December 8, 2008
From Condos To Apartments And Signature To Hanover At Candlestick
From a plugged-in tipster with respect to development out at Candlestick Cove:
[Ashton Candlestick Cove] was originally part of the Signature Properties project. They sold the parcel and approved plans for the mid rise building to Hanover, a high end apartment developer out of Houston. This is their first foray into the San Francisco market. The units will be marketed as rentals.
It sounds like Signature might be a bit more than simply “cautious” with respect to the current condo market around Candlestick.
∙ Candlestick Condo Construction: Point Paused, Cove "Cautious" [SocketSite]
∙ The Hanover Company: Portfolio [hanoverco.com]
First Published: December 8, 2008 1:00 AM
Comments from "Plugged In" Readers
I think it is going to turn out to be a disaster if these units become rentals. Who would want to live there??
Posted by: ester at December 8, 2008 7:25 AM
Its Signature's 2nd time in SF. They did Broderick Place several years ago. Hanover bought the first podium building and may buy and build the other. Retail is coming when the first podium building is complete. 3rd Street light rail is four blocks away. They'll be 2000 people living in the immediate neighborhood (Signature plus Top Vision's site)relatively soon. Its a good infill development which is unfortunately being trashed by this market. Living in this area is not for people who want to be closer to downtown but for those who have a family and need more space, its a pretty solid proposition. I am certain that I will be maligned for this opinion but I suggest that before tossing the area out, your Socketsite readers actually visit the sales center down there. Its pretty nice. BTW, I am not connected to Signature.
Posted by: serenity now at December 8, 2008 7:28 AM
corporate rentals for peninsula workers.. that's the only direction i see these going
Posted by: spencer at December 8, 2008 11:05 AM
Check out all the resale values on Signature projects
Posted by: rick wong at December 8, 2008 11:55 AM
Every city has edge areas like this that will attract high-wage earners for one reason or another.
I've noticed in my personal relations that a lot of people who work non-stop like living in a quiet area that is still close to things. It's also a good location for techies who work on the peninsula.
Posted by: TImosha at December 8, 2008 1:43 PM
This never should have been built. You are downwind from the trash plant and hemmed in by the Freeway and Candlestick Park.
Posted by: Mystery Realtor at December 8, 2008 3:36 PM
Actually it's Signature's 4th or 5th in San Francisco. They were one of the Mission Bay pioneers when they built 255 Berry and what you see now was literally "dirt." That was back about the time the war in Iraq started. Then they did 235 Berry right next door. It opened in 2006/2007. We live in 235 Berry and like it just fine. It's concrete and we never feel the occasional earthquakes; we learn about them when we read the paper the next day. Finally, Signature was also going to build on the large site bounded by Berry/King/5th, across from Arterra. Instead they bailed on the condo market and sold the site to Avalon and instead of condos a large apartment project is nearing completion based on a modified version of Signature's condo plans. If you want to see the Avalon Bay building they have a pretty neat webcam at the following link: http://oxblue.com/pro/open/?webPath=avalonbay/amb/
We think Signature did a pretty good job and are
generally happy with the product and with their response to issues. I can tell you we looked at a lot of crap. I have a binder with about 500 property flyers in it. It's seems that lots of new condos lack a living room. That's how you stuff 2BR/2BA into 900 SqFt.
Posted by: Johnny Boy at December 9, 2008 10:27 PM
Signature has been in The City for awhile, but this would be Hanover's first project in San Francisco.
Posted by: JOE Leland at December 10, 2008 8:49 AM