SAN FRANCISCO | Jasper | 450 FT / 137 M | 45 FLOORS | U/C - Page 12

peanut gallery · #**221** Posted **Jul 30, 2010, 5:40 PM**

I can only read the intro, so I don't know why the subhead says they are unlikely to build anytime soon. I would hope that the new owner would be in a better position to start since they are buying at a much lower price.

From the San Francisco Business Times:

Quote:

Big San Francisco condo site sold at big discount
Crescent Heights unlikely to start 40-story tower soon
SAN FRANCISCO BUSINESS TIMES - BY J.K. Dineen
Friday, July 30, 2010

Developer Crescent Heights is in contract to pay $13 million for 45 Lansing St., a Rincon Hill condominium site entitled for a 40-story tower that has been stalled since 2008 when the economic crisis put the brakes on housing construction across the city.

The price, $57,000 per buildable unit for the 227-unit project, represents a 57 percent decline from the $30 million the previous developer, Turnberry Associates, paid for the property in 2006 at the peak of land values in the city.

WildCowboy · #**222** Posted **Jul 30, 2010, 7:38 PM**

Seems like it might be because 1401 Market is expected to go first, and Crescent Heights hasn't been able to get financing for that one.

peanut gallery · #**223** Posted **Jul 30, 2010, 7:52 PM**

^ That makes sense. Another thing I forgot about: Turnberry is a luxury condo developer, but what about Crescent? Could this signal a change in strategy for this building to go more mid-range? Perhaps even going rental? That would certainly change up the economic equation as well.

WildCowboy · #**224** Posted **Jul 31, 2010, 2:22 AM**

Crescent Heights is a luxury condo developer, but as you see with 1401 Market looking to go apartments, anything is possible in this environment.

botoxic · #**225** Posted **Dec 15, 2010, 7:27 AM**

Since there's news attached to the 10th and Market revival, might as well bring this thread back to life as well!

Quote:

Originally Posted by 1977

In addition to the Market Street project, Crescent Heights recently acquired 45 Lansing St. in Rincon Hill for $13 million. Shortly after buying the property, for which Turnberry Associates had paid $30 million in 2007, the Miami-based developer filed for a building permit for a $75 million, 40-story tower. Sources familiar with the project say Crescent Heights is hoping to increase the unit count at 45 Lansing from 224 units to 320 units. That change will require Crescent Heights to go back to the Planning Commission, but the developer is still hoping to break ground in 2011.
Source: http://www.bizjournals.com/sanfranci...partments.html

1977 · #**226** Posted **Mar 17, 2011, 8:37 PM**

Back from the dead...

From www.socketsite.com:

Quote:

Having purchased the plot of land at 45 Lansing from Turnberry which had entitled and targeted the parcel for 227 uberluxury housing units, this afternoon San Francisco’s Planning Commission will review Crescent Heights' proposal for increasing the number of units in the building to 320.

While the building height would remain the same at 400 feet, the number of studios would be increased from 3 to 99, one-bedrooms would drop from 111 to 93, two-bedrooms would increase from 77 to 128, and all 36 three-bedrooms would be eliminated. Average unit size would drop from 1,225 to 915 square feet.

As proposed, the number of parking spaces for cars would increase from 227 to 265 while spots for bicycles would be bumped from 69 to 93.

The existing Pollinator Garden and art installation will be maintained until start of building construction, potentially by the end of 2011 or early 2012.

Source: www.socketsite.com

More renderings and info: http://commissions.sfplanning.org/cp...2010.1044X.pdf

1977 · #**227** Posted **Mar 17, 2011, 9:08 PM**

A few more renderings:

Source: www.socketsite.com

SFView · #**228** Posted **Mar 17, 2011, 9:45 PM**

You just beat me to it!

Also of note:
The above SF Planning Commission document includes drawings that show 45 Lansing Street at 39 floors, with a roof height of 400'-3", and a top of roof screen height of 430'-3".

peanut gallery · #**229** Posted **Mar 17, 2011, 10:30 PM**

So it will be a little shorter than once proposed. That's OK, it will be tall enough to give ORH some much needed company in the sky. Speaking of ORH, that first rendering includes what looks a lot more like Millennium than ORH.

I can't believe we might be within a year of this starting up. Never thought I'd see the day.

ElDuderino · #**230** Posted **Mar 17, 2011, 10:50 PM**

Quote:

Originally Posted by peanut gallery

Speaking of ORH, that first rendering includes what looks lot more like Millennium than ORH.

I was thinking the same thing. It looks like they flipped it around or something. It would be awesome to see something substantial rise after so long. I thought this was dead for sure.

CyberEric · #**231** Posted **Mar 17, 2011, 11:11 PM**

Exciting news! It's not particularly attractive, that yellow is bad, but it's not hideous, at least at night.

Thanks for posting!

dr_strangelove · #**232** Posted **Mar 17, 2011, 11:21 PM**

Decent looking infill high density housing- can't complain.

Does anyone know what happened with the butterfly garden that was supposed to go in here?

peanut gallery · #**233** Posted **Mar 18, 2011, 12:47 AM**

^ I haven't been over there to see for myself, but I believe it was installed almost a year ago.

northbay · #**234** Posted **Mar 18, 2011, 8:17 PM**

Quote:

Originally Posted by 1977

Back from the dead...

YES!

fflint · #**235** Posted **Mar 18, 2011, 8:54 PM**

This is a live one, trust me.

NOPA · #**236** Posted **Mar 18, 2011, 10:10 PM**

Good. We need the density. Does anybody know how the market in SF is doing?

patriotizzy · #**237** Posted **Mar 18, 2011, 11:31 PM**

Sweet. A new highrise for San Francisco. Woot!

peanut gallery · #**238** Posted **Mar 22, 2011, 8:06 PM**

Looks like the Planning Commission review of these changes will be delayed until next month. From Jamie at the Rincon Hill Neighborhood Blog:

Quote:

I just spoke with Linda Avery, the Planning Commission’s Secretary, and she has also heard that 45 Lansing Street’s agenda item will LIKELY (I interpret this as 99.999%, but it still isn’t for sure) be continued to another meeting … possibly April 14, 2011.

It was originally thought to go before the commission this Thursday.

ElDuderino · #**239** Posted **Mar 22, 2011, 9:49 PM**

Not a big deal. Construction won't start for awhile regardless. I can't imagine the Planning Commission not approving this. True, the off street parking is increased from 227 to 265, but this is necessary with the increase in residences. Also bike parking is greatly increased which is a plus. The height and design seem to be pretty much the same, and I don't know why eliminating the 3 bedroom residences would make a difference.

peanut gallery · #**240** Posted **Mar 22, 2011, 11:38 PM**

Agreed. It's a very small delay in the grand scheme of things. My guess is that there just wasn't quite enough lead time to squeeze it into this week's meeting.