Posted Jul 9, 2019, 6:29 PM
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Registered User
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Join Date: Dec 2016
Location: San Francisco
Posts: 24,177
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Quote:
On Thursday, the developers (of the project at 88 Bluxome) will . . . ask for allotment of the first phase of office space under the city’s cap, known as Proposition M. The cap allows for 950,000 square feet of office space to be approved annually as of October, with extra space rolling into the next year.
After approvals of 598 Brannan St., the cap has shrunk down to about 2.1 million square feet, said Zoning Administrator Corey Teague. Approvals for the first phase of 88 Bluxome would bring that down to about 1.7 million square feet — leaving about 7.7 million square feet of proposed space up in the air.
Several other Central SoMa projects are among those in need of Prop M allocations, including Kilroy Realty Corp. (NYSE: KRC)'s Flower Mart project and Boston Properties' (NYSE: BXP) 765,000-square-foot office portion of a mixed-use project at 4th and Harrison streets . . . .
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https://www.bizjournals.com/sanfranc...VPK0EifQ%3D%3D
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