Special Use District controls require that new development on lots larger than 15,000 square feet be primarily commercial, such that they include not less than 2 square feet of commercial uses for every 1 square foot of residential uses. Hotels are included in the definition of commercial use for the purpose of this requirement,” stated Ayerdi-Kalpan in an e-mail.

The TJPA is not prescribing a maximum development area for the development of the site. Based on a projection, the TJPA believes that the net developable area would be about 750,000 square feet, which is an initial estimate based on the TLPA’s analysis.

Development of Parcel F was included in the City and County of San Francisco’s Transit District Plan and environmental review associated with it. Projects consistent with the zoning and the Transit Center District Plan Environmental Impact Report are eligible for a Community Plan Exemption. The developer of Parcel F would be responsible for obtaining all entitlements for its proposed development of the site. This would include a permit under Section 309 of the Planning Code.

West Coast Commercial Real Estate News