[Pedestrian]

Developer proposes nearly 600 homes in $400 million project near massive Parkmerced
By Fiona Kelliher – Real estate reporter, San Francisco Business Times
Mar 4, 2019, 4:40pm EST

A shopping center in Parkmerced could be razed for nearly 600 units of senior housing.

Landowner John Jweinat and Costa Brown Architecture submitted a preliminary proposal to build 576 units across three 17-story apartment buildings at 33-85 Cambon Dr. The ground floor would host about 80,000 square feet of retail.

The parcel — now home to a grocery store, a bank and other businesses — hugs the edge of the Parkmerced area where Maximus Real Estate Partners plans to build out 5,679 new apartments and condos. This separate project, though, aims to capture what they view as an underserved population in the Bay Area housing market . . . .

Details of the proposal, including how many units would be assisted-living or independent living, and its mix between affordable and market-rate units, will be worked out as the team receives feedback from the city. Jweinart and Costa Brown are in discussions with potential senior living and medical service providers, as well as contractors. Facilities will also include a 50,000-square-foot medical center onsite and potentially other amenities like a raised terrace where seniors can gather.

Depending on what's included, Jweinat estimated the development cost will hit about $400 million of private funding . . . .

https://www.bizjournals.com/sanfranc...WXU5UjdQIn0%3D