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-   -   SAN FRANCISCO | Oceanwide Center (50 First St) | 910 & 636 FT | 61 & 54 Floors (http://forum.skyscraperpage.com/showthread.php?t=185537)

tech12 Jun 7, 2013 12:23 AM

more good news:

http://www.socketsite.com/archives/2...eet_tower.html

Quote:

As we first reported two weeks ago, the plans for a couple of big towers to rise at First and Mission streets were recently reworked and resubmitted to Planning with designs for an 850-foot-tall office tower fronting First Street, a 605-foot-tall condo tower fronting Mission Street, and a renovation of the 88 First Street building on the corner rather than a third tower as was originally proposed.

Today, TMG Partners and Northwood Investors tentatively agreed to pay $122 million for the site in United States bankruptcy court having "hammered out [a deal] between investor David Choo, the previous owner of the site, and MS Mission Holdings, which had bought the loan on the property and foreclosed on it after Choo had defaulted."

With the disputed ownership of the site now settled (Choo was contesting the foreclosure), expect the project to quickly power up.

Zapatan Jun 7, 2013 1:02 AM

I suppose it is but it seems they got a bit shorter :/

tech12 Jun 7, 2013 2:58 AM

Quote:

Originally Posted by Zapatan (Post 6156091)
I suppose it is but it seems they got a bit shorter :/

I'm pretty sure that as always, the height limit is in regards to the roof, and that mechanical boxes/crowns/spires are exempt from it. The old renderings that we have put the roof height of the tallest tower at 835' feet (915' being the total height, including the crown), so it may even be possible that it will be slightly taller than originally proposed, not shorter, if the updated roof height is in fact 850' (though the shorter tower seems to be staying the same, with a roof height of 605').

WildCowboy Jun 7, 2013 3:01 AM

You can see here...850 to the roof in the center section and 915 to the parapet. 835 appears to the main roof height below that raised center section that is likely a mechanical penthouse.

http://www.socketsite.com/50%20first%20Site%202013.gif

Zapatan Jun 7, 2013 3:23 AM

aah ok, that's good.

Assuming these and the Transbay tower are both built SF is in for two new tallests!

Awesome news.

simms3_redux Jun 13, 2013 2:52 AM

Does anyone know the acreage or SF of the land that just traded? BP/Hines paid ~$4000/sf for their land for the TT. I think TMG paid less than half of that for this land. Some of the recent land deals in the area:

Hines/BP - Transbay Tower site - $192M - 50,000 SF (~1.15 AC) - ~$3,840/sf or $167M/AC - city/TJPA was seller

TMG/Northwood - 50 1st St site - $122M - unknown size, I estimate at ~1.5-2 AC - David Choo was seller of land, MSREF and Lincoln were bought out of their note

Jay Paul - 181 Fremont site - $75M - unknown size, I estimate at just over half an acre - SKS Investments was seller


Also, just so everyone is familiar with SKS Investments - they are active in Soma/South Beach, Mission Bay/China Basin, and the design district. They do warehousy office, adaptive re-use, multifamily, and it appears some medical office.

They are also doing this in Oakland:
http://sksinvestments.com/properties/1100-broadway/

http://sksinvestments.com/wp-content...Broadway-3.jpg

fflint Jun 13, 2013 3:11 AM

^Wow, 1000 Broadway would finally restore the streetwall and restore the historic Key Building, which was the headquarters of the Key System railroad.

minesweeper Jun 13, 2013 4:25 PM

Quote:

Originally Posted by simms3_redux (Post 6162717)
Does anyone know the acreage or SF of the land that just traded? BP/Hines paid ~$4000/sf for their land for the TT. I think TMG paid less than half of that for this land. Some of the recent land deals in the area:

Hines/BP - Transbay Tower site - $192M - 50,000 SF (~1.15 AC) - ~$3,840/sf or $167M/AC - city/TJPA was seller

TMG/Northwood - 50 1st St site - $122M - unknown size, I estimate at ~1.5-2 AC - David Choo was seller of land, MSREF and Lincoln were bought out of their note

Jay Paul - 181 Fremont site - $75M - unknown size, I estimate at just over half an acre - SKS Investments was seller


According to this, 181 Fremont is 15,312.5 sq ft or 0.35 acres. At $75M, that comes out to $4898/sf or $214M/acre!

And, looking up the 50 First St. lots here, I found:
  • Tower 1:
    • 50 First Street (18,000 sq ft)
    • 62 First Street (11,817 sq ft)
    • 76-78 First Street (2,700 sq ft)
  • Tower 2:
    • 516 Mission (4,776 sq ft)
    • 526 Mission (9,353 sq ft)
  • Corner building:
    • 88 First St (3,300 sq ft)

So, that's 49,946 sq ft or 1.15 acres. At $122M, that's $2443/sf or $106M/acre. It's almost exactly half of what Jay Paul paid for 181 Fremont.

minesweeper Jun 28, 2013 3:54 AM

No new information, but TMG Partners and Northwood Investors have made the acquisition official:

Quote:

SAN FRANCISCO (June 26, 2013) – In a joint venture, TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, and Northwood Investors LLC (“Northwood”), a leading privately-held global real estate investment and management firm, announced today the acquisition of an assemblage of parcels at First and Mission Streets in San Francisco. The partnership plans to develop two towers with approximately two million square feet of office, retail and residential improvements on the 1.17-acre development site.

minesweeper Jun 29, 2013 2:18 AM

The new owners are apparently going to scrap the old design and start from scratch:

Quote:

The previous owner had engaged Skidmore Owings & Merrill to design the project. While SOM will almost certainly be in the running, the new owners have decided to start from scratch.

“TMG Partners and Northwood Investors are starting fresh with what will be a dynamic design to both accommodate the diversity of tenants and residents and to befit the what will be the biggest and most prominent Transbay District site besides the Transit Tower itself,” the groups said in a statement.
Hopefully they come up with something as distinctive as the old design appeared to be.

peanut gallery Jun 29, 2013 5:14 PM

Quote:

a dynamic design to both accommodate the diversity of tenants and residents and to befit the what will be the biggest and most prominent Transbay District site besides the Transit Tower itself
They already had that with the previous design. My pessimistic side tells me they want something cheaper to build. Of course, we won't know anything for sure until they announce their new plans. For now though, I find this disappointing news. The old design was fantastic; it's hard to imagine they'll improve on it. Also, this pushes back the possible start date. They obviously aren't in any hurry to get started.

peanut gallery Feb 19, 2014 7:59 AM

A wee bit of news on 50 First St in this article on the recent purchase of 82-84 First St (the little 3-story one in from the corner along First).

It says that a decision could be made within a few weeks on one of 3 "starchitects" in the running for the redesign.

BTW, 82-84 First was purchased by Stanford Hotels Group. I'm curious what their plans are. Does anyone have the height limit zoned for that parcel? The article dismisses any chance TMG will try to buy and incorporate it into their plans for 50 First St.

mt_climber13 Feb 19, 2014 8:22 AM

Good news.
The article also states that the 1.6 million sq. ft. Transbay Tower is under construction. The 1,070 ft. Tower is 1.375 million sq. ft.
Is there something they're not telling us?

chris08876 Feb 19, 2014 10:04 AM

Quote:

Originally Posted by wakamesalad (Post 6458679)
Good news.
The article also states that the 1.6 million sq. ft. Transbay Tower is under construction. The 1,070 ft. Tower is 1.375 million sq. ft.
Is there something they're not telling us?

Great news. Two new West Coast Supertalls. Current work is on the subterranean level for the Transbay Tower.

hruski Feb 19, 2014 4:50 PM

Quote:

Originally Posted by wakamesalad (Post 6458679)
Good news.
The article also states that the 1.6 million sq. ft. Transbay Tower is under construction. The 1,070 ft. Tower is 1.375 million sq. ft.
Is there something they're not telling us?

Could just be bigger floorplans.

peanut gallery Feb 19, 2014 9:14 PM

JK Dineen is usually on top of details like that, but it could just be a simple mistake of picking up the old proposal's square footage. Isn't that about what it would have been at 1200'?

mt_climber13 Feb 19, 2014 10:07 PM

Yes, you are right peanut, that was the original proposal. Prob just lazy reporting.

a very long weekend Feb 20, 2014 1:56 AM

dineen is very sharp, a strange mistake for him to have made. still such a shame they moronically chopped the height back...

mt_climber13 Feb 20, 2014 5:41 AM

I looked up a few previous articles by the Biz Times and they state that the Transbay Tower is 1.3 million sq. ft. This seems to be the first instance they reported it as 1.6 million.

Interesting tidbit.. if the Transbay Tower is built at 1.3 million sq. ft., then 555 California will still remain SF's biggest office building, at 1.5 million sq. ft. and 52 floors.

peanut gallery Feb 20, 2014 5:49 AM

^That is interesting, and a little surprising. I didn't realize that before.


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