November 28, 2011
Team Picked For 300-Foot Tower (And More) At Folsom And Fremont
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]
First Published: November 28, 2011 12:00 AM
Comments from "Plugged In" Readers
Kind of a waste to only build 557 units for this site. Could easily support twice that.
Hopefully parking is kept below 100 spaces, this area is completely overrun with congestion.
[Editor's Note: Expect the final number of parking spaces to be well over 100. From the RFP: "The maximum number of parking spaces for residential uses is one per unit. The Development Controls do not include a minimum off-street parking requirement; however, for the Affordable Project, parking must be provided at a ratio of at least one space per every four residential units."]
Posted by: anon at November 28, 2011 8:18 AM
The Development Controls for the site and the RFP provide for building envelopes that essentially limited the number of units that could be built on the site to roughly around where all the proposals came in at.
Posted by: intheknow at November 30, 2011 7:47 PM