May 31, 2012
From 76 Station To 88 Apartments At 2175 Market Street As Proposed
Having acquired the land on which the 76 Station at the intersection of 15th and Market Streets sits last year, Forest City is now joining the fray of Market Street mixed-use developments in the works having submitted their plans for the site to Planning.
As proposed, 88 apartments will rise over 44 parking spaces and 6,500 square feet of ground floor retail at 2175 Market Street, topped by a 3,791 square foot rooftop deck.
In recognition of the years of work and input by the surrounding neighborhoods on recent rezoning efforts, 2175 Market is designed to be fully compliant with the Market & Octavia Plan, and will not seek conditional use authorization for additional parking, nor for formula retail tenancies. In response to the community’s preference for construction of inclusionary units over payment of the in-lieu fee, 15% of the project’s apartments will be permanently affordable.
The project endeavors to receive a LEED Silver rating for environmentally sustainable design. In order to achieve this rating, the project will focus on reducing building energy demand and consumption through...energy efficiency measures that include high performing fenestration and the use of Title 24 lighting. Additionally, the project will capture and treat 100% of the onsite storm water runoff through a stormwater infiltration system.
Along 15th Street the project responds to the lower scale residential neighborhood by stepping down to 45 feet from 65 feet at Market Street. This 15th Street building is designed to relate to the height and material typology of its neighbors. The 15th Street frontage introduces stoops, generous landscaping elements and a distinctive entry point, promoting a neighborhood feel. Ground floor units are accessible via stoop entries, helping to activate and place additional eyes on the street.
The Planning Department's review will likely take 6 to 9 months, after which the project will head to San Francisco’s Planning Commission for approvals.
As always, we'll keep you posted and plugged-in.
∙ 2175 Market Street: Preliminary Project Assessment Application [2175market.com]
∙ Market-Octavia Plan And Requisite Rezoning Approved By The Board [SocketSite]
Hipster Hotelier Wannabes Take (Second) Note
As a plugged-in tipster notes, the Vagabond Inn at 385 9th Street is scheduled to hit the courthouse steps in San Francisco this afternoon with an opening bid of $269,612. But budding hipster hoteliers take note, it’s the $250,000 second mortgage that’s foreclosing.
While a courthouse sale today would wipe out the $120,000 third, the $1,462,500 first mortgage on the property would remain. And yes, the first is currently in default as well, by $1,183,244 as of last month.
UPDATE: The foreclosure auction for the second was just cancelled. The Notice of Default remains for the first.
∙ Failing Grades In Auction Buying 101 (And Commenting) [SocketSite]
May 30, 2012
Hotel SoMa (690 Fifth Street) Plans Back In The Pipeline And Pool
Speaking of developments in the hotel space, plans for the proposed Hotel SoMa to rise at 690 Fifth Street have been dusted off and the developers are shopping for financing.
As plugged-in people know, the David Baker designed six-story and now 64-room Hotel SoMa would replace the two-story, 23-foot-tall office building and 14 off-street parking spaces on the northwest corner of Townsend and Fifth.
With Caltrain and Muni across the street, the proposed project won’t have a garage or any off-street parking spaces but will offer on-site bicycle rentals as part of its programming.
And yes, the suspended rooftop glass-bottom swimming pool and bar for hotel patrons are still on the boards.
∙ And Then There Was (Mission Bay Block) One [Socketsite]
∙ Hotel SoMa (690 Fifth Street) As Proposed And Planning's EIR [SocketSite]
U.S. Pending Sales Up 14.4% YOY But Slide 5.5% MOM In April
While the rate of U.S. home price declines slowed to a nominal 0.1 percent in March, the National Associations of Realtors Pending Home Sales Index fell 5.5 percent from March to April but remains up 14.4 percent year-over-year versus 12.8 percent in March.
In the West, the Pending Home Sales Index slumped 12.0 percent from March to April, up 5.1 percent year-over-year versus 9.0 percent in March.
∙ S&P/Case-Shiller San Francisco: Condo Prices Jumped In March [SocketSite]
∙ Pending Home Sales Decline in April but Up Strongly From a Year Ago [realtor.org]
The Daytime Downside To The Development Of Mission Bay
Mission Bay is a pretty godawful place to be during the day now due to the relentless pile-driving going on as part of these new developments. It's louder than WW2 over here.
To add to the cacophony, there's a severely out-of-tune bagpiper who practices at the same time along Mission Creek. Normally when people practice things they get better at it. These are, apparently, not normal times.
In addition to the Mission Bay lots currently under development or soon to break ground, the Giants are still swinging to break ground on the 27-acre Mission Rock project by 2015, the development of which will likely span a decade.
∙ And Then There Was (Mission Bay Block) One [SocketSite]
∙ Mission Bay Neighborhood Block And Construction Watch [SocketSite]
∙ Mission Rock Plans Dusted Off With Giants Swinging For A 2015 Start [SocketSite]
From Renderings To Reality (So To Speak) At 2299 Market Street
Originally rendered with an Apple store below, then re-rendered with simply STORE, it’s a plugged-in tipster that notes Bank of the West has filed an application to
occupy fill the ground floor commercial space of 2299 Market Street, the five story building that's finally filling the Castro's decades-old Hole in the Ground.
∙ Designs For The Castro’s "Hole In The Ground" (2299 Market Street) [SocketSite]
∙ 2299 Market As Proposed, Opposed, And Recommended By Planning [SocketSite]
∙ Formulating Controls To Chase Financial Services Away [SocketSite]
∙ Construction Commences On The Decades-Old "Hole In The Ground" [SocketSite]
May 29, 2012
401 Grove Street Gets Its Groove On Despite Intimations Otherwise
Last July, San Francisco’s Planning Commission approved the development of 63 residential units over 5,000 square feet of ground floor retail and 37 parking spaces (32 residential, 3 commercial, and 2 car share) upon the parking lot at 401 Grove Street.
While the written application for development indicated the project was "proposing parking in an amount which is principally permitted by the Planning Code" (32), the plans depicted seven residential tandem parking spaces, seven more spaces than were approved.
Intimating the "loss" of the seven parking spaces "in an environment where financing and equity are extremely difficult to put together" could jeopardize the entire development, the project sponsors requested an amendment to allow a total of 44 spaces.
Following a couple of failed motions, the Planning Commission effectively rejected the amendment. And a few weeks later, the developer applied for the permit to start work and the ground has since been broken.
Expect the building to be finished by the end of 2013 or early 2014.
∙ 401 Grove Street: The Revised Designs And Density [SocketSite]
∙ Permits For 401 Grove On Hold Over Parking Dispute With Planning [SocketSite]
∙ The 401 Grove Street Seven And Great Parking Debate Continued [SocketSite]
S&P/Case-Shiller San Francisco: Condo Prices Jumped In March
According to the March 2012 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA gained 1.0% from February 2012 to March 2012 but remain down 3.0% year-over-year, down 42.3% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell a nominal 0.1% from February to March, down 2.0% year-over-year, down 35.1% from a June 2006 peak.
"While there has been improvement in some regions, housing prices have not turned," says David M. Blitzer, Chairman of the Index Committee at S&P Indices. "This month’s report saw all three composites and five cities hit new lows. However, with last month’s report nine cities hit new lows. Further, about half as many cities, seven, experienced falling prices this month compared to 16 last time."
"There are some better numbers: Only three cities – Atlanta, Chicago and Detroit – saw annual rates of change worsen in March. The other 17 cities and both composites saw improvement in this statistic, even though most are still showing a negative trend. Moreover, there are now seven cities – Charlotte, Dallas, Denver, Detroit, Miami, Minneapolis and Phoenix – where the annual rates of change are positive. This is what we need for a sustained recovery; monthly increases coupled with improving annual rates of change. Once we see this on a broader level we will be able to say the market has turned around."
On a month-over-month basis, single-family prices fell for the bottom third of San Francisco price tiers but gained for the top two thirds.
The bottom third (under $298,966 at the time of acquisition) fell a 0.8% from February to March (down 3.1% YOY); the middle third gained 0.6% from February to March (down 1.7% YOY); and the top third (over $536,757 at the time of acquisition) gained 1.5% from February to March, down 1.0% year-over-year (versus 1.7% in February).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have dropped to just above April 2000 levels having fallen 61% from a peak in August 2006, the middle third has dropped to February 2002 levels having fallen 42% from a peak in May 2006, and the top third has returned to November 2003 levels having fallen 28% from a peak in August 2007.
Condo values in the San Francisco MSA jumped 4.2% from February '11 to March '12 but remain down 4.9% year-over-year, down 36.3% from a December 2005 peak.
Our standard SocketSite S&P/Case-Shiller footnote: The S&P/Case-Shiller home price indices include San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the "San Francisco" index (i.e., greater MSA) and are imperfect in factoring out changes in property values due to improvements versus appreciation (although they try their best).
∙ S&P/Case-Shiller: Pace of Decline in Home Prices Moderates [Standard & Poor's]
∙ S&P/Case-Shiller San Francisco: Home/Condo Prices Dropped In Feb [SocketSite]
May 25, 2012
Halsey Minor's "Abandoned" $20,000,000 Mansion Hits The Market
The guest house on the left is 2,618 square feet, the backyard includes an undeveloped lot, and the main home at 3800 Washington measures roughly 18,000 square feet.
While it’s looking a lot better today than it did in 1906, as a plugged-in reader notes...Halsey Minor’s Le Petit Trianon at 3800 Washington has been deemed "abandoned" by the city and an order of abatement has been issued for failing to comply with San Francisco’s Abandoned Building Ordinance.
As plugged-in people know, Minor paid $20,000,000 for the 17,895 square foot property in 2007 (a notice of default followed in 2009).
And yes, we should all be so lucky as to live near such "blight."
Having never gone to auction, the Le Petit Trianon property trio has returned to the market listed for $25,000,000 with "detailed architectural drawings for a full renovation."
∙ Listing: 3800-3810 Washington / 125 Maple - $25,000,000 [byzantiumbrokerage]
∙ Minor’s "Abandoned" Mansion At 3800 Washington [SocketSite]
Beauty Blight Is In The Eye Of The City (And Perhaps Your Neighbors) [SocketSite]
∙ Le Grand Notice De Default For Le Petit Trianon (3800 Washington) [SocketSite]
And Then There Was (Mission Bay Block) One
Zoned for a 500-room hotel and 50,000 square feet of retail, the rendering above was developed as a concept for Farallon Capital Management which has sold the Mission Bay Block 1 site to Strada Investment Group which plans to build a hotel, retail and residential.
Since we last published our map of Mission Bay blocks under development, Salesforce has abandoned their plans to build a campus while building upon Block 2 has commenced.
∙ Strada checks in with $220M hotel, retail, housing deal [Business Times]
∙ Mission Bay Neighborhood Block And Construction Watch [SocketSite]
∙ Salesforce.com Kills Mission Bay Campus, Open To Offers For Land [SocketSite]
∙ Mission Bay Block 2 Watch (And Renderings) [SocketSite]
Condo Lottery Bypass Legislation Coming, Mayoral Support Unclear
While conspicuously absent from the Mayor’s Housing Trust Fund proposal, according to a plugged-in reader, condo conversion lottery bypass legislation will be introduced before San Francisco’s Board of Supervisors in the next few weeks. It remains unclear, however, whether the Mayor will be openly supportive or not.
∙ The Mayor's Housing Trust Fund And Missing Lottery Bypass Fee [SocketSite]
∙ TIC Conversion Lottery Bypass And Mayoral Take Two [SocketSite]
∙ Condominium Conversion 2012 Lottery Deadline And Odds (Against) [SocketSite]
∙ Condo Lottery Bypass For A Fee Resurfaces In Mayor's New Budget [SocketSite]
∙ Budget and Finance Committee Kills Condo Lottery Bypass For A Fee [SocketSite]
Designer Property Porn, Upskirt Even (So To Speak)
Purchased for $6,200,000 in 2007, the then 6,196 square foot Cow Hollow home at 2600 Lyon Street was taken down to the studs and remodeled over the course of two years.
Having engaged a design team and contractor for which $1,000 per square foot budgets aren't uncommon, we’ll let you estimate the total investment while noting a number of finishes, including the designer kitchen and glass portholes between floors for light.
On the market but unlisted, on Wednesday 2600 Lyon entered the MLS already in contract with a list price of $8,800,000 for "comp" and competitive reasons we'd be willing to bet.
∙ Listing: 2600 Lyon Street (5/5.5) - $8,800,000 [byzantiumbrokerage]
∙ Since You Mentioned It (2600 Lyon) [SocketSite]
∙ Applegate Tran: “Pacific Heights Residence” (2600 Lyon) [applegatetran.com]
May 24, 2012
Planning’s Towering Transit Center District Plan Decision: Approved
As plugged-in people know, San Francisco’s Transit Center District Plan would permit up to six new buildings with heights ranging from 700 to 1,000 feet to rise within the area generally bounded by Market, Steuart, Folsom and a line east of Third.
At the center of the District, the roof of the proposed 61-story Transbay Transit Tower would rise to a height of 920 feet, topped by a 150 foot "lattice-like steel sculptural element" for a total height of 1,070 feet under which 1.35 million square feet of office space, 20,000 square feet of retail, and parking for 300 vehicles would be constructed.
As part of the plan, bicycle lanes would be striped on Fremont, Beale, and Main Streets and the sidewalk along Mission Street will be widened from 15 to 19 feet for the most part.
Any moment now, San Francisco’s Planning Commission is set to review and vote on the proposed Plan, Planning's approval of which would send the Transit Center District Plan to San Francisco's Board of Supervisors for adoption, net new shadows and all.
UPDATE: The Transit Center District Plan was approved by the Planning Commission. From the Planning Department:
Between now and 2035, approximately 17 percent of the projected job growth in San Francisco will occur in the area surrounding the new Transbay Transit Center. The project anticipates over 27,000 new permanent jobs will be accommodated in the District -- the most significant concentration of projected job growth in the entire city.
The new district will feature more than six million square feet of new office space, over 4,000 new housing units of which at least 1,200 units will be affordable, up to 1,000 new hotel rooms, and improved streets to enhance transit service and support walking and bicycling. The new Plan also proposes to create and fund over 11 acres of new public spaces such as parks, plazas and living streets.
The Department projects the Plan will raise $590 million in revenue from development.
∙ The Plan To Transform San Francisco's Transit Center District [SocketSite]
∙ The Plan For San Francisco's Tallest Tower And Transit Center District [SocketSite]
∙ Yes, The Proposed Transbay Transit Tower Shrank A Hundred Feet [SocketSite]
∙ Shining Light On The Shadows Of The Proposed Transit District Towers [SocketSite]
2001 Market Street: Let’s Get Ready To Rubble And Build!
Demolition and excavation permits have been granted, as a plugged-in tipster reports, a construction fence now surrounds the former S&C Ford dealership at Market and Dolores, and the Prado Group has started clearing the way for 2001 Market Street to rise.
Once again, an eight story building along Market Street (stepping down to four stories at 14th Street) with 82 residential units over a 31,000 square foot Whole Foods and 101 parking spaces will rise on the site over the next 19 months if all goes as planned.
UPDATE: Speaking of going as planned, from the comments:
There have been rumors floating around that Whole Foods has pulled out of this project, having decided that building new stores is not cost-effective when compared to rehabilitating existing buildings. Their withdrawal would endanger the entire project. Anyone plugged-in to be able to confirm or deny that?
At this point, that's a rumor we can neither confirm nor deny. Readers?
UPDATE: Consider the rumor busted. From the Prado Group: "...Whole Foods is happening. Look forward to the store opening in fall 2013." Pass it along.
∙ 2001 Market Street Development (AKA Whole Foods Castro) Approved [SocketSite]
∙ 2001 Market Street Prepares To Meet The Planning Commission [SocketSite]
∙ Drawings And Details For The Proposed Development Of 2001 Market [SocketSite]
TIC-Tock It's Apple O'clock
The three-bedroom TIC at 1278 Church Street first hit the market in July of 2008 having been newly remodeled and priced at $1,395,000. The other two units in the building (1280 and 1282 Church) were listed for $1,245,000 and $1,365,000 respectively at the time.
The sale of 1278 Church ended up closing escrow in September 2008 with a reported contract price of $1,368,000 while the list prices for 1280 and 1282 were reduced the very next month and then eventually withdrawn without selling.
Public records would suggest 1280 Church ended up selling for $950,000 in June 2009. And yesterday, 1282 Church Street returned to the MLS asking $1,195,000.
While the listing for 1282 Church Street was withdrawn from the market in November 2010 without a reported sale, today 1278 Church Street returned to the market listed for $1,360,000 ($648 per square foot).
∙ Listing: 1278 Church Street (3/2.5) 2,100 sqft - $1,360,000 [1278churchstreet.com]
∙ Newish Construction In Noe: Three TICs At 1278-1282 Church Street [SocketSite]
∙ Green Construction (But Red Comp) Returns On Church [SocketSite]
On the agenda for San Francisco’s Planning Commission in a special session today at 3PM, scheduled votes to clear the way for the renovation of the Beach Chalet Athletic Fields.
∙ Planning Commission Special Meeting: Beach Chalet Athletic Fields [sf-planning.org]
∙ Beach Chalet Athletic Fields Facility As Proposed [SocketSite]
May 23, 2012
Hidden From The Street And Public Records
With a façade and size that's mostly hidden from the street, the very quiet sale of 2845 Fillmore closed escrow last month with a recorded contract price of $11,000,000, generating $275,000 in transfer tax in a deal that was mostly hidden as well.
Never officially listed, the buyer of the Pacific Heights home has been hidden behind the 2845 Fillmore Trust which is being administered by the same attorney in Palo Alto who attempted to hide the buyers of 2600 Pacific.
While tax records suggest the property is 3,681 square feet, at which the sale would have been at $2,988 per square foot and a new all-time record in San Francisco, the property has been remodeled and expanded a number of times since being built in 1939 (including a horizontal extension in 1987) and we can’t confirm the current square footage.
As best we can tell, however, it was an all cash transaction.
∙ The Secretive Sale Of 2600 Pacific [SocketSite]
∙ A Record $2,784 Per Square Foot In SF And Bank (Executive) Owned [SocketSite]
The Mayor's Housing Trust Fund And Missing Lottery Bypass Fee
Yesterday, San Francisco Mayor Ed Lee presented a proposed "Housing Trust Fund Charter Amendment" to the Board of Supervisors for consideration. If adopted by the Board and voters in November, the fund would create a permanent source of revenue to fund the creation of affordable housing for low and moderate income households in San Francisco.
As proposed, the Housing Trust Fund would begin with $20 million in general fund revenue, increasing to $50 million over time, and generate an estimated $1.1 billion in affordable housing production over the next 30 years in San Francisco.
Specific goals of the fund include:
1. Developing 9,000+ units of permanently affordable housing for residents at 60 percent or below the average median income (AMI), including the HOPE SF rebuild of Sunnydale and Potrero, and the Hugo Hotel;
2. Investing over $15 million over the first five years of the program in a down payment assistance program for residents to purchase a home in San Francisco with no-interest loans for first-time homebuyers;
3. Creating a Homeowner Stabilization Program to help distressed homeowners remain in their homes; and
4. Purchasing up to 20% of a development’s units to create permanent below market rate units available for moderate income renters and home buyers.
The fund would be funded by way of property tax revenues formerly earmarked for the now defunct redevelopment agency, a percent of existing hotel taxes, and a companion ballot initiative that would increase the real estate transfer tax for properties valued at $1 million or more by 0.2 percent.
Missing from the Mayor’s proposed amendment, press release and presentation, any mention of a condo-lottery bypass fee which many had hoped would be included as a source of funding and politically pave the way for the adoption of a lottery bypass.
∙ Mayor Lee Announces San Francisco Housing Trust Fund [sfmayor.org]
∙ TIC Conversion Lottery Bypass And Mayoral Take Two [SocketSite]
∙ JustQuotes: Additional Details (Like Dollars) On Keeping Hope SF Alive [SocketSite]
∙ Hugo Hotel Hangs On As Redevelopment Agency Is Dropped [SocketSite]
U.S. New Home Sales: Up 9.9% YOY In April But Well Below Average
The seasonally adjusted annual pace of new single-family home sales in the U.S. rose to 343,000 in April, up 3.3 percent from a revised rate of 332,000 in March and 9.9 percent above the 312,000 pace recorded in April 2011.
Preliminary U.S. new home sales (versus pace) in April were estimated to be 33,000 (give or take 8 percent), up 1,000 sales from March, the third slowest March on record since 1963. April sales peaked in 2005 with 116,000 new homes sold.
In the West, the pace of new home sales was up 12.8 percent year-over-year to 88,000 in April, up 27.5 percent versus the month before.
UPDATE: Annual new home sales in the U.S. have averaged 671,000 since 1963, peaking at 1,283,000 in 2005, bottoming at 306,000 last year.
May 22, 2012
A Record $2,784 Per Square Foot In SF And Bank (Executive) Owned
No doubt the new owner is the same First Republic Bank exec that swooped up PH A and C. Both within the last year. Now he can build out a full floor penthouse mecca. Who else would have paid the over-the-top asking price? Only someone that had to have it.
As another plugged-in tipster notes, the deed has been recorded and the sale has very quietly closed escrow at $5,565,500. While not over $3,000 per square foot, call it $2,784 which is still a new record in San Francisco, we do believe.
And the buyer? Yes, that would be the aforementioned First Republic Bank Chairman and CEO that had to have it and now owns the entire floor.
∙ Scoop: A Record $3,000 Per Square Foot In San Francisco Within Sight [SocketSite]
∙ Shooting For A Record $3,000 Per Square In San Francisco [SocketSite]
∙ The Shell Of The Northern Penthouse Atop 1170 Sacramento Sells [SocketSite]