A Request for Proposals (“RFP”) to design and develop a high-density, mixed-income residential project on Blocks 6/7 in the Transbay Redevelopment Project Area, along Folsom from Fremont to Beale, was issued in 2011 and four proposals were received.
The winning proposal by Golub Real Estate Corporation includes a 300-foot tower on the corner of Folsom and Fremont, 40-foot townhomes along the length of Clementina Alley, 50 to 85-foot mid-rise buildings along Beal and Folsom and ground floor retail as well.
In total, 545 residential units will rise on the site: 348 market-rate units, 61 below market rate, and 136 subsidized affordable units which will be developed by Mercy Housing California. The average unit size will be 715 square feet. And in terms of parking, 136 spaces in total, a ratio of .25 spaces per unit, less than half the ratio of any other proposal.
Golub will be paying $30,000,000 for the market-rate site with a projected return on cost of around 6% per year for the project, a little below the 13% annual rate of return City is offering the Warriors for the rehabilitation of Piers 30-32.
Final approval of the terms and transfer of title to Golub is on the Agenda for the Transbay Citizens Advisory Committee this week.
∙ Four Teams Compete For 450 Units On Folsom At Fremont And Beale [SocketSite]
∙ Are Parking Spots A Disincentive To Walk Or Take Public Transport? [SocketSite]
∙ All The Devilish Details For The Development Of Piers 30-32 [SocketSite]