SAN FRANCISCO | Projects: Under Construction, Approved, and Proposed

[peanut gallery]

Mercy Housing update over at 10th and Mission:




Looking west along Mission:


And the other housing behind that along 9th, which although BT has reminded me a dozen times, I still can't seem to recall exactly what it is:

[ACSF]

Originally Posted by peanut gallery

Since we're in such a state of flux (to put it as kindly as possible) I thought I'd do a quick status update of some of the bigger current and planned projects here in the rundown thread. Please add/correct/edit as needed.


One Rincon Hill phase 1 - tower complete; townhomes and landscaping approaching completion

One Rincon Hill phase 2 - I think the second tower is on hold, but no official statement to that effect

Thanks for putting this together.

One piece of news I can post....A resident of One Rincon recently was told by the developer that there are something like 100 available units right now in Tower I. Once that number gets down to 30, construction on Tower II will begin.

[BTinSF]

Originally Posted by peanut gallery

the other housing behind that along 9th, which although BT has reminded me a dozen times, I still can't seem to recall exactly what it is:

Call it Mercy Phase 2--it's senior housing.

[peanut gallery]

Thanks BT. I wanted to say senior housing, but wasn't sure.

[peanut gallery]

Originally Posted by ACSF

Thanks for putting this together.

One piece of news I can post....A resident of One Rincon recently was told by the developer that there are something like 100 available units right now in Tower I. Once that number gets down to 30, construction on Tower II will begin.

You're welcome, and a 'thanks' back at you for the info. I would consider that on hold for all intents and purposes. But it's good that they are at least talking about starting at some point. Still, how soon are 70 more units going to sell in this economy? A year? Longer?

I wonder how the townhouses are selling.

[peanut gallery]

I updated the latest status rundown with the news that One Rincon Hill Tower 2 is now officially on hold.

[BTinSF]

Showing, for those who need to be shown, that times like these don't affect every project in the same way:

Friday, October 31, 2008
Stalled housing project gets new life

Developer Holliday is tapped to rescue $150 million plan
San Francisco Business Times - by J.K. Dineen

Goldman Sachs Urban Investment Group has tapped veteran builder Rick Holliday to jump-start a 340-unit housing project at the former Coca-Cola bottling plant on Third Street. The $150 million project has been on hold since April when the former developer, Noteware Development, ran into financial trouble.

The first phase of the revived project, 140 units of housing and the city’s first Fresh & Easy grocery store, is now on track for completion in a year to 14 months. The podium of the building at 5800 Third St. was 80 percent complete in April when construction was shut down.

“Rick has all the attributes we seek in a partner,” said Jesse Blout, managing director of Goldman Sachs Urban Investment Group. “He is creative, community-minded, and knows how to bring a project in on time and on budget. Just as importantly, Rick has been in the business for more than two decades and has what it takes to successfully develop in a difficult market.”

For Holliday, the development represents a return to his roots after nine years of focusing on the East Bay and beyond. During the 1980s and 1990s Holliday was a pioneer in South of Market loft development, building the 83-unit 601 Fourth St. in 1988 and the 127-unit Clocktower Lofts at 461 Second St. in 1993, as well as live/work projects in Potrero Hill and along Van Ness Avenue.

After 2000 he shifted focus outside of San Francisco, taking on complex mixed-use development in Emeryville, Oakland, Walnut Creek, Sacramento, Novato and Truckee.

“I’m back in San Francisco and I’m happy about it, given who my partner is and given the excitement along the Third Street corridor,” said Holliday.

Holliday said he sees a chance to create new transit-oriented housing and shopping along the recently built Third Street light rail. With Mission Bay quickly sprouting new biotech lab space and the UCSF campus on one end of Third Street, and Hunters Point set to receive $2 billion in investment on the other end, eventually all of the economically depressed corridor will be ripe for investment, Holliday said.

Houston-based Noteware came into San Francisco with high hopes in 2006, grabbing a site near Candlestick Point as well as 5800 Third St. But when the housing market turned sour, Noteware was stuck with failed condo developments in two of the hardest-hit regions, Phoenix and Las Vegas, according to sources familiar with the situation. Starting in early 2008, Noteware’s two San Francisco limited liability corporations — Third Street Equity Partners and Jamestown Equity Partners — were hit with millions of dollars in mechanics liens from plumbers, engineers, and other subcontractors seeking payment.

James Noteware returned a call to the San Francisco Business Times but said he was unable to comment because of the legal disputes related to the developments.

Holliday said he spoke to Blout about taking on the development last spring when “it was clear there were problems that Noteware couldn’t sort out.”

“As I got to know the Goldman fund and Jesse better, I realized it’s a perfect time for me to reconnect to San Francisco,” said Holliday.

Holliday sees the new development South of Market as taking place in distinct “surges.” The first wave spread loft projects across SoMa in the 1990s. The second extended new condo construction to Rincon Hill and Mission Bay.

Now as the real estate market and the broader economy returns to health over the next two years, he thinks development will spread south through the Dogpatch to the Bayview district. In particular, he said the flat land and transit make it perfect for cheaper wood frame construction that make it possible to sell condos for $500,000.

“We think $500,000 is a number that will be competitive and compelling if you build something good out there on the transit line,” said Holliday.

The Coke plant projects consists of four buildings, the first two with 70 units each and a the second two with 100 each. Cannon Construction is taking over the project, which was designed by Christiani Johnson Architects.

“We don’t expect there to be interruptions from this point forward,” said Holliday.


jkdineen@bizjournals.com / (415) 288-4971

Source: http://sanfrancisco.bizjournals.com/...ml?t=printable

Just a shame it isn't high-rise.

[BTinSF]

But as we all know, the reality is mostly bad:

Friday, October 31, 2008
Credit freeze puts major S.F. projects on ice

San Francisco Business Times - by J.K. Dineen

The building explosion that transformed large swaths of the central San Francisco skyline over the past four years has come to a screeching halt as nervous lenders and developers mothball active construction sites and place long-awaited ground breakings on hold.

The frigid environment is affecting not only condo towers but also office buildings and even government projects, and likely spells the start of a two-year drought for major new construction jobs.

At 535 Mission St., Beacon Capital Partners has directed contractor Swinerton Builders to stop work on a 27-story building that represented the only downtown office highrise under construction.

In Mission Bay, Bosa Development is not going forward with the 318-unit phase two of the Radiance until lenders are comfortable with sales in the 99-unit first building.

At One Rincon Hill, developer Mike Kriozere has delayed construction of the second, 42-story tower as his sales staff struggles to sell the remaining 100 units in the building’s first 60-story highrise.

“We own the land, we have the financing (Viewguy, Nequidimis please note) and our construction plans and contracts are in place,” said Kriozere of Urban West Associates. “Like others, our team is watching the economy for the proper time to re-commence construction.”

At 680 Folsom St., TMG Partners and Rreef are reevaluating the timing of plans to start a $200 million renovation and expansion of the old AT&T building, recast as Folsom Place.

The anxiety has seeped into the public sector as well: The Public Utilities Commission has shelved plans for a $188 million super-sustainable headquarters building at 525 Golden Gate Ave.

“Everything is on hold because there is no money to finance anything (well, not quite ANYTHING--see immediately above),” said Chris Foley of Polaris Group. “It looks like there may be some money in the second quarter of next year.”

The combination of tight credit and a likely recession are dampening whatever new plans exist. Some projects that can get financing don’t make economic sense any more, said Michael Joseph, a principal with Kearny Capital.

Condos that could sell for $800 a square foot 18 months ago have dropped in some cases by 20 percent and more, putting values on par with still-high construction costs. Two condo projects, Symphony Towers and the Hayes, are offering at least 20 percent markdowns for some units.

“If you have product that makes economic sense to build, you could get a loan for it,” said Joseph. “The difficult part is finding a project that makes enough sense.”

But with office rents on the decline and condo values dipping, it’s hard to make a compelling case for new condominiums or office towers.

“You are hard pressed to build in the Bay Area for much better than 6 percent return on cost,” said Joseph. “So why would you take all that risk and end up with no profit?”

Apartments and biotech seem to be the two bright spots in the development landscape, said Joseph.

Elaine Forbes, finance director for the San Francisco Planning Department, said the pipeline of new projects of more 25,000 square feet has also dropped precipitously. The first three months of the current fiscal year saw 2.9 million square feet in applications for eight new projects of 25,000 square feet or more; during the same period last year, applications came in for 13 million square feet of major projects.

“We’re seeing revenues lower than we project, but we’re not seeing a dramatic downturn yet,” said Forbes. “We have seen the end of a strong housing cycle in favor of office development and now we’re wondering if that cycle is ending as well.”


jkdineen@bizjournals.com / (415) 288-4971

Source: http://sanfrancisco.bizjournals.com/...ml?t=printable

[BTinSF]

Friday, October 31, 2008
Air quality district seeks top-flight headquarters

San Francisco Business Times - by J.K. Dineen and Blanca Torres

The Bay Area Air Quality Management District is looking for higher-quality digs.

The 360-person public agency has issued a request for proposals to architects and consultants to evaluate its current 80,000-square-foot headquarters at 939 Ellis St. in San Francisco’s Civic Center district. Options include renovating the structure; tearing it down and rebuilding on the same site; or selling the property and moving. The agency also leases 15,000 square feet in Richmond, according to administrative analyst Matt Serier.

The building was constructed in 1966 and houses 300 employees. Sixty inspectors are based in Richmond. Serier said the agency wants to stay close to public transportation but is not wedded to remaining in San Francisco.

“The building is rather old and we’re spending a lot of money on keeping it up,” he said. “We are seeking the best option for the future.”

Proposals were due Oct. 29.

Source: http://sanfrancisco.bizjournals.com/...ml?t=printable

[peanut gallery]

Originally Posted by BTinSF

At One Rincon Hill...our construction plans and contracts are in place,” said Kriozere of Urban West Associates.

Last I heard, they had put a request for bids out, but I never heard whom they chose. I take it from this quote that they have selected a contractor for the second tower. Has anyone heard who that is? I got the sense it wasn't going to be a slam-dunk for Bovis even though they did the first tower.

Originally Posted by BTinSF

At 680 Folsom St., TMG Partners and Rreef are reevaluating the timing of plans to start a $200 million renovation and expansion of the old AT&T building, recast as Folsom Place.

Just from watching the utter lack of any activity onsite, I "knew" this was the case but hadn't seen confirmation of it. I'm guessing the same can be said for the other (and much more iconic) former AT&T building on New Montgomery. I know they had grand plans to convert it to condos, but I doubt anything will happen with that for several years.

[peanut gallery]

Originally Posted by BTinSF

Showing, for those who need to be shown, that times like these don't affect every project in the same way:

Friday, October 31, 2008
Stalled housing project gets new life

Developer Holliday is tapped to rescue $150 million plan
San Francisco Business Times - by J.K. Dineen

Goldman Sachs Urban Investment Group has tapped veteran builder Rick Holliday to jump-start a 340-unit housing project at the former Coca-Cola bottling plant on Third Street. The $150 million project has been on hold since April when the former developer, Noteware Development, ran into financial trouble.

The first phase of the revived project, 140 units of housing and the city’s first Fresh & Easy grocery store, is now on track for completion in a year to 14 months. The podium of the building at 5800 Third St. was 80 percent complete in April when construction was shut down.

Source: http://sanfrancisco.bizjournals.com/...ml?t=printable

Just a shame it isn't high-rise.

Here's a rendering:


Source: SocketSite

[WonderlandPark]

Crap, I thought 535 Mission would squeak under the wire and go ahead.

[viewguysf]

[QUOTE=BTinSF;3884693]But as we all know, the reality is mostly bad:


“We own the land, we have the financing (Viewguy, Nequidimis please note) and our construction plans and contracts are in place,” said Kriozere of Urban West Associates. “Like others, our team is watching the economy for the proper time to re-commence construction.”

I never forgot about his financing and very much want to see this project completed as designed. It's just that if the demand is not there (which it clearly isn't), no one is going to risk building.

[BTinSF]

Issued by :
San Francisco Redevelopment Agency
1 South Van Ness Avenue, Fifth Floor
San Francisco, CA 94103
22 October 2008

REQUEST FOR PROPOSALS
Transbay Redevelopment Project Area
Deadline for Submission: January 22, 2009

THE OPPORTUNITY
Propose, design and develop a high-density residential project with ground-floor retail on Block 8 in the transbay Redevelopment Project Area in downtown San Francisco. The development program for the site consists of: 1) a 550-foot residential tower and an adjacent 50-foot residential townhouse development (the “Market-Rate Project”), and 2) an adjacent 65-foot to 85-foot stand-alone, affordable housing development (the “Affordable Project”). The selected development team will be required to enter into a disposition and development agreement with the San Francisco Redevelopment Agency.

THE SITE
Block 8 is a 42,625-square-foot parcel on Folsom Street (north side between 1st and Fremont) in San Francisco’s transbay/Rincon Hill area, adjacent to the Financial District, with excellent views of San Francisco, the Bay, and the Bay Bridge. The site is two blocks south of the future site of the new transbay transit Center, scheduled for completion in 2014.

Source: http://www.sfgov.org/site/uploadedfi...81015_4web.pdf

Lots more information including maps, photos etc at the source.

[peanut gallery]

^Jaime at the Rincon Hill blog posted diagrams of the current configuration and how the ramps will be adjusted for development. IIRC, the developer will need to pay for moving the roads.

FYI: block 11, which is on the southeast corner of Folsom and Essex, was also released last week. This is slated for assisted living for very poor/borderline homeless.

[BTinSF]

Wednesday, November 5, 2008 - 4:22 PM PST
S.F. delays plan to develop prime Embarcadero lot

San Francisco Business Times - by J.K. Dineen

The Port of San Francisco’s plan to develop a prime lot on the Embarcadero at Washington Street is on hold after a solicitation process drew just one development proposal.

Port of San Francisco project planner Kathleen Diohep blamed October’s financial meltdown for the dearth of proposals for Seawall Lot 351, a triangular parcel across the street from the Ferry Building. She suggested that more time would allow other potential developers to respond and that another round of proposals could be due by the end of the year.

“There were folks who gave us a sense that more time would help them get a proposal together,” she said. “We are talking about a building that is going to last 100 years. What is another few months?”

The one developer that did submit a proposal was San Francisco Waterfront Partners, which redeveloped the Piers at Piers 1 1/2, 3, and 5. Waterfront Partners has an option to buy the abutting property, the 2.5-acre Golden Gateway Tennis & Swim Club and in 2006 submitted an unsolicited plan to develop the two pieces of land in one project.

The Waterfront Partner plan would reconfigure the northeast portion of the tennis club at Washington Street between Drumm Street and the Embarcadero, replacing the clubhouse, two pools and three tennis courts with an 85-foot-tall 170-unit structure. Under the Waterfront Partners plan, the club would lose three of nine tennis courts, but the pools and clubhouse would be replaced. An underground parking garage would have 350 public parking spaces and 170 spots for the condos.

“Obviously we’re disappointed, but we’ll submit another bid,” Waterfront Partners principal Simon Snellgrove said. “We are long-term players and have a long-term vision here.”

Diohep said 175 firms downloaded the request for proposals from the port’s web site, although most were architects and consultants rather than developers. The list of developers who attended pre-submittal meetings on the site included Hines, the Vibrant Group, Rembold Properties, Kenwood Investments and Cal Coastal Development. Hotel groups looking at the site were MetroPacific Properties, Morgans Hotel Group and Sage Hospitality Resources.

Vibrant Group principal Kevin Wakelin said his firm may still be interested in the site, but suggested the deadline should be pushed into 2009.

“Given what’s going on with the economy it’s unlikely I’m going to jump through the hoops to respond to an RFP by December,” he said.

Any development on the site faces fierce opposition from powerful residential groups on Telegraph Hill as well as the northern waterfront. Members of the Golden Gateway Tennis & Swim club have fought and killed several previous attempts to develop the land.

Frederick Allardyce, the founding president of the Barbary Coast Neighborhood Association, said he opposes any project that reduces the recreation facilities and the tennis and swim club.

“The neighborhood is supportive of keeping the club at the present size,” he said.

Source: http://www.bizjournals.com/sanfranci...ml?t=printable

The Rendering:


Source: http://www.socketsite.com/

We can, of course, all thank Aaron Peskin and the Telegraph Hill Dwellers for the fact that it is so SHORT.

[peanut gallery]

No surprise really. I think they dropped a line from the article above:

"Diohep said 175 firms downloaded the request for proposals from the port’s web site, although most were architects, consultants...and development geeks from SSP."

[peanut gallery]

Remember this from last February?


Source: San Francisco Chronicle.

There's a notice on the current building for a hearing today at 1:30 to discuss the demolition of the existing building and construction of this one to replace it. At least the bureaucratic part of the process is moving forward.

[WonderlandPark]

^^ Good, I was wondering about that little guy's progress.

Its small, green and on primo, primo land, it should be able go ahead in this economy.

[AndrewK]

ive been looking forward to that starting up since i first read that article, it really intrigued me. good to see its actually happening (well at least looks like its going to).