With a winning bid of $72 Million for San Francisco’s Transbay Block 8, the City’s Office of Community Investment and Infrastructure has selected Related California to develop a 550-foot residential tower, podium, and low-rise project along Folsom Street.
As a plugged-in reader correctly reported last week, Millennium Partners losing bid for the parcel was $70 million while Golub had offered $49 million.
Related is working with architect Rem Koolhaas and the Office for Metropolitan Architecture (OMA) on the master plan and design for the tower to rise at Folsom and First, while Fougeron Architecture is designing the podium and mid-rise along Folsom and Fremont.
Tenderloin Neighborhood Development will partner with Related for the required affordable housing component of Block 8’s development, with 27 percent of the 740-ish units to be affordable to residents making 60 percent of the area median income.
A request for proposals to develop Transbay Block 8 was first issued back in 2008 but then cancelled in 2009 when when bids for the parcel came in “well below the potential value of the site in a healthier real estate market.” The cancelled request had targeted the development of 597 housing units on the site, nearly 20 percent fewer than today.