July 28, 2008

Crescent Heights (1401 Market): No Condos For You! Apartments.

Crescent Heights (1401 Market) Rendering (Image Source: hellermanus.com)

We know we let you know what it was supposed to look like. And we know we let you know when the site was being cleared. But based on a reader’s recent query, we have a feeling we never let you know that the 700+ unit Crescent Heights at 10th and Market is now going to be apartments rather than condos.

Design by Heller-Manus. Construction should commence this fall. And yes, our Complete Inventory Index (Cii) has been updated (and our Q3 report is on the way).

Crescent Heights: 10th And Market Recap, Rendering, And Details [SocketSite]
Argenta Rises While Buildings For Crescent Heights Are Razed [SocketSite]
SocketSite’s Complete Inventory Index (Cii): Q1 2008 (San Francisco) [SocketSite]
Heller-Manus Project: 10th & Market [hellermanus.com]

First Published: July 28, 2008 6:35 AM

Comments from "Plugged In" Readers

does anyone know who the leasing company will be yet? Archstone? Trinity?

Posted by: Ryan at July 28, 2008 8:59 AM

Hopefully all of these new apartments coming online over the next couple years will make a dent in the soaring rent costs.

Posted by: SFhighrise at July 28, 2008 9:05 AM

that's a beautiful building. too bad they are not going forward with condos. It would ahe been nice to have an additional 700 uits of inventory to help bring down the housing prices to historical levels

Posted by: Spencer at July 28, 2008 9:21 AM

Even better. The city should put a moratorium on all of this bloated condo development and stick with RENTALS!!! Over 80% of this city rents, so either get serious about developing housing or get the hell out of the way.

Posted by: sf at July 28, 2008 9:40 AM

"It would ahe been nice to have an additional 700 uits of inventory to help bring down the housing prices to historical levels"

For mid-market condos? It's not as if the category was worth noticing prior to a few years ago.

Posted by: fluj at July 28, 2008 10:02 AM

"Over 80% of this city rents"

I think the most frequently quoted numbers are 60-70% renters

Posted by: Spencer at July 28, 2008 10:11 AM

Terrific news. Hope these get up ASAP.

I think they'll provide an excellent rental option for many in SF. I do wish that the building boasted better green credentials, but I guess you can't have everything.

Posted by: Foolio at July 28, 2008 10:19 AM

What a stupid name. Crescent Heights? Why "heights"? Because the building is tall?

Love that the building is going forward though. I wouldn't jump to conclusions that these will absolutely be rental - they'll be condo-mapped, and if by some miracle the for-sale market starts to heat up again over the next 18-24 months or so of construction time, these will be for-sale units.

Posted by: Brutus at July 28, 2008 10:36 AM

The building should be taller.
Too bad about rentals; that mid-Market/Civic/SOMA area in particular would benefit from more owners.

Posted by: invented at July 28, 2008 10:44 AM

After thinking about this as rentals the prices worry me. If Fox plaza is getting 1800 for studios and 2300-2500 for one bedrooms, I can only IMAGINE what the prices here will be... Same goes for the new Trinity Mega-Complex on Mission.

Posted by: Ryan at July 28, 2008 10:47 AM

This will get 20% premium over Fox Plaza, no problemo. Not really sure if this stategy provides the most ROI though. Esp after construction costs.

Posted by: renterman at July 28, 2008 11:27 AM

"If Fox plaza is getting 1800 for studios and 2300-2500 for one bedrooms"

Can anyone verify that the fox plaza apts are renting this high? that seems outrageous for the location and the ugliest building in SF

Posted by: Spencer at July 28, 2008 11:44 AM

The developer is Crescent Heights (www.crescentheights.com), hence the 'creative' name ;-). As far as I know, the Argenta (Market & Polk) is still going to be condos so there is some for-sale housing stock coming online in mid-Market area. I haven't heard if Tishman Speyer is still planning on replacing low rise at Fox Plaza with new apartments.

I'm all for any development in this area, it's the perfect location for density housing density given the access to public transportation, etc.

Posted by: pica1986 at July 28, 2008 11:48 AM

Can anyone verify that the fox plaza apts are renting this high? that seems outrageous for the location and the ugliest building in SF

Does seem a little high, but remember that Fox Plaza also has some of the best views in the city. I was able to go up to one of the units a few years ago, and wow - nothing blocking your view in any direction for quite some distance.

Posted by: Brutus at July 28, 2008 11:53 AM

These will still be approved as condos, so even if they come out of the gate as rentals, they can always be converted to condos down the line when market conditions improve.

Posted by: Miles at July 28, 2008 11:56 AM

"Can anyone verify that the fox plaza apts are renting this high? that seems outrageous for the location and the ugliest building in SF"

They are getting closer to $1600, but it's still too high for the building, IMHO. They have remodeled the interiors and as Brutus said, the views are great. But the outside is still hideous and there is a real problem with vagrants and the criminal element in the neighborhood. Hopefully this new housing will attract more working professionals and exert a positive influence on this neighborhood.

Posted by: pica1986 at July 28, 2008 12:15 PM

I went on craigslist and can confirm the current following prices for Fox Plaza:
$1865 Studio
$2305 1 Bedroom

Posted by: Confirmed at July 28, 2008 12:17 PM

Will. Never. Be. Built,

Posted by: Rocco at July 28, 2008 12:21 PM

"Can anyone verify that the fox plaza apts are renting this high? that seems outrageous for the location and the ugliest building in SF"

Very true indeed if not more. There studios are starting at 1865 right now and one bedrooms are starting at 2305. No two bedrooms avbl at this time according to a leasing agent.

Posted by: Ryan at July 28, 2008 3:05 PM

"Will. Never. Be. Built"

YES WE CAN!!!

Posted by: Crescent Heights at July 28, 2008 3:12 PM

High rents in ugly building...remember, from their apartment, they are the only folks who don't have to look at the exterior

Posted by: anon at July 28, 2008 3:33 PM

God forbid we make anything TALLER than Fox Plaza in the area. The city is treating that building as if it were the eiffel tower or something. "We must not top the iconic Fox Plaza, what will the tourists think??" My first time in Castro and that was the focal point (and still is). Hideous.

Posted by: sf at July 28, 2008 5:31 PM

Gorgeous building. I love it. Too bad it's not going to be condos. Wish it were a bit taller. In any case, hope it gets built. It would be great to have such a looker in our (hopefully near) future. :)

Posted by: S&S at July 28, 2008 5:41 PM

I really hope this breaks ground this year. The extra supply is really needed and this is the perfect place for it. As for the Fox, I wish it would at least get a face lift...some glass, some new paint (preferably not the turd brown that currently coats it).

Posted by: spitpalm at July 28, 2008 6:02 PM

rentals? WHAT? i'm sure these guys are mapping for condos, you'd have to be an absolute dumbass not to do new construction in SF w/o condo mapping. assuming that, so they'll rent units for 1-2 yrs, big deal.

they'll start selling units as soon as the sales market returns. all tenants will be at market rent, and w/o the stranglehold of RC, it's much easier to get units vacated for sale..kinda like the way the rest of the country works :)

bldg design is kinda generic-houston, but i guess anything is an improvement next to fox plaza...damn that bldg fell off the ugly tree and hit every branch!

Posted by: AMinSF at July 28, 2008 10:49 PM

More inventory will NOT bring down costs. Only real rent control will. Trust me, there are more rich people in demand for places to live, and if we keep giving tax cuts to the tech companies, more will be coming in. Building more rich people housing has NEVER resulted in cheaper rents for the rest of us.

Posted by: mark snyder at November 14, 2012 3:04 PM

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