July 31, 2013
The Creative Design(s) For Developing A Big Dogpatch Block
With an agreement in place to develop the Dogpatch parcel upon which the San Francisco Opera stores its sets, Archstone and Build Inc. are proposing a creative design for the block, breaking the 350-unit development into five buildings designed by four architects.
The five distinct buildings designed by Kava Massih, Jon Worden, Peter Pfau, and Owen Kennerly are separated by landscaped courtyards, designed to create light and open spaces for the apartments while blocking the freeway behind the 800 Indiana Street site.
Parking for 263 autos would be built below the buildings with the development team shooting to secure the entitlements to start building in early 2014.
Seeking A Buyer’s Creative Input And Cash To Finish The Job Inside
While the exterior of the Albert Farr designed Craftsman home at 2400 Vallejo has recently been resurfaced in White Cedar, the interior remodeling remains "ready and waiting for the new owner’s creative input and finishing touches."
As designed, the remodeled home would total 6,293 square feet of living space with six bedrooms and 1,068 square feet of garage space for three cars.
Purchased for $3,550,000 in October of 2011, the now gutted Pacific Heights project has just returned to the market listed for $5,500,000 including the approved plans for finishing the interior designed by architect William Craig, but not the cost of finishing the work.
∙ Listing: 2400 Vallejo Street (6/5.5) - $5,500,000 [2400vallejostreet.com]
The Evolution Of Design For 325 Fremont Street And Rincon Hill
As we first reported last year, with 8 stories and 88-units at 333 Fremont Street rising next door, Crescent Heights quietly submitted plans for a twenty-five story tower with 119 dwelling units, 61 parking spaces and a 2,600 square foot roof deck to rise on the Rincon Hill parcel at 325 Fremont Street which they purchased for $4.85 million in early 2012.
As plugged-in people know, plans for a 200-foot, twenty-two story building with 59 dwelling units at 325 Fremont were first approved over a decade ago, a plan which was revised in 2004 to yield 70 units but which never broke ground. In 2005, the Rincon Hill Plan was certified and the 325 Freemont Street site was up-zoned to a 250-foot height limit.
Crescent Heights' plans for their 250-foot tower at 325 Fremont Street as designed by Handel Architects and rendered above have yet to be approved. As the previously approved designs for a 200-foot tower by Baum Thornley Architects had appeared:
∙ The 325 Fremont Tower Scoop: Twenty-Five Stories In The Works [SocketSite]
∙ The 333 Fremont Scoop: Let The Shoring Begin [SocketSite]
July 30, 2013
Moving Forward With Plans For 150 More Mid-Market Apartments
Having purchased the vacant Mid-Market parcel at 1125 Market Street for $7.8 million in December, MacFarlane Partners has submitted draft plans for a 12-story building with 150 apartments over 3,000 square feet of commercial space along Market Street. A garage for 16 cars would be accessed from Stevenson Street, along which the parcel backs.
Recognizing a need to make Stevenson Street "a more livable and pedestrian-oriented street," San Francisco’s Planning Department is strongly suggesting "enhanced streetscape improvements" to Stevenson as part of the proposed project, including enhanced street furnishings and landscaping.
The proposed project currently exceeds the allowable density for the Mid-Market lot and will need special authorization from San Francisco’s Planning Commission to proceed.
Kaiser Permanente's Mission Bay Parcel Purchase: Timing And Terms
Kaiser Permanente is paying $55.2 million for the parcel of land upon which they will be building their new Medical Services building at 1600 Owens Street in Mission Bay, having canceled their contentious plan to build a few blocks away at the base of Potrero Hill.
The sale of the parcel which is zoned for 10-stories and 246,000 square feet is slated to close in December. Alexandria Real Estate, the seller, will manage the construction of Kaiser’s new building, the original designs for which are likely to be tweaked.
San Francisco Home Values Gain At Near Record Pace
On the heels of record setting gains in April, home and condo values in San Francisco continued to rise in May. According to the latest S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA rose 4.3% from April to May 2013. Up 24.5% year-over-year, the San Francisco Index remains 22.9% below a May 2006 peak.
For the broader 10-City composite (CSXR), home values gained 2.5% from April to May and are up 11.8% year-over-year but remain 25.0% below a June 2006 peak.
Two cities set new highs, surpassing their pre-crisis levels and five cities – Atlanta, Chicago, San Diego, San Francisco and Seattle – posted monthly gains of over three percent, also a first time event.
The Southwest and the West saw the strongest year-over-year gains as San Francisco home prices rose 24.5% followed by Las Vegas (+23.3%) and Phoenix (+20.6%). New York (+3.3%), Cleveland (+3.4%) and Washington DC (+6.5%) were the weakest.
Monthly numbers before seasonal adjustment showed all 20 cities experienced rising prices. San Francisco (+4.3%), Chicago (+3.7%) and Atlanta (+3.4%) were the leaders. However, two cities – Cleveland and Minneapolis were down slightly after seasonal adjustment.
On a month-over-month basis, prices jumped across all three San Francisco price tiers.
The bottom third (under $438,712 at the time of acquisition) gained 5.1% from April to May (up 33.6% YOY); the middle third gained 4.2% from April to May (up 27.2% YOY); and the top third (over $760,236 at the time of acquisition) gained 3.7% from April to May, up 17.2% year-over-year versus 16.4% in April.
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are back above May 2002 levels (46% below an August 2006 peak); the middle third is back near May 2004 levels (23% below a May 2006 peak); and the top third is back to March 2005 levels (10% below an August 2007 peak).
Condo values in the San Francisco MSA rose 3.1% from April to May 2013 and are up 27.6% year-over-year but remain 11.4% below 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).
∙ Home Prices Continue to Increase in May [Standard & Poor's]
∙ San Francisco Posts Record Monthly Home Price Gain [SocketSite]
San Francisco Rents Climb In Second Quarter, Cross $2K In Oakland
Having ticked up a few dollars from $2,741 in the fourth quarter of 2012 to $2,790 in the first quarter of 2013, the average apartment rent in San Francisco jumped 5.8 percent to $2,952 in the second quarter, up 8 percent year-over-year according to RealFacts.
Over in Oakland, the average monthly rent is up 10.8 percent year-over-year to $2,033 per month while down in San Jose it's now $1,989, up 9.9 percent on a year-over-year basis.
Keep in mind that RealFacts’ figures are based on surveys of professionally managed apartment complexes with 50 or more units (which aren't necessarily the norm in San Francisco) and reflect asking rather than effective rents after incentives.
Hines And Boston Balk At Having To Pay For Transbay Park Upkeep
Having paid the City $160 million less than they originally bid for the land upon which they are building the 1,050-foot Transbay Tower, Hines and Boston Properties are now balking at having to contribute around $450,000 a year for the maintenance of the adjacent 5-acre City Park they are building atop the Transbay Transit Center.
Apparently the development deal which the City cut with Hines didn't include a clause for the park's upkeep, but "somebody is going to have to maintain the park and it’s not going to be the city" according to Transbay Joint Powers Authority spokesman Adam Alberti.
∙ Proposed 1,070-Foot Transbay Tower Approved To Rise [SocketSite]
∙ Transbay Tower Site Transferred And Ceremonially Breaks Ground [SocketSite]
∙ Hines, Boston Properties lock horns with city over Transbay Tower park [Business Times]
July 29, 2013
Potential High-Rise Hat Trick On Folsom For Tishman Speyer
Having just broken ground on the twin condo towers to rise at 201 Folsom Street (aka LUMINA) last month, yesterday Tishman Speyer closed escrow on the purchase of the parking lot at 100 Folsom Street and a couple of adjoining parcels across from the Infinity, a development site which is zoned for a 300-foot tower and could accommodate of up to 400 residential units according to the Business Times.
Tishman will need to acquire an adjacent city-owned parcel in order to proceed with the overall development, but according to Mike Grisso, senior project manager at San Francisco Office of Community Investment and Infrastructure, "It has always been [the City's] intention to negotiate a sale of our parcel to whomever owns the other three."
Yahoo Circling Square's Chronicle Building Space
With Square moving six blocks away to 1455 Market between Tenth and Eleventh in September, Yahoo is reportedly close to signing a lease for Square’s current digs in the Chronicle Building at Fifth and Mission.
Patio Cafe Ready For Reopening Following Decade Long Delay
Having operated on Castro Street since the 1960’s, the Patio Café was purchased by Les Natali in 1989. In 1992, the patio at the rear of the property was enclosed and a retractable roof was installed over the dining area (click floor plans to enlarge).
In 1999, the Patio Café was closed for remodeling and to correct a number of code violations and the Café has remained closed ever since.
While the remodeling and expansion of the Patio Café into two of the former retail spaces which front its location at 531 Castro Street have been completed since 2012, the permit for the Café’s expansion was approved in error and Natali's application to reopen the remodeled restaurant was denied.
This week, San Francisco’s Planning Commission is slated to authorize the use of the expanded space for the Patio Café. And if authorized, the Café intends to reopen "very soon" and without another decade-long delay.
Condo Conversion Program Kicks-Off With A Lawsuit In The Works
Upheld by San Francisco's Board of Supervisors and signed into effect by Mayor Ed Lee, the first round of applications for expedited condominium conversion in San Francisco are being accepted as of today.
As the program which is slated to suspend San Francisco’s annual condominium conversion lottery until at least 2024 goes into effect, word on the street is that the owners of a five-unit building are preparing a legal challenge of the program, the impact of which could bring the program to a premature halt (and shouldn’t catch any plugged-in people by surprise).
∙ Expedited Condominium Conversion Application: Group 1 [sfdpw.org]
∙ Condo Conversions: The Clock Is Ticking For The Mayor To Act [SocketSite]
∙ Potentially Problematic Condo Conversion Legislation Approved [SocketSite]
Transbay Transit Center Changes: More Than Skin Deep
With San Francisco’s Transbay Transit Center project running a projected $300 million over budget, proposed changes to the Transit Center's design are more than skin deep.
In addition to the Center’s new perforated aluminum skin which will employ a Penrose pattern and be coated in white epoxy flecked with mica for bits of sheen, a new café on the west end of the transit center's rooftop park seems to be growing in size as consultants "see a potential revenue source and dining hot spot."
∙ Transbay Center Project Running $300 Million Over Budget [SocketSite]
∙ Rising Construction Costs Getting Under The Transbay Center's Skin [SocketSite]
∙ New skin, rooftop cafe alter Transbay Center plan [Chronicle]
July 26, 2013
A Waterfront Transportation Assessment And Plan For SF
Recognizing that "that comprehensive transportation planning should precede and inform the shaping of individual [development] projects," such as the Transbay Transit District developments which are underway, and the proposed developments upon Pier 30-32 for the Warriors, upon Seawall Lot 337 for the Giants’ Mission Rock project, and the major redevelopment of Pier 70, the early designs for which have all been drawn, the San Francisco Municipal Transportation Agency is now developing a Waterfront Transportation Assessment "to identify transportation challenges and guide solutions that will accommodate anticipated growth along the San Francisco waterfront area roughly between the Presidio and Pier 80."
The first phase of the Assessment, the establishment of Transportation Strategies and Goals, includes "an inventory of development projects proposed in the area, along with local and regional transportation investments and programs." It's a great start. But it's also a little frightening to realize that it doesn’t already exist and hasn’t been informing development plans, Planning Commission decisions, and endorsements to date.
Phase one is slated to be tackled this Summer with a report by the end of September. Phase two, the Solutions phase, will follow, intended to "help shape each project’s transportation features and programs, identify meaningful, feasible mitigation measures, and establish certainty and clarity in the development and cost-sharing agreements between the City, the transportation agencies and the project sponsors."
Victorians Gone Contemporary: Before And After On Sanchez
Purchased as an 820-square-foot fixer of a home without a garage for $725,000 in March of 2012, the Noe Valley Victorian at 1402 Sanchez has since been expanded to over 2,000 square feet and a two-car garage has been added below.
The interior has gone the contemporary route.
Complete with an open floor plan glass framed staircase:
And while your friends might have an outdoor fireplace, you can have two.
On the market and just listed for $1,998,000, but with expected "offers due" on August 8.
∙ Listing: 1402 Sanchez (3/2.5) 2,040 sqft - $1,998,000 [1402sanchez.com]
Phelan Loop Housing Ready To Start Development
The building permits have been issued, and next week San Francisco’s Board of Supervisors is slated to approve the 99-year ground lease for the five-story "Phelan Loop Housing" development to be built at 1100 Ocean Avenue.
A partnership between the Mayor’s Office of Housing and the Bernal Heights Neighborhood Center, the project will yield 71 below market rate units, 21 of which are intended for occupancy by young adults transitioning out of foster care with the other 50 units intended for households earning less than 50% of the area median income.
Assuming the lease is approved and the ground is broken within the next month or two, the project should be completed by the end of 2014 along with a new Phelan Loop Public Plaza adjacent to the building.
July 25, 2013
A Closet Sized Bedroom, And That’s Not A Slight
While $420,000 might seem like a lot for a 613 square foot "junior one-bedroom" on the border of Pacific Heights, it's $95,000 less than was paid for the sixth floor condo when 2999 California Street #603 was listed for $459,000 and sold for $515,000 in 2005.
And yes, the bedroom was once a walk-in closet:
Deeded parking and designated storage are included, and it's a nice use of space.
The HOA dues for the unit are $455 a month, up from $306 in 2005. And the sale will be apples-to-apples, most likely multiple offers and all.
∙ Listing: 2999 California Street #603 (0/1) 613 sqft - $420,000 [2999california603.com]
Transbay Center Project Running $300 Million Over Budget
The projected cost of construction for the first phase of San Francisco’s Transbay Transit Center has risen from $1.6 billion to $1.9 billion. In order to cover the $300 million increase, the Transbay Joint Powers Authority plans to divert a portion of the funds which had been dedicated to the second phase of the project, the extension of track for Caltrain and High Speed Rail from Fourth and King to the Transbay Center at First and Mission:
The Transbay Transit Center project which was first budgeted to cost closer to $1.2 billion back in 2007 is scheduled to open in 2017, but without the rail extension in place.
∙ Transbay Center Plans: Revised, Refined, And Unveiled [SocketSite]
∙ Transbay project in $300 million hole [SFGate]
Rincon Hill’s New Public Green And Play Area: Announcing Emerald Park
This afternoon, Rincon Hill will officially gain a new half-acre public park as the Emerald Fund will permanently relinquish its development rights to the open space in front of Rincon Green at 333 Harrison, the green will be renamed Emerald Park.
While the Emerald Fund will continue to fund the maintenance and upkeep, the San Francisco Parks Alliance will act as steward of the park. In addition, a children’s play area which was part of the original park design will be completed by the end of the year.
July 24, 2013
A Bit Of Local Love That's About To Be Lost
Recently commissioned to paint for a European pop star whom shall not be named, up and coming local artist Casey O'Connell’s mural The Space Between currently adorns the side of a Glen Park house on Lippard Avenue, a glimpse of which can be caught from the street.
According to a plugged-in tipster, while "Casey paints love," the owners of the home are preparing to paint over the piece. So if you'd love to pay your respects, now is the time.