July 24, 2009
Radiance: Positioning For Phase II (And To Close Out Phase I)
As we reported last week, Phase I of Bosa’s Radiance at Mission Bay is down to 12 condos to sell on price cuts of up to 27%. As the San Francisco Business Times adds today with respect to the indefinitely suspended 318-unit Phase II:
[Nat] Bosa said his firm is talking to city officials about splitting the 318-unit building into two phases. The first phase would have 200 units. Bosa said the decision to go forward would be driven by two factors: price increases and cheaper construction costs. Bosa said current condo prices would have to rise 10 percent to justify the next building.
The best case scenario is suggested to be a "spring 2010" start.
∙ Radiance At Mission Bay Phase I Update: 88% "Sold" [SocketSite]
∙ Rare, Refined And Reduced: Radiance At Mission Bay Official Cuts [SocketSite]
∙ Bosa’s Mission Bay condos nearly all sold [San Francisco Business Times]
∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]
First Published: July 24, 2009 9:30 AM
Comments from "Plugged In" Readers
I don't care what they put there-- anything other than a pile-driven dirt field will look better than what's there now. I'm surprised they were allowed to build the water facing section first, instead of the third-street section first, since everyone but residents is only ever going to see phase ii. I suppose the developer thought the waterfront units were going to be the easier to sell.
Posted by: rr at July 24, 2009 10:05 AM
Who is buying at Radiance? Is it all employees and students at UCSF? I can't understand why sales have been strong at that building when there is no neighborhood, no chance of grocery stores or other restaurants anytime soon. Other than those very few condo's with sustainable views of the water, why would anyone buy there?
Posted by: soma resident at July 27, 2009 12:37 PM
While Mission Bay has a long way to go as a neighborhood, it is not far from several more established neighborhoods. The condos are only a few minutes from downtown, SOMA, Potrero Hill, 280, etc.
Posted by: Dan at July 27, 2009 12:46 PM
There are a lot of young and mid age professionals and a handful of empty nesters. Some have ties to UC but not significant in number.
In general a lot of homeowners seem to enjoy the active and healthy lifestyle the area affords. The seaside air is quite invigorating and de-stressing. The courtyard views are quite wonderful and much much nicer than all four Berry St projects I've visited. It may seem desolate to outsider, but the area is really "happening" and exciting with all the different events staged in Lot A and on Terry Francois Way. Spectacular firework can be seen from the bay front units.
I suspect most have bought capitalize on the rare opportunity to be a waterfront property.
It surprised me also that Bosa built front first instead of rear first. Perhaps Bosa was trying to make a mark in SF or avoiding Nimby complaints from 318 units from the rear for blocked views.
Posted by: ncyder at July 27, 2009 7:56 PM