Construction is anticipated to start approximately June 1, 2012 and be completed in an estimated 26 months. The building design, unit size and unit mix can be summarized as a 50 story [or 450 foot] version of Phase I…
For the floor plans and unit layouts, Phase II will combine the two adjacent small one bedroom units at the center of the building curve above floor 25 into one two bedroom unit. The number of two bedroom units will increase and the number of one bedroom units will correspondingly be reduced. Approximately 60% of Phase II unit plans are the same as Phase I.
Significant improvements in the Phase II building will include a 3,600 square foot exercise facility and a top floor 4,000 square foot penthouse “Sky Lounge.” (As comparison, current Phase I amenities include a 750 square foot exercise room and an 1,100 square foot Party Room). All amenities, including the existing swimming pool and spa deck facilities, will be available to occupants of both towers.
Having first been approved for development in 2005 before falling on hard times, on Thursday San Francisco’s Planning Commission is expected to extend the development’s expired entitlement and clear the way for a groundbreaking next month (June 2012).
One Rincon Hill’s Second Tower will yield 299 units all of which will be market rate with a $15,090,879 fee paid to the city in-lieu of including any Below Market Rate (BMR) units.
In addition to the BMR fee, the city will collect a $4,035,150 Rincon Hill Infrastructure Impact Fee, a $5,140,726 SOMA Stabilization Fund Fee, and a School Fee of $988,431.
The target date for pulling the Site Permit and to begin shoring is now June 11, 2012.