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  #41  
Old Posted Oct 27, 2006, 9:34 PM
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Quote:
Originally Posted by AK47KC
So will this project break ground soon or will it do so in 2007?

Well, last I heard about it, it is scheduled for completion sometime in 2008. So, I would be led to believe that it should break ground sometime in early 2007.
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  #42  
Old Posted Oct 29, 2006, 2:03 AM
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I guess it should be late 2008 when it is complete if they start in 2007, since these projects need like two years, unless they work three shifts.
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  #43  
Old Posted Oct 29, 2006, 2:31 AM
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Yeah, too bad they only mention the year and not the month or even season of the year.
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  #44  
Old Posted Oct 29, 2006, 3:43 AM
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I don't know why I forgot to post this here back when it first appeared but here it is:

Quote:
Miami cash to produce skyline flash
Turnberry to pump $230M into 'exotic' condo tower
San Francisco Business Times - September 15, 2006
by J.K. Dineen
Turnberry Associates, a name synonymous with the glitz and glamour of Las Vegas and Miami's South Beach, is planting its flag on Rincon Hill.

The South Florida-based developer has paid $30 million for 45 Lansing St., a parcel near First and Harrison streets entitled for 305 units.

Turnberry President Bruce Weiner said the project would cost $230 to $240 million, including land, and would be the most upscale development the new neighborhood has seen, with "exotic" marble baths, Italian Snaidero cabinetry, Gaggenau cooking appliances, Jacuzzi hydrotherapy tubs with built-in TVs, Individual security systems, and 12-foot penthouse ceilings. He said prices have not been set, but compared it to the Turnberry Ocean Colony project in South Florida, which is priced between $1.8 and $4 million per unit.

Weiner called the emerging neighborhood at Rincon Hill a natural fit for the deluxe builder, which has developed or owns more than $5 billion worth of hotels, resorts and condominiums in Florida and Las Vegas, including the Residences at MGM Grand in Las Vegas and Fontainebleau in Miami Beach.

The Rincon Hill marks Turnberry's first venture in California -- but not the last, according to Weiner. The company has a history of investing heavily in select markets, and Weiner said San Francisco would be no exception.

"We have big plans for California overall and San Francisco fits our model," he said. "We like world-class cities and San Francisco is certainly one of them."

Weiner said the company had been searching for sites in San Francisco for a while and was drawn to the Rincon Hill location as well as the fact that the site already had planning approval from the city for a 40-story tower.

"We liked the design, the views, and the neighborhood is really coming along," he said. "It's going to be a great place to live and work."

The seller was Jackson Pacific Ventures, a San Francisco firm headed by developer and architect Ezra Mersey, who co-designed the project with Chuck Davis of EHDD.

Mersey said he picked Turnberry because the company has the means and experience to pull the project off.

"Their entry into San Francisco is very good for Rincon Hill's continuing evolution, and another vote of confidence in highrise, downtown residential -- near transit, jobs and amenities," said Mersey. "Turnberry has shown the experience, skills and resources to successfully implement the project Jackson Pacific has created at 45 Lansing St."

A work in progress
Located next to a Union 76 gas station and a block from the Bay Bridge on-ramp, it would be hard to confuse 45 Lansing -- or any site on Rincon Hill -- with the neon energy of the Vegas strip or South Beach's mix of surf and celebrity. But the neighborhood is evolving quickly. The residential tower planned for 45 Lansing is one of seven approved highrises expected to sprout on Rincon Hill during the next three to four years. In addition to the 45 Lansing development, the emerging neighborhood will include Tishman Speyer's 656-unit the Infinity; Urban West Associates' 709-unit One Rincon Hill; Fifield Development's 432-unit the Californian; and a site at 340-350 Fremont St. entitled for 380 condos, also owned by Jackson Pacific.

Of the seven, construction has begun on the first tower of the Infinity and One Rincon projects. Both will ultimately have two towers. While neither building will be ready for occupancy until early 2008, sales offices for both developments opened in the spring and are reporting phenomenal business, with One Rincon nearly selling out and the Infinity with 100 reservations and 75 condos in contract.

Weiner said Turnberry was already sold on Rincon Hill before hearing numbers from the Infinity and One Rincon Hill. "That was good to hear, but we were in the process of acquiring the site before those sales offices opened up," he said.

A softening market
Yet despite the robust sales at the two Rincon Hill projects, San Francisco's real estate market is seeing a noticeable softening. Since Labor Day active listings for condominiums in the city have jumped 21 percent, according to Adam Koval, who tracks the market on the real estate web site SocketSite. Weiner said the slackening is fully expected and healthy. He said the 15 percent to 20 percent price increases of the last three years were "unnatural" and that "unless interest rates are in the double-digits, business will be good." He also said that 60 percent of Turnberry buyers pay cash for their units.

"We have been through this before over the past 40 years. Our end of the market, the upper tier, is usually the last to slow down and the first to pick up," he said. "You have to look at these things as long term propositions. If you're looking six months out it's hard to take our business very seriously."

He said Turnberry owners in Las Vegas and Miami have already expressed a desire to own in San Francisco.

"We're selling a lifestyle and we're selling service found in a four- or five-star hotel," he said.

Carl Shannon, a managing director at Tishman Speyer, said Turnberry's investment is "testament to the market's depth."

"They are an outstanding organization. We know them well and welcome them to town," said Shannon.

He added that the fact that so many buyers are willing to make hard deposits 18 months before the Infinity will be delivered speaks for itself.

"You can read all the press you want about how national housing market is slowing down but in San Francisco, we continue to see strong fundamentals," he said.

Planning Director Dean Macris said Turnberry executives have yet to come in and talk to the city. He said the Mersey/EHDD design had "a nice modern look to it that works well with the other design emerging on the hill."

Weiner said the design's exterior would not change, but the interiors would be revised somewhat. In particular, he said Turnberry market research has indicated a higher demand of two- and three-bedroom units than the plan currently calls for. "There is a niche that is not being filled right now," he said.

Mersey said Jackson Pacific would continue to focus on developing other projects, including its 200-unit tower at One Hawthorne St. in the South Financial District.

Source: http://sanfrancisco.bizjournals.com/...18/story1.html

Last edited by BTinSF; Oct 29, 2006 at 3:54 AM.
     
     
  #45  
Old Posted Oct 29, 2006, 3:48 AM
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It may be old, but its good news nevertheless. Hopefully this attracts more names like that to Rincon Hill
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  #46  
Old Posted Oct 29, 2006, 4:27 AM
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Well, I guess around Rincon Hill, since all the sites available are snatched up already in a flash. Maybe south of I-80?
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  #47  
Old Posted Oct 29, 2006, 4:39 AM
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Quote:
Originally Posted by AK47KC
Well, I guess around Rincon Hill, since all the sites available are snatched up already in a flash. Maybe south of I-80?
See http://forum.skyscraperpage.com/showthread.php?t=118914
     
     
  #48  
Old Posted Dec 31, 2006, 9:06 AM
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Still no progress on this project, which is approved to become the third tallest of the Rincon Hill skyscrapers. Below is a picture taken yesterday morning of the existing 45 Lansing Street, to be demolished for the new building. The sign in the window is dated March 2006 and gives notice of a City Hall meeting to discuss demolition and replacement of the brick structure. Oh yeah, and there's One Rincon climbing in the background.

     
     
  #49  
Old Posted Jan 2, 2007, 4:24 AM
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^^ If you would read what's been posted above, you would see that the project was purchased by Turnberry in October with plans to redesign the interior in a more upscale mode. It is extraordinarily unlikely that that could or would have been done to the point that construction would get underway in 2 months. Such things are likely to take at least 6 months and then probably require some consultation with the Planning Department and other city bureaucrats even though the exterior design is not supposed to change. I look for construction to begin possibly by the end of 2007 but not much before that.
     
     
  #50  
Old Posted Mar 24, 2007, 10:38 PM
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I figured that with Turnberry unlikely to sell the project to another party, if they were 100% committed to building 45 Lansing, they might proceed with the demolition of the existing building. However, if the internal revisions require a re-review with the City, I can certainly understand why they'd want to wait until the new plans are approved.

Here's a rendering of how the project looked as envisioned by Jackson Pacific, since the picture in the first thread is no longer visible:


(from the website of Reuben & Junius, a real estate law firm)
     
     
  #51  
Old Posted Apr 13, 2007, 5:11 PM
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BizTimes reports the revised design ("tweaked" by Swedroe and Associates) Turnberry requested was approved by the Planning Commission on March 15 and Turnberry is gearing up to start construction.

From Planning Commission minutes March 15:
Quote:
45 Lansing Street - south side of Lansing Street on a through lot that also fronts Harrison Street, between First and Essex Streets, Lot 059 in Assessor’s Block 3749 - Request under Planning Code Sections 309.1 and 827 for the amendment of previous approval for Determinations of Compliance, and exceptions to allow greater than one parking space for every two units, to provide off-site open space in lieu of on-site, and for dwelling unit exposure. The subject property is located within the RH DTR (Rincon Hill Downtown Residential Mixed Use) District with a 65-X/400-R Height and Bulk designation.
Preliminary Recommendation: Approval with Conditions

Last edited by BTinSF; Apr 13, 2007 at 5:36 PM.
     
     
  #52  
Old Posted Apr 13, 2007, 6:02 PM
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This is GREAT news - the most excited I've been about a new construction start since 555 Mish.

For some reason, I'm obsessed with closing the "Rincon Hole" - my name for the space that currently exists between One Rincon and Infinity (see pic below) - and tying One Rincon into the "Downtown Mound" once and for all. The second towers of both projects will go a long way towards this goal, but 45 Lansing is the icing on the cake. Now, if only we'd hear some good news about the two Fremont projects (340 & 375)...

Maybe I'll make my way down there either this weekend or next to see if any signs of demolition have begun.


http://farm1.static.flickr.com/210/4...3767c759_b.jpg
     
     
  #53  
Old Posted Apr 13, 2007, 6:26 PM
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Perfect. I've been waiting for months to hear some good news about this project. Now its finally ready to take off, and what a great addition to the skyline it shall be.

By "tweaked", has the design changed at all, or are we just looking at minor changes that should only be visible to the concentrated eye? Either way, I'm waiting for a more detailed rendering.

Oh and PS: Thats a nice picture.
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  #54  
Old Posted Apr 13, 2007, 7:12 PM
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^^^Yes, the design supposedly improves views of the "hills" (Twin Peaks, Mt. Davidson) and the Mission Corridor and includes a "seamless prism of glass on the northeast corner running from the base to the top of the tower". You'll have to use your imagination--I couldn't find any new renderings.
     
     
  #55  
Old Posted Apr 13, 2007, 7:26 PM
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That's one hell of a picture.
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  #56  
Old Posted Apr 13, 2007, 9:15 PM
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Originally Posted by BTinSF View Post
^^^Yes, the design supposedly improves views of the "hills" (Twin Peaks, Mt. Davidson) and the Mission Corridor and includes a "seamless prism of glass on the northeast corner running from the base to the top of the tower". You'll have to use your imagination--I couldn't find any new renderings.
Ah yes, I see you've posted that information on FourOneFive's SF Projects forum. Thanks for looking anyways. If Turnberry says construction is iminent, then we should have updated renderings pretty soon.
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  #57  
Old Posted Apr 13, 2007, 10:19 PM
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^^^I'm guessing they must have provided something to the Planning Dept. but I can't find anything. I looked at Turnberry's site and the sites of all the architects whose names I could find associated with the project: HKS Architects, Swedroe & Associates and EHDD.

By the way, I just noticed that another change is the building has gone from 305 units to 227, presumeably by making the units bigger. Recall what Turnberry said last fall:

Quote:
Weiner said the design's exterior would not change, but the interiors would be revised somewhat. In particular, he said Turnberry market research has indicated a higher demand of two- and three-bedroom units than the plan currently calls for. "There is a niche that is not being filled right now," he said.
This may explain the need to get the Planning Commission to approve more than 1 parking spot for every 2 units--if they had 1 for every 2 at 305 units (i.e. 152 spaces) that's roughly 1 for every 1.5 units at 227 units. And, of course, Turnberry's high-end buyers, often looking for a second (or third or fourth) home or pied-a-terre, are probably more likely to want a space than somebody making San Francisco their primary residence.

Last edited by BTinSF; Apr 13, 2007 at 10:54 PM.
     
     
  #58  
Old Posted Apr 13, 2007, 11:19 PM
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The original plan called for 45 floors and height of more or less 450'. I didnt think that 10' per floor was enough for this tower when they announced it. My best guess is that in addition to the extra space, they've decreased the number of floors. Although I would like it, I dont see it likely the tower itself has been upgraded in total height.
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  #59  
Old Posted Apr 14, 2007, 12:16 AM
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45 Floors?

I had always thought it was to be 40 floors. On the planning poster outside I read last year that it was a 400' tall tower with 50' mechanical on top for a total of 450'.
     
     
  #60  
Old Posted Apr 14, 2007, 12:21 AM
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^^^The zoning is for 400' at its location (see above--it's a 400-R height/bulk zone). I can't remember (or never knew) if the original entitlements included an exception for height, but I'm not sure how firm that 450 ft. ever was (it may well have included the HVAC equipment on the roof which I think could add an extra 10% or 40 ft. and still comply with the zoning)--or the 45 floors either. I just counted the floors on the rendering and I get 40 plus what could be either 2 or 3 penthouse floors on top or possibly that's just the screen for the HVAC equipment. Anyway, I've seen nothing to suggest the height has changed from what it was; just that in going ultra-luxe, Turnberry wanted significantly larger units. Going from 305 to 227 takes it down from an average of around 8 units per floor to about 6, using 38 floors of units plus a ground floor lobby and a second floor for amenities (management office, commons room etc.. That seems to me consistent with what would happen if you added a bedroom to quite a few of the units as Turnberry suggested it would do and made them overall more spacious. In their Las Vegas towers, the smallest units are 1550 sq. ft (and they go up to 9000)--I doubt the original developer didn't plan for some units smaller than that.
     
     
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