^^^I created a separate thread for that, as well as two other projects that are moving along.
SAN FRANCISCO | 5M DEVELOPMENT | 470, 400, 200, AND 174 FT | 40 FLOORS
SAN FRANCISCO | 10 S VAN NESS | 400 FT | 40 FLOORS
SAN FRANCISCO | 1500-1580 MISSION STREET | 400 + 258 FT | 40 AND 17 FLOORS
I have asked mods to retitle them to all caps and sticky them to the San Francisco page for us to have easy access.
Additionally, I want to call attention to a few other developments in the Mid-Market/Van Ness corridor area.
1. Tower Car Wash Site
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Trumark working through plans to raze and build condos.
http://www.socketsite.com/archives/2...two-three.html
Quote:
As referenced by J.K. Dineen a few weeks ago, Trumark Urban has been working on plans to raze the Tower Car Wash and gas station on the southwest corner of Mission and South Van Ness and build around 200 condos over retail on the triangular site, with a building reaching up to 120 feet in height.
Plans to construct a high-rise residential building on the corner date back over 25 years, when a proposal to develop a 500-unit building across the 1601 Mission Street site and its adjacent parcels was floated. Instead, the then Firestone tire shop on the corner was converted into the car wash and 140 South (Van Ness) was eventually constructed on the parcel next door, with 212 condos over a bit of retail space.
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2. A&M Carpets site
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http://www.socketsite.com/archives/2...ket-hotel.html
Quote:
Zoned for a tower to rise up to 250 feet in height and the development of high-density residential, offices, retail or a hotel, the three corner parcels at the intersection of Otis and 12th Streets, including the two-story A&M Carpets building at 98 12th Street and the three-story building at 14 Otis next door, have just hit the market.
Plans for developing the site have yet to be drafted or filed with the city, but with plans to develop the Tower Car Wash site to the south, the Goodwill site to the east, and the Honda site to the north in the works, the offering touts opportunity and a rapidly expanding “Mid-Market” local.
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3. Franklin and Page development
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http://www.socketsite.com/archives/2...ing-nixed.html
Quote:
Originally approved for development in 2010 but never having broken ground, the variance needed for the proposed 8-story development to rise as designed on the current parking lot parcel at 1 Franklin Street has since expired but the plans have been dusted off and the developer, JS Sullivan, will likely be granted a new variance next week.
The Market-Octavia development includes 35 condos over 2,700 square feet of ground floor retail space at the intersection of Franklin and Page.
And while originally proposed to be built with 18 parking spaces for auots in an underground garage, Forum Design’s design has been refined to include a storage room for 35 bikes, and a little more retail, but not a single car.
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Honestly, I'm all for little to no parking. However, I AM worried that more and more issues will arise. SF doesn't have truly excellent transportation. Also, to own costs $1M+++. As other posters have mentioned, if I had a million(s) to spend on a home, I would like to own and be able to conveniently and safely store a car.
Perhaps there is a phantom market that exists where people are able to sell or rent out their parking spots, but I do know that many HOAs and virtually all apartment building owners do not like non-residents parking vehicles in their buildings. The City has been getting rid of or meterizing street parking. Meanwhile, transportation has arguably deteriorated as the strain of additional people without additional improvements to transit have made riding buses and trains a hassle - a hassle that doesn't run cross town (i.e. N-S) very effectively if at all, and a hassle that doesn't run 24 hour or late night.
Meanwhile, where is the market for garage operators? At some point, as in Manhattan, there will come a demand for garages to store vehicles. But will SF allow it? Will it even be feasible considering current pricing and fees? The only stackers I see in the city are in SOMA, however, there really should be mechanized garages to store people's cars.
Thoughts? Am I way off base in my thinking? (FTR, I live in the city, carless - I don't own one).
In other interesting news, back in August the CA 1st District Court of Appeals
overturned an appeal of 3 years (after the SF Board of Supes already approved the plan)/
Designed by SOM, 20 year development scheme. 5,700 new housing units.
Current
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Redeveloped
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Not surprisingly, back in 2011, Supes Kim, Alvaros, and Campos were among the 5 dissenting votes. [Now Kim wants more housing in the Sunset so I wonder if she has changed her tunes]
RECENTLY,
a group of New York investors has purchased a majority stake in Parkmerced, the sprawling housing complex on San Francisco's West Side that is slated for a multibillion-dollar revitalization, in a deal that values the property at more than $1.3 billion, the Wall Street Journal reported.
Eastdil sold FIG and Rockpoint Group's interest stakes in a deal that values the entire existing complex at $1.3Bn. The new development group is being led by Mark Karasick of
601w.
From the Chron:
Quote:
A group of New York investors has given it a big vote of confidence by acquiring a majority stake in a deal said to value the 152-acre residential complex at more than $1.35 billion.
The deal, reported in Wednesday’s Wall Street Journal, comes one week after the California Supreme Court gave the go-ahead to build 5,679 rentals alongside the existing 3,221 rent-controlled units, capping off an often-bitter three-year legal fight against critics of the plan.
“It means (the project) has successfully recapitalized and now is poised for an incredible future,” said Parkmerced spokesman P.J. Johnston.
The development, bordering Lake Merced and San Francisco State University, is now clear to break ground next fall in the first phase of what is expected to be a 20-year project.
So, while it’s been a long time coming, it still has a ways to go.
“The speed won’t be impacted — we’re still set for a series of four phases. But with the finances in order and the legal challenges behind us, the path is clear,” said Johnston.
Biz & Tech
Heading the team of investors is Mark Karasick, managing partner of 601w, a New York real estate investment and development firm that has bought and sold residential and office buildings throughout the country. That includes the former Bank of America tower at 555 California St. in San Francisco, which Karasick acquired for $813 million in 2004 and sold 18 months later for $1.06 billion, according to the firm’s website.
According to the Wall Street Journal, Karasick’s group invested nearly $200 million for “more than a 70 percent stake” in Parkmerced’s owner, Parkmerced Investors Properties, a group led by New York real estate investor Robert Rosania, and including San Francisco’s Fortress and Boston’s Rockport Group.
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I personally think that Pier 70, Park Merced, Hunter's Point, and Candlestick Point each deserve their own thread. These are some of the largest redevelopment projects in the country, and all are progressing.