December 12, 2011
340 Fremont Seeks 12 More Months As Housing Recession Remains
The plans to raze the two existing and vacant buildings at 340 and 350 Fremont between Folsom and Harrison and construct a 400 foot tower over an 85-foot podium with up to 332 condominium mapped apartments at 340 Fremont Street was first approved in 2006.
Having since received three extensions to start construction, the latest of which officially expired last month, this week the developers of 340 Fremont will ask the Planning Commission for another twelve months.
In the words of developer Ezra Mersey:
The U.S. and Bay Area for-sale housing markets have endured a major recession that is not yet over. However, the rental housing market is showing signs of strength (both market rents and occupancy) which, if sustained, should be sufficient to allowing [sic] financing and construction of new downtown, high rise rental projects on a selective basis.
In anticipation of this more promising environment, Archstone has authorized up to $4,000,000 additional capital to be invested in 340 Fremont Street. We are using this investment to proceed with completion of project design and construction documents during 2012, and to prepare for financing and construction. During the coming year we will also be coordinating with City staff and preparing the site for construction. We believe that with this additional investment and commitment to the project, and a consistent and stable rental financing capital market, we will be in a position to commence construction in approximately 12 months time.
The extension is expected to be approved. And as always, we'll keep you plugged-in.
∙ New Developments: 340 – 350 Fremont [SocketSite]
First Published: December 12, 2011 8:30 AM
Comments from "Plugged In" Readers
I really hope the south side of the tower and podium designs are tweaked. They look extremely uninspired and dated in the old renderings. Regardless, it'd be great to get some more towers built on Rincon Hill as it is still pretty desolate feeling up there.
Posted by: gellan at December 12, 2011 8:58 AM
I agree. Building (and filling) this, the Californian and ORH2 would change that feeling altogether.
Posted by: Turin at December 12, 2011 10:39 AM
I'm torn. I like more density and that area suits it. It would also be nice so fill in the skyline around there as Ricon looks silly on its own.
However, I hate tall anonymous apartment buildings. SF isn't really 'urban' enough for them to look like they belong.
Posted by: wc1 at December 12, 2011 12:45 PM
An 85' podium? What does that mean? Cause I don't see it in the renderings.
Posted by: sf at December 12, 2011 12:49 PM
Sf is quite urban. Is is urban "enough"? I have no idea since I don't know how to define "urban enough".
But, for sure, more new tall urban residential buildings will continue to make SF very urban.
I like this one.
Posted by: futurist at December 12, 2011 2:53 PM
Well I can define 'urban enough' and its not a city full of low density housing and then a few high rise apt buildings here and there.
Posted by: wc1 at December 12, 2011 3:09 PM
Ok, well thank you very much Mr. Walking dictionary of the planet.
Posted by: futurist at December 12, 2011 3:26 PM
Solid ground underneath, relatively easy walk to CalTrain, BART, MUNI, the Ferry Building, and soon the TransBay Center. Seems like a good place for a high-rise. Wouldn't want ORH to get lonely.
Posted by: elbee at December 12, 2011 6:53 PM
SF is the 2nd densest city in North America (New York is first).
Posted by: rubber_chicken at December 12, 2011 7:00 PM
One of the reasons why 1 Rincon is seeing price declines is the area. Next to the traffic, next to the on ramp. Nothing great within two blocks or more. Not a great area. Adding another tower to this boring area is just going to have more traffic. Have fun getting home during commute time.
Posted by: mikey at December 12, 2011 7:25 PM
The rounded patios and small windows on the back side make it look old. I like the modern front.
But I am always for new, tall housing. I'd love to see SF become very densely packed with high rises bringing in thousands of new residences.
I like New York but don't want to live there, but I'd like to see SF have some New York style features like all night restaurants, more restaurants and retail, etc.
Posted by: Another Mike at December 13, 2011 3:55 PM
Anybody know the parking allotments? Valet?
Posted by: Ivan at December 13, 2011 4:19 PM
I think almost all the future high rises in the area will be valet or limited parking. The days of 1:1 deeded parking are gone. You can thank the city for that.
Posted by: Uluo at December 14, 2011 8:21 AM
If there is a podium,it would be nice if it was filled with townhouses which directly access the street.
Posted by: VancouverJones at December 15, 2011 9:33 PM
This building is going ahead. Webcor seem to be the general contractor.
Posted by: Tom at September 7, 2012 1:46 PM