Blocks 5 and 11 down in Mission Bay have just changed hands for a combined $41.4 million according to the San Francisco Business Times. Entitled for 198 and 170 units respectively, the acquiring BRE Properties plans to start construction of rental units on the two blocks by the end of the year.
In related neighborhood block news, United Dominion Trust is planning to break ground on 315 rental units and 9,000 square feet of retail on Block 2 in the third quarter; Mercy Housing will likely break ground on 134 affordable units on Block 13 East by the end of the year (with Bosa following with 285 condos on Block 13 West); and Urban Housing Group is expecting to break ground on 147 rental units on Block 3 in 2012.
And of course, construction on Bosa’s phase two construction of close to 400 condos on Block 10 continues and has since been dubbed “Madrone” as Salesforce moves forward with plans for its 14 acre campus stretching from blocks 26 to 34 to the south.
∙ BRE pays $41.4 million for last apartment sites [San Francisco Business Times]
∙ Radiance West (325 China Basin Phase Two) Construction Underway [SocketSite]
∙ Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]