Plan that threatens Transbay gets OK
James Temple
San Francisco planners gave the go-ahead to a revived 48-story condominium proposal that could potentially block part of the $2.7 billion Transbay Terminal project.
The Planning Department decided this week that aging approvals for the 80 Natoma St. project are still valid.
"We've determined they still apply and, as a matter of fact, we signed off on the site permit within the last week," said Lawrence Badiner, acting director of the planning department.
San Francisco-based Myers Development Co. is developing the project, a 431-unit residential highrise planned for four adjoining parcels on Natoma and Minna streets.
The Planning Department approved a 509-unit residential tower planned by a different developer there in the late 1990s. The site has changed hands several times since then, with Myers "taking control" late last year.
CEO Jack Myers said he was pleased but not surprised by the Planning Department's approval.
"Entitlement was never the challenge, capitalization was," Myers said.
That challenge has also been solved: Myers said the property is now in the process of being transferred to Myers Natoma Venture LLC, a joint venture comprised of Myers Development Co., Prudential Real Estate Investment and CIM Investments, a Los Angeles-based investment manager for the California Public Employees' Retirement System and the California State Teachers' Retirement System. IStar Financial is providing the debt financing.
Myers expects to break ground on the tower in March.
The project sparked controversy when it started moving forward late last year, as its location is earmarked for the replacement Transbay Terminal under the latest plan of the San Francisco Redevelopment Agency and the Transbay Joint Powers Authority.
If built, 80 Natoma would necessitate significant changes to the plan for the $2.7 billion transit hub, Mike Grisso, senior planner with the redevelopment agency, said at the time.
Myers, for his part, said the building would fit neatly into the Redevelopment Agency's plan for the greater Transbay area, which prioritizes new housing and includes several other highrise towers.
He added that he is a "staunch supporter of the Tranbay Terminal redevelopment objectives."
Badiner said there were several changes to the design of the project, but "they're essentially refinements that normally happen with a design development."
He said the project permit will now go before the Department of Building Inspection. It will not require any additional sign-off from the Planning Commission.
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Well, it looks like the 475 foot Century tower will begin construction next month!
