Transbay: The Center of it All

Page 3 of 3

Transbay construction San Francisco The Registry real estate

South of the terminal will be 181 Fremont St. Jay Paul acquired the site and plans a 54-story tower with 684,000 square feet by mid-2015. The first 38 floors will be offices and the 14 highest floors will be luxury condos. “It allows us to offer a product that’s a very special place to work and live. It’s part of this urban vision where people can work, entertain and play in the same core district,” said Lituchy.

South and east of the terminal, on Folsom Street and between Main and Beale streets, there will be clusters of housing, greenery and retail. Most of the dozen residential blocks will have combinations of high-rise, townhomes and mid-rises, with an estimated 35 percent dedicated to affordable housing. “We wanted to create a first-class, urban pedestrian neighborhood,” said Michael J. Grisso, senior project manager at the Office of Community Investment and Infrastructure, successor to the San Francisco Redevelopment Agency. The design was modeled on housing in Vancouver. The neighborhood can accommodate 350 residences per acre, the highest density in San Francisco, Grisso said.

Land for three residential blocks has been sold so far. Golub & Co. of Chicago, working with Mercy Housing Inc., agreed to pay $30 million in 2011 to purchase Blocks 6 and 7, where they will construct 409 market-rate residential units and 147 affordable units. On Block 9, Avant Housing LLC (a joint venture of AGI Capital and TMG Partners), Essex Property Trust Inc. and Bridge Housing Corp. paid $43.3 million for the land this year and plan to spend an overall $250 million to $275 million to build a complex that will include a 41-story building. That complex will have 570 units of which 114 will be affordable. A few blocks away, Tehama Partners LLC is marketing 41 Tehama Street, a planned 31-story luxury residential project with 341 units.

The vision is that today’s construction pit of pipes, cement and dirt will give rise to a transit mecca, surrounded by a dense core of offices, housing, parks and shops.

 [btn link=”http://wp.me/p2egQr-31b” target=””]PREVIOUS PAGE[/btn]  1  |  2  |  3

Photography by Laura Kudritzki

West Coast Commercial Real Estate News