The development team of Chicago-based Golub & Company along with affordable housing partner Mercy Housing bid the most and has been picked by the San Francisco Redevelopment Agency to develop 557 units of housing on Transbay blocks 6 and 7 between Beale and Fremont on Folsom.
The development team was one of four that responded to the city’s request for proposals last summer. In winning the agency staff nod, Golub and Mercy beat out Related Cos., Avant Housing, and Grosvenor Americas. Golub agreed to pay $30 million for the market-rate site, 36 percent more than the $22 million runner-up Related agreed to shell out. Avant proposed to pay $18.05 million. Grosvenor Americas offered $21 million. The city guidelines required that the chosen developer would have to pay a minimum of $18 million for the land.
As proposed, a 300-foot glass tower designed by One Rincon Hill designer Solomon Cordwell Buenz will rise at the corner of Folsom and Fremont with 407 units of market-rate housing and 150 affordable units designed by Santos Prescott and Associates rising in an assortment of buildings across the site.
The San Francisco Redevelopment Agency Board which still needs to approve the deal is expected to review the Agency recommendation on December 6. Construction is expected to start in 2013, assuming it’s approved.
∙ Four Teams Compete For
450 557 Units On Folsom At Fremont And Beale [SocketSite]
∙ Golub, Mercy get Transbay housing nod [San Francisco Business Times]