July 2, 2009
For Some Reason The Façade Just Seemed Fitting Leading To The 4th
Like there's any way we could resist the Colonial styled facade of 120 Santa Ana Avenue leading up to a long 4th of July weekend. But don't worry, we're not there quite yet...
∙ Listing: 120 Santa Ana Avenue (5/6) - $2,995,000 [MLS]
Readers' Comments (3) | Permalink | Email Story | Filed under: Listings (for sale)
San Francisco Developers Land $96 Million In Infill Grants
In the last round of California Proposition 1C infill infrastructure grants voters approved in 2006, "San Francisco developers won seven state grants worth $96 million" versus one grant for $5 million the last time around. From J.K. Dineen:
The biggest Bay Area recipient was the John Stewart Co., which received the maximum $30 million to help bankroll the ambitious 750-unit mixed-income housing development called Hunters View, a project that includes the rebuilding of a 267-unit dilapidated public housing complex. The money will pay for everything from grading to utilities to a new street grid. Work will start early next year on the $300 million development, which will be built in phases.
The Emerald Fund, which is raising money to build 308 units of rental housing in Rincon Hill, received $11 million, much of which will go toward a park the developer agreed to build. The developer did not receive another $11 million transit-oriented development Prop 1C grant it had applied for, but Emerald Fund President Oz Erickson said he is hopeful that money will come through after a 90 day evaluation period. Erickson said that they have a strong case for the public benefits 333 Harrison will provide.
The Martin Building Company also received a grant for the development of 179 units at 2235 Third Street while Avant Housing's bid for $5.7 million to kick-start development of 194 units at 1880 Mission Street was turned down.
∙ Urban housing firms grab $150M in grants [Business Times]
∙ JustQuotes: A New Vision For A Hunters Point Neighborhood [SocketSite]
∙ A Plugged-In Reader's 12 Notes On The "PC" Approved 333 Harrison [SocketSite]
∙ 2225-2255 Third Street: What Was (And Hopefully Is) In The Works [SocketSite]
Readers' Comments (7) | Permalink | Email Story | Filed under: As Proposed, Industry Stuff
74 New Montgomery Update: 80% Sold And Feeling A Bit More Lively
A plugged-in resident tipster reports on The Montgomery (74 New Montgomery):
I've noticed a lot more people in the lobby, elevators, halls etc. the last two weeks then saw [they’re now 80% sold]…so between their price adjustments and/or the aggressive commissions they've moved a lot of units in the last month or two.
Up from 50% sold in early April, so we’ll call it roughly 10 net new units sold (assuming all the contracts close) per month over the past three with roughly 25 condos to go.
∙ 74 New Montgomery: Half Sold (And Still Buying Some Agent Love) [SocketSite]
∙ A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]
Readers' Comments (18) | Permalink | Email Story | Filed under: New Developments, SocketSite Readers Report
A Half-Price Sale For Class A Commercial Real Estate In San Francisco
"An undisclosed U.S. private-equity firm bought the $40.8 million note on 250 Montgomery St. for about half its face value, according to industry sources. The sale was about 60 percent below the cost of the building, considering the previous price plus improvements."
∙ S.F. has recession's 1st distressed office sale [SFGate]
Readers' Comments (2) | Permalink | Email Story | Filed under: Bubble (Or Not), Commercial
The Fishers Break CAMP With Respect To The Presidio's Main Post
According to John King, "Gap founder Donald Fisher and his family have decided to abandon their efforts to build a contemporary art museum at the Main Post of San Francisco's Presidio."
In calling off an effort that began with acclaim but turned into the city's fiercest development battle in a decade, the family holds open the possibility it might still try to build a home in the Presidio for its collection of work by such artists as Andy Warhol and Alexander Calder.
But the Fishers also say they are open to looking outside the city - and the Bay Area - before deciding what to try and do next.
∙ Fishers give up on plan for Presidio art museum [SFGate]
∙ A Toned Down CAMP And Revised Main Post Plan For The Presidio [SocketSite]
Readers' Comments (53) | Permalink | Email Story | Filed under: As Proposed, Design & Architecture, Neighborhoods
July 1, 2009
Park Terrace Developer (Opus West) To File For Bankruptcy
Opus East and West (which developed Park Terrace at 325 Berry in Mission Bay) will file for federal bankruptcy protection, with Opus East expected to go the chapter 7 route while Opus West is expected to reorganize under chapter 11.
Opus West has been active in the Bay Area, developing 75 acres of the 120-acre Sierra Point office campus in Brisbane in the late 1990s. In 2007, Opus West announced plans to build more office space in Brisbane — a 448,000-square-foot, $225 million office complex at 3000 Marina Blvd. — but the economy soured and the developer never went forward with the project.
Opus North and Northeast are expected to continue as-is. No word on how the Opus West filing will impact (if at all) any future Park Terrace claims.
∙ Opus East, West to file for bankruptcy [Business Times]
∙ Opus Center Sierra Point (Brisbane) [opuscentersierrapoint.com]
∙ New Developments: Park Terrace (325 Berry) [SocketSite]
Readers' Comments (40) | Permalink | Email Story | Filed under: Bay Buildings, Industry Stuff, San Jose (And South)
Fannie And Freddie Boost Their LTV Limits As The Waters Deepen
"Fannie Mae and Freddie Mac will begin refinancing mortgages with loan-to-value ratios of as much as 125 percent," up from the current 105 percent limit in a bid boost participation in anti-foreclosure programs.
But the basic question of whether or not a significant enough number of underwater borrowers will manage to qualify for said refinancing to slow the slide remains.
∙ Fannie, Freddie to Refinance Larger Underwater Loans [Bloomberg]
Readers' Comments (18) | Permalink | Email Story | Filed under: Real Estate Economics
Are There Any Plugged-In Top Chef Aficionados In The House?
From the Craigslist post asking $12,500 per month:
NOW AVAILABLE…ONE OF A KIND MANSION…5 BEDROOMS AND 4 BATHROOMS…GOURMET KITCHEN…FAB LIVINGROOM WITH ORNATE FIREPLACE…ROOF GARDEN WITH FABULOUS VIEWS OF CITY. USED AS THE TOP CHEF SAN FRANCISCO HOME ON BRAVO TELEVISION.
Near Baker and Francisco but with no specific address given. Readers?
UPDATE: And in just under 21 minutes, we have a winner (and corroboration): 3159 Baker.
∙ Listing: $12500 / 5br - MARINA MED/MANSION (marina / cow hollow) [Craigslist]
Readers' Comments (12) | Permalink | Email Story | Filed under: Rentals, SocketSite Readers Report
Behind The Old Carriage House Entrance Of The Mark Hopkins Mansion
Speaking of captain’s homes, if you’ve ever wandered around the area of what was once the Mark Hopkins Mansion, now home to the Mark Hopkins Hotel, and wondered what was behind a former carriage house entrance at 1030 Leavenworth, here’s your chance to see.
Built in 1907 by Captain H. Mottet after the subsequent three-day fire rather than the 1906 earthquake itself destroyed the mansion. It's been in the same family for over 30 years.
∙ Listing: 1030 Leavenworth (4/3.5) - $2,395,000 [MLS]
∙ Is The Captain’s House (300 Sea Cliff) Preparing For Another Voyage? [SocketSite]
∙ Mark Hopkins Hotel [wikipedia.org]
Readers' Comments (11) | Permalink | Email Story | Filed under: Bay Buildings, Design & Architecture, Listings (for sale)
San Francisco Retail Space Update: Vacancy Rate Up Four-ish Fold
According to Colliers International retail broker Ross Portugeis, "San Francisco’s retail vacancy rate leaped in the past year from 3 or 4 percent to 12 or 13 percent" but Portugeis feels the market started stabilizing in May. As always, time and SocketSite will tell.
And according to Edward Plant of Edward Plant Co. Inc. which specializes in leasing San Francisco retail space, the strongest markets/streets currently include Chestnut, Castro and Hayes, while the weakest include Union, Fillmore and Valencia.
No mention of the numerous still vacant retail spaces in new developments across town.
∙ Empty stores boost lease deals [San Francisco Examiner]
Readers' Comments (5) | Permalink | Email Story | Filed under: Commercial, Neighborhoods, Trends
