CATEGORY ARCHIVE: Commercial
May 16, 2012
North Beach Pagoda Theater Set To Be Sold To New Yorkers Today?
According to a tipster, Joel Campos who purchased the long shuttered North Beach Pagoda Theater in 2004 and waged a long battle to secure approvals to develop the blighted building is in contract to sell the shell to a New York based developer today.
While we haven’t been able to confirm the details, we’ll keep you posted and plugged-in.
And once again, as the approved conversion of the Pagoda Theater into 18 condos over ground floor commercial and 27 parking spaces was last rendered:
∙ North Beach Pagoda Theater Plans Approved By Planning, But... [SocketSite]
∙ Inside The “Landmark” Pagoda Theater (And Tussle) In North Beach [SocketSite]
∙ Pagoda Theater Preview (And Signs Of Progress All Around) [SocketSite]
Posted by socketadmin at 10:30 AM | Permalink | Comments (28) | (email story)
555 Mission In Contract At $800 Per Foot, Highest Price Since 2007
Having leased the 14,718 square foot penthouse atop 555 Mission Street for seven years at a rate of $84 per square foot in 2008, in 2009 Sequoia Capital subleased the penthouse to Novak Druce Quigg for the remainder of their lease at a 40 percent discount ($50 per square foot) without escalation.
As plugged-in people know, Sequoia had "intended to use this space for creating a new public securities investment fund, not for making SF-based VC investments."
With 555 Mission now 88 percent occupied, Union Investment is in contract to buy the building for $445 million, or $800 a square foot, "the highest price paid for a downtown San Francisco building since Morgan Stanley Real Estate bought One Market Plaza for $925 a square foot...in 2007."
∙ 555 Mission: Sequoia’s Penthouse Sublease At 40 Percent Off [SocketSite]
∙ Tishman to sell 555 Mission for $445M [Business Times]
Posted by socketadmin at 10:30 AM | Permalink | Comments (3) | (email story)
May 15, 2012
The Vision (And Financing) For SF’s Wholesale Produce Market
With a vision for reinventing the San Francisco Wholesale Produce Market that's been on the boards, the city of San Francisco is preparing to back the $96 million initiative.
Under legislation that Lee and Supervisor Malia Cohen will introduce Tuesday, the nonprofit San Francisco Market Corp. will sign a new 60-year lease that calls for rent revenue from merchants to be used in a three-phase effort to redevelop and expand the market to an adjacent city-owned parcel at 901 Rankin St., currently a parking lot and storage site.
The nonprofit San Francisco Market Corp. is expected to borrow to cover up-front construction costs and pay it off with rent revenue. Once the upgrades and expansion are paid for, remaining rent revenue would go to the city's general fund, its main spending account.
As proposed, the two blocks of Jerrold Avenue that currently bisect the market will be closed and the market will expand from 300,000 to 500,000 square feet.
∙ SFWPM Past and Future [sfproduce.org]
∙ S.F. produce market to get $100 million upgrade [SFGate]
Posted by socketadmin at 9:00 AM | Permalink | Comments (6) | (email story)
May 14, 2012
Behind Salesforce's San Francisco Campus Debacle
A few days before Salesforce.com was poised to receive the City's approval, Salesfoce pulled the plug on their plans for a 14-acre campus in San Francisco’s Mission Bay.
From Reuters on Friday:
The company's stated reason for changing course was that the new campus would not be big enough for its growing workforce. But people closely involved with the ill-fated development paint a picture of an out-of-control project that lurched forward even in the face of stratospheric costs and tepid support among employees. Only a construction expert hired late in the planning process convinced Benioff that moving forward would be folly.
The canceled development has already cost Salesforce tens of millions of dollars, and the price tag could rise further if the Web-based software maker fails to find a ready buyer for the land it bought, according to recent regulatory filings.
The cancellation has also singed the company's relationships with city officials, including San Francisco Mayor Ed Lee, who had touted the development as an economic boon and was stunned when it was suddenly abandoned.
From 2010 to 2011, the projected cost of constructing the campus ballooned from $750 per square foot to roughly $1,000 per square and a project cost of roughly $2 billion.
∙ First Four Salesforce.com Campus Buildings Poised For Approval [SocketSite]
∙ Salesforce.com Campus Key Elements And Design Preview [SocketSite]
∙ Salesforce.com Kills Mission Bay Campus, Open To Offers For Land [SocketSite]
∙ Insight: Salesforce's plan for opulent campus a costly debacle [reuters.com]
∙ Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]
Posted by socketadmin at 7:15 AM | Permalink | Comments (22) | (email story)
May 10, 2012
Yelp Inks An Eight Year Lease For One-Third Of 140 New Montgomery
Yelp has inked an eight year lease for 100,000 square feet of the 295,000 square foot Pacific Telephone Building at 140 New Montgomery which is currently undergoing a major renovation and repositioning (click image to enlarge, link for details).
Yelp is expected to make its move from 650 Mission in the fall of 2013.
∙ 140 New Montgomery: The More Things Change... [SocketSite]
∙ 140 New Montgomery: Renovation And Rendering Scoop [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (14) | (email story)
May 4, 2012
In The Land of Rising Sea Green Rents
Built in 1915 for the Rainier Brewing Company, the "Hamm’s Building" at 1550 Bryant operated as a brewery from 1915 to 1975. Vacant from 1975 to 1985, the 182,669 square foot building has since been converted to office space, just sold, and is about to undergo an "interior renovation program to further reposition the building’s creative space."
UPDATE: When the brewery was shuttered in 1975, the iconic Hamm’s sign atop the building was removed. And while the buyers of the building have expressed interest in returning the sign to its place of prominence, its whereabouts are unknown. Readers?
∙ What happened to the Hamm’s Brewery sign? [SFGate]
Posted by socketadmin at 9:00 AM | Permalink | Comments (23) | (email story)
May 2, 2012
The Plan To Transform San Francisco's Transit Center District
First drafted in 2009, the Planning Department's Transit Center District Plan for the area bounded by Market, Steuart, Folsom, and mid-block between 3rd and New Montgomery is making the Planning Commission rounds this week to prepare for a public hearing on the adoption and implementaion of the amended plan currently scheduled for May 24.
Once again, the plan's five Core Goals:
1. Build on the General Plan’s Urban Design Element and Downtown Plan, establishing controls, guidelines, and standards to advance existing policies of livability, as well as those that protect the unique qualities of place.
2. Capitalize on major transit investment with appropriate land use in the downtown core, with an eye toward long-term growth considerations.
3. Create a framework for a network of public streets and open spaces that support the transit system, and provides a wide variety of public amenities and a world-class pedestrian experience.
4. Generate financial support for the Transbay Transit Center project, district infrastructure, and other public improvements.
5. Ensure that the Transit Center District is an example of comprehensive environmental sustainability in all regards.
Core recommendations of the plan include: identifying and funding opportunities for new public open spaces (including an expanded Oscar Park); widening sidewalks, providing dedicated transit lanes, augmenting the bicycle network, adding signalized mid-block crosswalks, and converting certain alleys into pedestrian plazas; and, of course, increasing allowable density and height limits within the Plan area.
∙ The Grand Plan For A San Francisco "Transit Center District" [SocketSite]
∙ Draft Transit Center District Plan [sf-planning.org]
∙ Presenting Oscar Park (And A Chance To Provide Feedback) [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (16) | (email story)
April 25, 2012
The San Francisco Bay Guardian Sells (Out?)
Union Property Capital (UPC) is in contract is to purchase the San Francisco Bay Guardian’s Potrero Hill headquarters building at 135 Mississippi for $6.5 million. Guardian owner Bruce Brugmann purchased the building for $4.7 million in 2002.
From the Business Times with respect to a bit of sale hypocrisy irony:
The Bay Guardian has been a vocal opponent of development in the city, railing against highrise construction, luxury housing, and zoning rules that favor tech and knowledge-based companies over more traditional blue-collar jobs.
Ironically, it was UPC that assembled and did the early planning on one of the most prominent highrises built in downtown San Francisco in the last decade: Tishman Speyer's two-tower Infinity project at 300 Spear St.
UPC also developed a data center at 365 Main St., built a luxury residential loft project at 150 Powell St., and repositioned SoMa buildings like 330 Townsend St. and 840 Brannan St. for dot-coms. The company also completed a condo conversion of a former rental building in Alamo Square — the sort of project that the Guardian routinely opposes in the interest of protecting the city's rental housing stock.
And yes, we do believe UPC has set its sights set on developing the property.
∙ SF Bay Guardian seeks to cash out in hot real estate market [Business Times]
Posted by socketadmin at 6:00 AM | Permalink | Comments (8) | (email story)
April 20, 2012
La Boulange On 9th Avenue Unanimously Approved
As a plugged-in reader reports, San Francisco’s Planning Commission has approved the Conditional Use Authorization necessary for La Boulange to open its 13th San Francisco café and bakery within the mixed-use development being built at 1266 9th Avenue.
∙ Under Construction On 9th Avenue With (Or Without) A La Boulange [SocketSite]
Posted by socketadmin at 1:00 AM | Permalink | Comments (5) | (email story)
April 11, 2012
Free The Toasters! (AKA Rationalizing Restaurant And Bar Controls)
Speaking of Neighborhood Commercial District controls, yesterday San Francisco’s Board of Supervisors unanimously approved a simplification of San Francisco’s Planning Code and permitting process which currently defines 13 different eating and drinking uses.
As parodied in the animation above:
Having definitions that attempt to differentiate between how restaurants operate and what types of food they sell is problematic for restaurant owners, and it’s also confusing for members of the public. Further, overly specific definitions are difficult for the Planning Department to enforce.
For instance, the current controls prohibit retail coffee stores from toasting bagels due to a prohibition on food preparation, and small self-service restaurants are required to serve their food in disposable wrappers. Not being in compliance with these rules could result in an enforcement action by the Planning Department.
In the works for over a year having been prompted by a bit of legislation proposed by then Supervisor Mirkarimi, the newly approved legislation for which Supervisor Wiener gets credit will go into effect in May and reduces the 13 categories of restaurants to three (3).
Eating/drinking establishments without on-site alcohol sales will be Limited Restaurants; restaurants with wine and beer will be Restaurants; and establishments with a full liquor license will be classified as Bars.
∙ Formulating Controls To Chase Financial Services Away [SocketSite]
∙ Rationalizing Restaurant & Bar Controls [sf-planning.org]
Posted by socketadmin at 8:00 AM | Permalink | Comments (8) | (email story)
April 10, 2012
Formulating Controls To Chase Financial Services Away
There are 39 Districts within San Francisco in which Formula Retail controls which limit or prohibit formula retail apply, controls "adopted to maintain the unique visual character of the City’s neighborhood commercial districts [NCDs]."
Currently defined as "a type of retail sales activity or retail sales establishment which, along with eleven or more other retail sales establishments located in the United States, maintains two or more of the following features: a standardized array of merchandise, a standardized facade, a standardized decor and color scheme, a uniform apparel, standardized signage, a trademark or a servicemark," the definition of Formula Retail will be amended to include Financial Services as proposed.
From the Planning Department with respect to reasoning for the amendment:
In addition to having a standardized look and signage, Financial Services typically lack active or visually interesting store fronts. Therefore, having an over concentration of Financial Services in an NCD not only erode the visual uniqueness of that neighborhood, they can also negatively impact street life and vitality.
That being said, "there is a concern that there are very few Financial Service establishments in San Francisco, which would not be categorized as Formula Retail."
While some local Financial Service operations with fewer than 11 locations exist in San Francisco…most of the banks and even some Credit Unions are nationwide chains with more than 11 locations. While there will be additional limits on the provision of “financial services” under this proposed Ordinance, it should be noted that banking services provided through Limited Financial Services, ATMs, and online banking would still be permitted.
The proposed legislation will effectively prohibit new Financial Services in the Hayes Valley and North Beach commercial districts as both prohibit Formula Retail outright.
∙ Formula Retail Financial Services Amendment [sfplanning.org]
Posted by socketadmin at 4:00 PM | Permalink | Comments (46) | (email story)
April 9, 2012
The 280 Seventh Street Scoop (And Evolving Neighborhood Editorial)
A little while back the owners and operators of the Café in the Castro purchased the Rawhide II club building at 280 Seventh Street, once "the largest and…only Country Western Dancing club in San Francisco."
As proposed, the existing building will be razed and a four-story building with a club featuring an "entertainment area with stage for live performances, seating and a dance floor," a restaurant "in the style of a locally owned and sourced 'Cheesecake Factory' style eatery," a roof top garden, and two residential apartments facing Langton Alley will rise.
From the owners with respect to their plans:
We will be a neighborhood-serving restaurant while still recognizing the importance of visitors to the city coming to such places as Moscone Center. Our nighttime focus will be on the diversity you find at an LGBT entertainment venue with the inclusiveness found at Café duNord or Slim’s. Yes, that means we will have a stage and will be featuring performance as well as dance events. We envision the mix of entertainment as diverse as possible and are planning for a small but well equipped stage for live performances.
From Lodging in Public with respect to mixed feelings on a disappearing barrier dividing SoMa, a "[defense] against the good and bad effects of encroaching prosperity":
The Sixth Street skid-row corridor down the middle of SoMa served for the past three decades as a dangerous-looking (sometimes actually dangerous) buffer that prevented boring or timid people in the convention and financial zones to the east of us from walking very far at all west of the Yerba Buena complex around Third that includes Moscone Center. (Yerba Buena, of course, replaced San Francisco's former Skid Row in the hard-fought 1970s urban renewal rip-out. A lot of the people and functions it displaced moved over to Sixth.)
So even through the Web 1.0 boom, those of us living South of Market and west of Sixth were spared the glass-front high-rises, the loud after-work joints full of junior stock traders in mating plumage, and the restaurants and night spots catering to Midwestern conventioneers venturing out from Moscone Center -- that's all in the alien territory, confusingly also called SoMa, that stretches from Fifth east to the Embarcadero by the Bay Bridge. Over here, things have managed to stay a little more alternative.
Sixth Street, however, is losing its fear factor. It's going hipster. Its function as a containment zone for vice and dysfunction is fading as its property values rise. I think its future really is what a younger-generation SRO landlord predicted to me more than ten years ago: to provide hostel-type accommodations and entertainment for young people who want to go somewhere a bit different, but not perhaps too different.
Assuming Planning’s approval, the developers hope to host a grand opening in 2014.
∙ 280 Seventh Street [280seventh.com]
∙ Western SoMa: here come the conventionaleers [lodginginpublic]
Posted by socketadmin at 11:45 AM | Permalink | Comments (29) | (email story)
April 5, 2012
Average San Francisco Office Rent Up 6.8 Percent Over The Past Year
According to real estate research firm Reis Inc. by way of Bloomberg: "San Francisco's average office rent rose 6.8 percent during the past year. A slow recovery in financial services held New York to the second-biggest gain, 4.8 percent...Rents climbed 4.1 percent in San Jose, 2.5 percent in Boston and Houston, and 2.3 percent in Denver and Seattle."
Also according to Reis, San Francisco had the eighth-lowest commercial vacany rate in the U.S. at 14.2 percent versus 9.4 percent in Washinton (the lowest) and 10.4 percent in New York (the second lowest).
As we noted last month, the office vacancy rate South of Market in San Francisco has dipped below nine percent, down from 25.5 percent in 2009.
∙ San Francisco Leads Rent Growth as U.S. Office Vacancies Decline [Bloomberg]
∙ The Latest Fad Sweeping Through SoMa [SocketSite]
Posted by socketadmin at 10:00 AM | Permalink | Comments (2) | (email story)
Mission Rock Plans Dusted Off With Giants Swinging For A 2015 Start
The four year old plans to develop San Francisco’s Seawall Lot 337/Pier 48 dubbed "Mission Rock" have officially been dusted off with the Giants and their surviving development partner, the Cordish Cos., touting a plan to break ground for the massive project, currently the site of the San Francisco Giants Parking Lot A, by 2015.
As proposed, the 27-acre development would yield up to 1,000 housing units, 125,000 square feet of retail (down from 240,000), 1.7 million square feet of office space (up from a million), a garage with 2,690 parking spaces, and over eight acres of public open space.
As we first reported last month, the ten year lease for Seawall Lot 337 between the City and County of San Francisco and the China Basin Ballpark Company, a subsidiary of the San Francisco Giants, expired at the end of 2009 and was month-to-month before being extended five years by San Francisco’s Board of Supervisors to 2017.
∙ SocketSite Weekend Special: One Proposal For San Francisco SWL 337 [SocketSite]
∙ Proposed Seawall Lot 337 Development Scrambling For Investors [SocketSite]
∙ Could This Be Curtains For Cirque Du Soleil In The City? [SocketSite]
∙ Five More Years For Giant's Parking Lot A And Big Development Delay [SocketSite]
Posted by socketadmin at 8:15 AM | Permalink | Comments (31) | (email story)
March 27, 2012
Historic Humboldt Building (785 Market Street) Slips Into Default
Down the Street from the CityPlace parcels which were foreclosed upon last week, the owners of the historic Humbolt Building at 785 Market Street have slipped into default on $13.3 million interest only loan which is currently in forbearance until May first.
Designed by Meyer & O’Brien in 1905, delayed by the great quake in 1906, and completed in 1908, the Humboldt building rises 19 stories and is topped by a wedding cake dome.
According to a tipster, while expenses for the building have been rising, revenues have been declining despite the surge in demand for commercial space south of Market.
∙ CityPlace Parcels Lost To Foreclosure [SocketSite]
∙ The Humboldt Building (785 Market Street) [785marketstreet.com]
Posted by socketadmin at 10:00 AM | Permalink | Comments (8) | (email story)
March 21, 2012
Home Depot Applies Again: Can They Do It In San Francisco?
Four years ago, following a decade long battle to develop, Home Depot walked away from the former Goodman Lumber site on Bayshore Boulevard.
With Lowe’s having since successfully developed the site on Bayshore Boulevard, Home Depot has just filed an application to build a 120,000 square foot store at 1901 Cesar Chavez, formerly the site of a printing facility for the Fang family Chronicle and currently employed as a staging facility for construction at the San Francisco General Hosptial.
∙ Coming Soon! Bayshore Boulevard Home Depot Development Is Dead [SocketSite]
∙ Home Depot Bayshore (San Francisco): Let’s Get Ready To Rubble! [SocketSite]
∙ T-Minus Two Days (And A Decade In The Making) For Lowe’s In SF [SocketSite]
∙ Home Depot takes third shot at San Francisco store [Business Times]
Posted by socketadmin at 6:45 AM | Permalink | Comments (13) | (email story)
March 19, 2012
A Non-Historic Win For The Owners Of 247 Powell Street
Over the objections of the owners of the building in which the Gold Dust Lounge resides, in February the operators of the 46-year old bar at 247 Powell Street requested landmark status for the establishment in the hopes of thwarting an eviction, and conversion of the space into retail, scheduled for December .
From the Planning Department with respect to the application:
The Department does not believe that the analysis demonstrates significance of the GoldDust Lounge under any of the National Register Criteria that would justify its recognition as a City Landmark.
The Department recognizes that the Gold Dust Lounge is an important local business and gathering spot of many locals and visitors. Unfortunately, Article 10 Landmark designation, in this case, is not the appropriate tool to protect what is valued most –the continued operation of the bar. The Department does not believe that Article 10 designation of the Gold Dust Lounge would result in a positive outcome for the parties involved.
If the designation were to move forward, only the physical features associated with the Gold Dust Lounge could be protected. The lounge could be repurposed for another use, such as retail, as long as these physical features were retained and respected. As indicated by Mr. VerPlanck’s documentation, the Gold Dust lounge could not be relocated without impacting its historic integrity; therefore, should the owners find another location, the designated physical features could not be removed from the current location.
On Wednesday, San Francisco’s Historic Preservation Commission is expected to affirm the Department’s findings.
∙ Consideration to initiate Landmark designation for the Gold Dust Lounge [sfplanning.org]
Posted by socketadmin at 7:30 AM | Permalink | Comments (19) | (email story)
March 15, 2012
Transbay Land Cost Cut Another $50 Million For Shrunken Tower
Having bid a winning $350 million for the land upon which to build San Francisco's Transbay Transit Tower and Terminal back in 2007, over twice as much as the next highest bid of $145 million by the Richard Rogers and Forest City team, and an amount which was already reduced to $235 million in 2008, Hines will now pay $185 million for the land upon which the shorter Transbay Tower will rise according to J.K. Dineen.
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]
∙ The SocketSite Scoop: San Francisco’s Transbay Terminal Designs [SocketSite]
∙ Transbay Terminal Moves Forward, But Payments And Terms Change [SocketSite]
∙ Yes, The Proposed Transbay Transit Tower Shrank A Hundred Feet [SocketSite]
∙ New Transbay deal: Land price cut to $185 million [San Francisco Business Times]
Posted by socketadmin at 2:15 PM | Permalink | Comments (18) | (email story)
March 13, 2012
The Latest Fad Sweeping Through SoMa
Citing an office vacancy rate of 8.65 percent in SoMa at the end of 2011 versus rates of 23.6 percent in 2008 and 25.5 percent in 2009, and an overall office vacancy rate of 9.3 percent for San Francisco, the owners of 808 Brannan are seeking Planning’s approval to legally convert the 45,723 square foot building from showroom (PDR) to office use.
Formerly the headquarters for Georgiou Studio, a local clothes designer, Mr. Georgiou lost the building to foreclosure in 2010 and it’s been vacant since. The Planning Department recommends approval of the conversion.
∙ 808 Brannan Street: Request for Office Authorization [sfplanning.org]
Posted by socketadmin at 9:30 AM | Permalink | Comments (6) | (email story)
March 12, 2012
CityPlace Parcels Along Market Scheduled For Foreclosure This Week
As we first reported last year:
Five parcels along Market Street between 5th and 6th Streets have been hit with Notices of Default (NOD's) including 935-939 Market, 943 Market, and 949-961 Market.
If that stretch of Market sounds familiar, it should. For as plugged-in people know, and PropertyShark catches, those parcels comprise the site of the proposed and approved CityPlace development.
Apparently Connecticut-based Commonfund Realty, which partnered with San Francisco based Urban Realty on the CityPlace development, "has stopped investment in real estate projects as it seeks to restructure a $1 billion fund that lost most of its value."
As best we can tell there’s approximately $36 million of cross collateralized debt on the three parcels and it’s a $9,680,000 note from 2007 which filed the notice of default.
While the Notice of Defaults noted above were cancelled, new Notices were filed soon thereafter. And as a plugged-in tipster notes, the CityPlace parcels along Market Street are now scheduled to hit the courthouse steps in San Francisco this Wednesday, March 14.
∙ Notice Of Default Filed For CityPlace Parcels [SocketSite]
∙ Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]
∙ CityPlace EIR Approved Appealed Approved! [SocketSite]
Posted by socketadmin at 12:00 PM | Permalink | Comments (22) | (email story)
Five More Years For Giant's Parking Lot A And Big Development Delay
The ten year lease between the City and County of San Francisco and the China Basin Ballpark Company, a subsidiary of the San Francisco Giants, for Seawall Lot 337, also known as Parking Lot A, expired at the end of 2009 and has been month-to-month since.
Slated for development, but struggling to secure equity investors since 2010, the proposed development of Seawall Lot 337 and Pier 48 (a.k.a. Mission Rock) was expected to start in 2013 and yield 875 housing units, 1 million square feet of office space, 240,000 square feet of shops and restaurants, 180,200 square feet of exhibit/event space, 8.7 acres of public open space and 2,650 parking spaces over the next 17 years.
This week, San Francisco’s Board of Supervisors will vote on a resolution to approve a new five year lease for the China Basin Ballpark Company, effectively delaying the development of Seawall 337 until at least 2017.
∙ SocketSite Weekend Special: One Proposal For San Francisco SWL 337 [SocketSite]
∙ San Francisco SWL 337 Proposal: Downsized And Drawn Out [SocketSite]
∙ Proposed Seawall Lot 337 Development Scrambling For Investors [SocketSite]
Posted by socketadmin at 11:45 AM | Permalink | Comments (7) | (email story)
March 9, 2012
140 New Montgomery: Renovation And Rendering Scoop
As we noted yesterday, Wilson Meany Sullivan’s renovation plans for the 26-story Pacific Telephone Building at 140 New Montgomery no longer include condos and the building will remain an office building targeting "tech start-ups, venture-capital firms and others."
So here’s the inside and rendering (click to enlarge) scoop. Ceiling heights will range from 13 to 20 feet on the upper floors, windows will be replaced and be operable (think fresh air and cooling breezes), and the targeted others include law and design firms.
The ground floor of the building will house two restaurant spaces while the building’s south facing service yard will become a private outdoor sculpture garden.
Tenants will have access to secure bike parking, locker room, shower suite and a "bike spa" that "repurposes 140’s historic wood-paneled executive board room as a place to tune up your bike before heading out for a lunchtime ride or the commute home."
And yes, there are a few parking spaces below the building for the big hitters and a secured entrance near the adjacent parking garage for everyone else.
∙ 140 New Montgomery: The More Things Change... [SocketSite]
Posted by socketadmin at 3:15 PM | Permalink | Comments (11) | (email story)
March 8, 2012
140 New Montgomery: The More Things Change...
Five years ago Wilson Meany Sullivan purchased the 26-story Pacific Telephone Building at 140 New Montgomery for $345 a square foot with plans to spend an additional $500 a square foot converting it from an office building to a five-star hotel and condominium tower, with a spa, restaurant and bar.
In 2008, the hotel component was dropped and new plans were floated for 135 condos on floors two to twenty-six over an 8,500 square foot restaurant on the ground floor.
Plans for any condo conversion have since been dropped, and as the Wall Street Journal notes, the office building will simply, but expensively, be upgraded and return targeting "tech start-ups, venture-capital firms and others."
∙ Conversion Of 140 New Montgomery Moves To Environmental Review [SocketSite]
∙ Another Office To Hotel/Condo Conversion: 140 New Montgomery [SocketSite]
∙ New Call by Developer on Historic Tower [Wall Street Journal]
Posted by socketadmin at 8:30 AM | Permalink | Comments (16) | (email story)
March 2, 2012
Macys.com Headed To 680 Folsom Street As First Reported
Two months ago a plugged-in reader first reported a deal with Macys.com was in the works to lease 250k square feet at 680 Folsom Street. Yesterday, a 15-year lease for 242,573 square feet on floors 8 through 14 at 680 Folsom was officially announced.
With a projected re-opening in late 2013, 680 Folsom Street is now 80 percent pre-leased.
∙ A Re-Skinning Crane Has Risen At 680 Folsom Street [SocketSite]
∙ The Reskinned 680 Folsom Will Be Home To Riverbed In 2013 [SocketSite]
∙ Renovation Of 680/690 Folsom Slated To Get Going This November [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (8) | (email story)
March 1, 2012
Conversion Of 1945 Hyde Street Set To Get Started
Following a two year approval process and failed appeal led by the Russian Hill Community Association to block development, permits have been pulled for the Ogrydziak/Prillinger led residential conversion of the two-story garage at 1945 Hyde Street.
The project will yield 7 new housing units over ground floor commercial and 17 parking spaces, all unbundled from the dwelling units and with one space for car share.
And according to a plugged-in tipster, they’re about to start (re)construction.
∙ 1945 Hyde Street Revised, Rendered, And Ready To Be Approved [SocketSite]
∙ Appealing The Impact Of The Approved Rebuilding Of 1945 Hyde [SocketSite]
∙ 1945 Hyde: Planning's Decision Upheld As Appellant A No-Show [SocketSite]
Posted by socketadmin at 8:30 AM | Permalink | Comments (9) | (email story)
February 24, 2012
First Four Salesforce.com Campus Buildings Poised For Approval
The office allocation for the first four buildings of Salesforce.com’s Mission Bay Campus is poised to be approved by San Francisco's Planning Commission on Thursday, March 1.
The four buildings will yield 1,488,996 square feet, 1,254,551 of which will be office space, 41,363 ground floor retail, and 6,000 square feet for childcare. 1,394 parking spaces will be built underground while parking for 260 bikes will be spread between the four buildings.
A four-acre open plaza will be at the center of it all.
Supportive of Salesforce’s overall plan, two design requests by way of the Mission Bay Citizens Advisory Committee: to be "thoughtful about where the brightest accent colors are placed, as they will be visible to the occupants of surrounding buildings" and "sensitive about rooftop uses, visible from Potrero Hill."
∙ Salesforce.com Campus Key Elements And Design Preview [SocketSite]
∙ Designs For Salesforce's Global Headquarters Complex in Mission Bay [SocketSite]
∙ A Bit Of Color On (And For) Salesforce's Campus In Mission Bay [SocketSite]
Posted by socketadmin at 2:00 PM | Permalink | Comments (11) | (email story)
February 21, 2012
Fresh & Easy At 1245 South Van Ness Set For Approval This Week
On the agenda for San Francisco’s Planning Commission this week, the division and conversion of the former Delano's Market at 1245 South Van Ness into a Fresh & Easy.
The Project will divide the existing grocery store of approximately 21,452 square‐feet into a new 16,241 square-foot grocery store (Fresh and Easy, the formula retail use) and a 5,211 square-foot commercial retail space (tenant t.b.d.).
The Project will also result in the removal of approximately 16 off-street parking spaces and will reconfigure the accessory parking lot to provide 49 off‐street parking spaces, additional landscaping and bicycle parking.
As proposed, bicycle parking for thirty (30) will be provided versus the six required; the existing mural created by Precita Eyes and the children of Cesar Chavez School will be moved south; and sidewalk seating (or a parklet) would be added along South Van Ness.
∙ Fresh & Easy Headed For The Mission, Could The Castro Be Next? [SocketSite]
∙ San Francisco Planning Commission Agenda: 2/23/12 [sf-planning.org]
Posted by socketadmin at 8:15 AM | Permalink | Comments (23) | (email story)
February 6, 2012
The Reskinned 680 Folsom Will Be Home To Riverbed In 2013
Along with the latest rendering for the $87 million remodel of 680/690 Folsom that's now underway which highlights the corner of Folsom and Third on which a new 15,000-square-foot retail or cultural building will rise, we’ve also got news that Riverbed Technology has leased a third of 680 Folsom on floors two through six of the twelve-story building.
The renovation of 680 Folsom is on track to be completed in late 2013, the Riverbed lease is for ten years.
∙ A Re-Skinning Crane Has Risen At 680 Folsom Street [SocketSite]
∙ Renovation Of 680/690 Folsom Slated To Get Going This November [SocketSite]
∙ The Latest Design For 680/690 Folsom: Back To The Bank [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (5) | (email story)
As Proposed To Start Rising At 2800 Sloat And Wawona By 2015
Approved for development in late 2008, but having failed to have broken ground within the required three-years, this week Planning will review a request to extend the right to build 56 new housing units and 23,000 square feet of commercial space with an open-air market at 2800 Sloat until 2015 (click either image to enlarge).
The approved proposal allowed the demolition of the three existing commercial buildings and the construction of a new mixed-use building totaling approximately 117,000 gross square feet, and a one-story building dedicated to commercial use that together will provide approximately 23,000 gsf of commercial space, four levels of residential occupancy with 56 dwelling units (consisting of 19 one-bedroom units, 24 two-bedroom units, and 13 three-bedroom units).
The proposed project includes a below-grade parking garage divided into two separated parking areas: one dedicated to 56 residential parking spaces and the other with 56 commercial spaces, for a total of 112 proposed off-street parking spaces and a residential bicycle storage area for approximately 25 bicycles...
The existing commercial buildings proposed for demolition currently house the Aqua Surf Shop, John's Ocean Beach Café and Robert's Motel.
The Planning Department recommends the Commission grant the extension to develop.
∙ 2800 Sloat Boulevard Plans and Request To Extend Development [sfplanning.org]
Posted by socketadmin at 10:30 AM | Permalink | Comments (12) | (email story)
February 3, 2012
Are You Feeling Lucky Bowlers? Well, Are You?
While currently a construction zone, according to a plugged-in tipster, Lucky Strike is aiming to open their doors at 200 King Street by the end of the month, filling a rather large retail hole in South Beach which was Mission Bay when Borders vacated back in 2010.
∙ The Incredible Shrinking Mission Bay (And Expanding South Beach) [SocketSite]
∙ Mission Bay South Beach Borders Closing Its Doors October 16 [SocketSite]
Posted by socketadmin at 3:00 PM | Permalink | Comments (24) | (email story)
Metreon 1.5 Opens Tomorrow (2.0 And Target In October)
The makeover of the Metreon kicked-off last May. Tomorrow, the new dining terrace and first wave of restaurants and retail will open for business with others following over the next six months. And in October, San Francisco’s first Target, an 85,000 square foot CityTarget with merchandise tailored for city-dwellers, including fresh groceries, will open as well.
∙ Metreon Makeover Breaks Ground Today [SocketSite]
∙ A Few More Metreon Makeover Facts [SocketSite]
Posted by socketadmin at 9:15 AM | Permalink | Comments (24) | (email story)
January 24, 2012
Converting 888 Brannan To Attract Tech Tenants (And Rents)
In 2010, the Planning Commission approved the conversion of 138,580 of the 423,133 square feet between the interconnected buildings at 850 Brannan and 870 Brannan, collectively known as the 888 Brannan GiftCenter and JewelryMart, from production, distribution and repair (PDR) to office use.
Foreclosed upon by Wells Fargo prior to conversion, SKS Investments acquired 888 Brannan for $36 million in 2011 and is now seeking approval to convert a total of 257,243 square feet from PDR to office use "suited to technology tenants."
The more prominent of the two buildings, 870 Brannan is the five-story reinforced concrete building on the corner of 8th and Brannan which was constructed in 1917 and is on the National Register of Historic Places and California Register of Historical Resources.
As part of the conversion, the exterior of 870 Brannan would be rehabilitated with repaired or replacement windows, behind which parking for 31 cars and 80 bikes will be added.
With the support of the Planning Department, and scheduled to be reviewed by the Commission this week, the sponsors hope to start reconstruction next month.
∙ Request and Plans for the redevelopment of 888 Brannan [sfplanning.org]
Posted by socketadmin at 7:30 AM | Permalink | Comments (5) | (email story)
January 10, 2012
Mission Bay Block 7 West Rendered With A Bi-Rite In Mind
Perhaps it's simply wishful thinking, but as a plugged-in reader notes, the designs for the affordable mixed-use rental building to rise on Mission Bay Block 7 along Fourth Street between China Basin and Mission Bay Boulevard were rendered with a Bi-Rite in mind.
The development brings 200 residences and 10,000 sf of neighborhood-serving retail to the developing area. The retail arcade wraps around the corner at Mission Bay Boulevard North, creating a lively interaction with the adjacent UCSF campus.
The large building steps down from four stories at the west side of the block to three stories toward the east. The massing is broken into discrete volumes to create a varied, interesting, and accessible street edge.
The building wraps around a large communal open space for gathering and relaxing. At the west side, a second-level podium courtyard tops the embedded garage; at the east a ground-level courtyard features a community pavilion with space and amenities for residents to gather, cook, or do laundry. The courtyard, while secure and protected, is visually open, providing glimpses of green to to passersby through the entryway.
Along China Basin, a landscaped pedestrian corridor provides access to the exterior units, which connect to the mews via raised porches.
A joint development between the Related Companies of California and the Chinatown Community Development Center, the project is currently slated to yield 72 one-bedrooms and 128 two-bedrooms with parking for 100 cars and twice as many bikes.
∙ The Future Fourth Street And Envisoned Hub Of Mission Bay [SocketSite]
∙ Mission Bay Neighborhood Block And Construction Watch [SocketSite]
∙ Mission Bay Block 7 West On The Boards [dbarchitect.com]
∙ Salesforce.com Campus Key Elements And Design Preview [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (22) | (email story)
January 9, 2012
A Re-Skinning Crane Has Risen At 680 Folsom Street
As a number of tipsters have noted, over the weekend a construction crane sprouted at 680/690 Folsom Street as the $87 million building overhaul we first showcased back in 2008 finally moves forward. As the re-skinned building will eventually appear:
Once renovated, the building will yield 505,000 square feet of office space and a public plaza on the corner of Folsom and Third Streets on which a new 15,000-square-foot retail or cultural building will also rise.
∙ Renovation Of 680/690 Folsom Slated To Get Going This November [SocketSite]
∙ Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]
Posted by socketadmin at 2:30 PM | Permalink | Comments (11) | (email story)
December 12, 2011
1401 California: Trader Joe's And CVS Authorization This Week
With Cala Foods lease at 1401 California expiring in nineteen days, the Prado Group goes before San Francisco’s Planning Commission on Thursday seeking authorization for their proposal to divide and modify the existing 30,087 square foot space to house a 14,578 square foot Trader Joe’s and a 10,956 square foot 24-hour CVS Pharmacy.
The Planning Department recommends approval with the condition that a "no queue" policy is enforced for vehicles attempting to enter the parking lot at 1401 California.
If a recurring queue occurs, the owner/operator of the parking facility shall employ abatement methods as needed to abate the queue. Suggested abatement methods include but are not limited to the following: redesign of facility layout to improve vehicle circulation and/or on‐site queue capacity; employment of parking attendants; installation of LOT FULL signs with active management by parking attendants; use of valet parking or other space‐efficient parking techniques; use of off‐site parking facilities or shared parking with nearby uses; use of parking occupancy sensors and signage directing drivers to available spaces; travel demand management strategies such as additional bicycle parking, customer shuttles or delivery services; and/or parking demand management strategies such as parking time limits, paid parking or validated parking.
The Prado Group plans to start six to nine months of construction in January.
∙ From Cala To Condos To Trader Joe's At 1401 California [SocketSite]
∙ 1401 California Conditional Use Application [sfplanning.org]
∙ From Cala Foods To "1401 California" By 2012 Or Bust As Proposed [SocketSite]
Posted by socketadmin at 6:30 AM | Permalink | Comments (29) | (email story)
November 23, 2011
155 Fifth Street Refacing, Renovation And Repurposing In The Works
The University of the Pacific has purchased the seven-story and 395,000 square foot building at 155 Fifth Street for $47 million with plans to reface, renovate and repurpose the building (five floors for university use, two floors to be leased) over the next two years.
As is currently envisioned for the building above and as currently exists below.
Posted by socketadmin at 10:30 AM | Permalink | Comments (3) | (email story)
November 21, 2011
Woot Woof!
Forget the bike storage and in-building showers, the feature of "San Francisco's First Green Office Conversion" at 543 Howard Street that caught our eye: the rooftop dog park.
Purchased for $6,600,000 in 1999, converted and refinanced in 2006 with a $17,500,000 loan to which a second mortgage for $4,500,000 was added in 2009, the roughly 23,000 square foot building at 543 Howard Street is scheduled to hit the San Francisco courthouse steps tomorrow with $18,588,582 now due on that first alone.
Posted by socketadmin at 4:15 PM | Permalink | Comments (8) | (email story)
Is That The Fat Lady We Hear Singing Over At CitiApartments?
Pledged as collateral on a number of loans which are now in default, it’s a plugged-in tipster that notes "the Debtors’ respective membership interests in the limited liability companies" which own the following properties are scheduled to be sold on December 12:
78 Buchanan Street
233-241 Church Street
252-258 Church Street
950 Franklin Street
1844 Irving Street
1401 Jones Street
2677 Larkin Street
2075-2083 Market Street
2099 Market Street
1870 Pacific Avenue
500 Stanyan Street
645 Stockton Street
1340-1360 Taylor Street
1320 Washington Street
1461-1465 Burlingame Avenue (Burlingame)
Some might recognize the 2099 Market Street adress as the headquarters of the group formerly known as CitiApartments and from which "Frank Lembi used to listen to opera on Wednesday evenings from his office on the mezzanine" according to our tipster.
UPDATE: As a reader quickly catches, it’s the Membership Interests in the LLCs that own the properties above which are being auctioned against $29,700,000 in mezzanine debt that’s in default and the properties listed above remain "encumbered by a deed of trust that secures the Property LLCs’ total aggregate indebtedness to a senior mortgage lender in the original principal amount of $103,300,000."
∙ CitiApartments Is No More! Well, Sort Of… [SocketSite]
∙ The Story (And Faces) Behind The Rise And Fall Of The Lembis [SocketSite]
Posted by socketadmin at 10:30 AM | Permalink | Comments (10) | (email story)
November 18, 2011
From Seals Stadium, To Strip Mall, To 1,800 Rental Units On 16th?
The site of the old San Francisco Seals Stadium until 1959 and currently home to a 227,000-square-foot strip mall anchored by a 60,000-square-foot Safeway, the Potrero Center at 2300 16th Street has been put up for sale.
Under the Eastern Neighborhoods rezoning, the nine-acre site at 2300 16th St. is part of a mixed-use district that allows for 85-foot heights. The site sits on the top of a hill on the border of the Mission District and Potrero Hill. The property has 704 parking spaces.
Whatever development occurs at the site would have to involve Safeway, which has a long-term lease on its 60,000-square-foot market. No redevelopment plan has been filed with the city’s planning department, although the firm Christiani Johnson Architects has done some preliminary drawings of what might be built on the site.
Based on the size of the site, a redevelopment could yield up to 1,800 apartments.
∙ Potrero Center for sale; 1,800 apartments eyed [Business Times]
Posted by socketadmin at 8:00 AM | Permalink | Comments (49) | (email story)
November 11, 2011
The Benefits Of Marijuana Sales (Versus Pet Food)
Next week San Francisco’s Planning Commission will review the application to open a Medical Cannabis Dispensary (MCD) at 5258 Mission Street.
Opposed by 234 individuals, the Planning Department recommends approving the application for 5258 Mission, in part because the project "will eliminate a vacant storefront in a neighborhood commercial corridor" and "provide local employment opportunities."
An application to open a Medical Cannabis Dispensary at 5234 Mission Street, three buildings away, has also garnered the Planning Department’s recommendation for approval, again, in part because the project "will eliminate a vacant storefront in a Neighborhood Commercial corridor" and "provide local employment opportunities."
Apparently, eradicating vacant storefronts in commercial corridors and providing local employment opportunities aren’t considered to be as beneficial when pet food is involved.
And hey, it will save the feds some gas should they decide to marijuana crack-down.
∙ 5258 Mission: Medical Cannabis Dispensary Discretionary Review [sfplanning.org]
∙ 5234 Mission: Medical Cannabis Dispensary Discretionary Review [sfplanning.org]
∙ PETCO Withdraws Application To Revitalize 5411 Geary [SocketSite]
∙ A Real (Estate) Attack On Medical-Marijuana Dispensaries [SocketSite]
Posted by socketadmin at 2:00 PM | Permalink | Comments (20) | (email story)
Approval For Landmark Metro Theater Conversion On Tap Next Week
With a reworked façade that’s been toned down a bit since that which was proposed in 2010, the request to convert the Landmark Metro Theater at 2055 Union Street into a gym, restaurant and retail appears to be headed for Planning’s approval next week.
The changes to the exterior envelope of the building as now proposed:
1. Installation of a total of eight new window openings at the third and fourth floor levels of the front façade. The windows would align with the historic window openings below and would be within the recessed plaster panel, which is a remnant of the 1924 façade design.
2. Installation of six new window openings at each of the east and west secondary facades with one window at the third floor level and five windows at the fourth floor level.
3. Replacement of the aluminum‐frame storefront systems with new aluminum‐framed storefronts with a painted finish. The storefronts would have a minimum 8‐inch‐tall bulkhead at the base and would have framed display windows and doors. The bulkhead would be clad with tile.
4. Installation of metal, pin‐mounted, halo‐lit retail tenant signage at both storefronts between the plaster stringcourse and the transom windows; installation of the fitness center tenant signs (“Equinox”) in metal lettering on both sides of the historic marquee; installation of message signage in metal lettering on the face of the historic marquee; installation of two “Equinox” metal, pinmounted, halo‐lit vertical signs at the inner wall of the foyer space; and, installation of metal, pinmounted, halo‐lit “Equinox” logos in two locations flanking the second‐story windows. The historic blade sign with the “Metro” copy would remain.
5. Replacement of the non‐historic entrance doors with new entrance doors and restoration of the exterior foyer. The footprint of the restored foyer would align with the historic coffered ceiling above. The coffered ceiling would be removed and reconstructed approximately 1.5‐foot lower to accommodate the new second floor plate and the re‐graded ground floor.
6. Installation of an elevator penthouse, mechanical equipment, and a skylight at the roof. The height of the elevator penthouse would be limited to 55 feet above grade (or approximately 7 feet about the existing roof parapet height) and the height of the mechanical equipment and skylight would be limited to 50 feet above grade (or approximately 2 feet about the existing roof parapet height).
A drafted condition for Planning’s approval: That the two "Equinox" logo signs at the second floor level will be removed from the proposal (see point number four above).
As the Metro Theater which has been shuttered since 2006 currently appears:
∙ The Proposed Façade For The Landmark Metro Theater At 2055 Union [SocketSite]
∙ Union Street’s Metro Theater: Saving Its Skin In Order To Un-Shutter [SocketSite]
Posted by socketadmin at 10:30 AM | Permalink | Comments (0) | (email story)
November 4, 2011
It's Time To Whet Our Weekend Whistles
It was fifteen months ago we first reported the Biergarten in the works for Parcel L, part of the Proxy project along Octavia Boulevard. Now open Wednesday through Sunday from three to nine, and with the sun having broken through the morning clouds, it seems an appropriate way to whet our weekend whistles this week.
∙ Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia) [SocketSite]
∙ The Evolution Of EnvelopeA+D’s Proxy Project For Parcels K+L [SocketSite]
Posted by socketadmin at 3:15 PM | Permalink | Comments (20) | (email story)
November 3, 2011
Have No Fear, Red’s To Remain In Place For The America’s Cup
While it might have been obscured in the race venue renderings, have no fear, Red’s Java House will in fact remain in place when the America’s Cup sails into town.
∙ Comments: Rendering Scoop: San Francisco's Major America’s Cup Venues [SocketSite]
Posted by socketadmin at 10:45 AM | Permalink | (email story)
October 28, 2011
Wiener’s Proposed Public Weiner (And Ass) Ordinance
On the agenda for San Francisco’s Board of Supervisors next week, a vote on the Supervisor Wiener’s proposed ordinance regulating public nudity in restaurants and public seating areas.
As proposed, the ordinance would amend San Francisco Police Code Section 1071.1 to:
1) prohibit public nudity in restaurants; and
2) prohibit sitting on public benches or public seating areas without clothing or some other separate material between the person's genitals, buttocks, or anal region and the seating surface.
If nothing else, it’s something to consider before you grab a parklet seat at lunch.
∙ San Francisco Board of Supervisors Agenda: November 1, 2011 [sfbos.org]
∙ Soon To Be Sitting Pretty In A Series Of New Plazas And Parklets [SocketSite]
Posted by socketadmin at 7:45 AM | Permalink | Comments (20) | (email story)
October 26, 2011
The New Plans And Latest Recommendations For Japantown
With the grand plans for a complete redevelopment of San Francisco’s Japan Center Mall and Peace Plaza waylaid by the economy back in 2008, a Japantown Organizing Committee has been exploring the possibility of forming a Community Land Trust (CLT) to acquire the property from 3D Investments and team with a development partner to renovate the mall, making it "more user-friendly, landscaped with plantings characteristic of Japanese gardens and [incorporating] Japanese style lighting and signage."
Assuming 3D would be willing to sell for $22,500,000 having paid $19,700,000 for the parcels in 2006, and assuming the ability to secure financing, the CLT would likely need to attract philanthropic funding/grants of between $5.1 million to $7.1 million, and raise average exisiting rents by up to 50 percent, in order to make the project "pencil."
On Thursday, Planning is scheduled to present the latest recommendations for moving forward with the redevelopment of Japantown to the Planning Commission, the plan for which plugged-in people can get a sneak peek (click any of the images to enlarge).
∙ The 4 Design Concepts For The Future Of San Francisco’s Japantown [SocketSite]
∙ Japantown’s Better Neighborhood Plan Update: Draft Acknowledged [SocketSite]
∙ Japantown Community Planning Process and Initial Recommendations [sfplanning.org]
Posted by socketadmin at 9:00 AM | Permalink | Comments (21) | (email story)
October 24, 2011
PETCO Withdraws Application To Revitalize 5411 Geary
As we wrote when we first reported the Planning Department's recommendation against allowing an Unleashed by PETCO to open at 5411 Geary Boulevard:
No word on who the Department or opposing neighbors have lined up to take over the lease in place of Unleashed, a storefront that has been vacant and contributing to the character of the neighborhood as pictured above for the past five years.
PETCO has since withdrawn their application to renovate and reopen the long shuttered storefront at 5411 Geary. And as far as we know, no other tenant is waiting in the wings.
∙ Target On Geary, Yea! Unleashed By PETCO On Geary, Nea! [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (11) | (email story)
October 7, 2011
A Real (Estate) Attack On Medical-Marijuana Dispensaries
Perhaps poked by last year’s failed initiative to legalize marijuana for personal use in California, Federal prosecutors are cracking down on medical-marijuana dispensaries, leaning on landlords by way of forfeiture laws to do their dirty work.
Landlords for several dispensaries are being sent letters saying they face jail time if they don’t evict the pot shops, the U.S. Attorneys from Sacramento, San Diego, Los Angeles and San Francisco said today at a press conference in Sacramento. Prosecutors are also targeting large-scale growers and distributors.
In California, the first state to permit marijuana for medical use, about 400,000 people use pot on a daily basis, according to the Board of Equalization, the state’s tax administrator. The clinics have annual revenue of as much as $1.3 billion and produce sales taxes of as much as $105 million, said Anita Gore, a spokeswoman.
“While California law permits collective cultivation of marijuana in limited circumstances, it does not allow commercial distribution through the store-front model we see across California,” said Andre Birotte, the U.S. Attorney in Los Angeles.
Prosecutors said the crackdown involves civil forfeiture lawsuits against properties allegedly used in drug trafficking, letters of warning to clinic operators and landlords, and criminal indictments that charge six people with marijuana trafficking in Southern California.
∙ The Day After: November 2 Real Estate Related Election Results [SocketSite]
∙ Pot-Clinic Crackdown Under Way: Prosecutors [Bloomberg]
Posted by socketadmin at 2:45 PM | Permalink | Comments (13) | (email story)
October 5, 2011
The Plan For San Francisco's Tallest Tower And Transit Center District
At the center of the 145 acre Transit Center District, the proposed Transit Tower to be on Mission between First and Freemont will rise 920 feet to its roof and 1,070 feet including its sculptural element, becoming the City’s tallest structure (1,000 feet to the highest enclosed space) and yielding 1.3 million square feet of office and 16,500 square feet of retail.
Currently zoned for heights ranging from 30 to 550 feet, as plugged-in people know, in addition to the the Transit Tower the Transit Center District Plan would allow for an additional six buildings to rise over 550 feet and up to 850 feet on First bewteen Stevenson and Elm Alley.
∙ The Grand Plan For A San Francisco "Transit Center District" [SocketSite]
∙ Transit Center District Plan and Transit Tower [sfplanning.org]
∙ San Francisco’s Transit Center District Plan: EIR Notice Of Preparation [SocketSite]
∙ A Trio Of Renzo Piano SOM Towers At 50 First Street As Proposed [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (23) | (email story)
October 3, 2011
A Three Year Extension For Three Hundred Grant As Proposed
Approved for redevelopment in 2008, on Thursday the project sponsor behind the building of a 10-story building with 45 dwelling units over 16,000 square feet of first and second floor retail at 300 Grant Street will seek a three year extension to raze the two buildings which currently sit on the site ("due to the continuing weakness in the real estate market and the associated difficulties in securing financing") and start building anew.
The Planning Department recommends the extension. And as the site currently appears:
∙ The New And Improved (And Approved) Design For 300 Grant Avenue [SocketSite]
∙ The Proposed Sixty-Six Forty-Five Condos (And Parking) Of 300 Grant [SocketSite]
Posted by socketadmin at 3:00 PM | Permalink | Comments (3) | (email story)
September 30, 2011
Renovation Of 680/690 Folsom Slated To Get Going This November
We first showcased the proposed redesign of 680/690 Folsom back in 2008. In 2010, an equity partner in the project deeded their interest in the building back to Wells Fargo but has since been replaced by Rockwood Capital. And now, TMG Partners is expected to start the $87 million renovation of 680/690 Folsom in two months.
The renovated building will yield 505,000 square feet of commercial space and a new public plaza on the corner of Folsom and Third streets, "where there eventually will be a new 15,000-square-foot retail or cultural building constructed" (see rendering above).
∙ Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]
∙ Additional Details To Go With The Glassy Design: 680/690 Folsom [SocketSite]
∙ The Latest Design For 680/690 Folsom: Back To The Bank [SocketSite]
∙ TMG ready to roll on $87M project [San Francisco Business Times]
Posted by socketadmin at 7:30 AM | Permalink | Comments (8) | (email story)
September 15, 2011
CVS Slated To Start Construction At Market And 7th in 2012
Speaking of mid-market developments around 7th Street, a plugged-in reader reports: "CVS will begin construction on a new store at the corner of Market and 7th Streets in August 2012. The check cashing outlet, barbershop, and restaurant will close." Cheers.
∙ 67 Units For Young Professionals Between 6th And 7th As Proposed [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (21) | (email story)
September 8, 2011
Speaking Of Mega-Yachts And Ellison's America's Cup Thing...
Speaking of mega-yachts, from the Business Times with respect to Pier 38:
The Port of San Francisco is evicting a cluster of technology companies and a venture capital firm from Pier 38 after wrestling control of the property from a man the city contended leased space to subtenants without authorization.
Tenants, including popular WordPress blogging maker Automattic Inc., the Dogpatch Labs technology incubator run by Massachussetts-based Polaris Venture Partners, 99 Designs and others, have been given until Sept. 30 to vacate the premises, which are located just north of the San Francisco Giants’ ballpark and the Caltrain station.
The eviction notices delivered Tuesday afternoon follow the Port's recent victory in its lawsuit to regain control of the decaying Pier from Carl Ernst and his Pier 38 Maritime Recreation Center Inc., with whom the Port has sparred repeatedly over a more than 15 year period.
Ernst claims Port officials have purposely frustrated his attempts to develop Pier 38 because they want to steal his vision for developing the property into a home for mega-yachts.
Port spokeswoman Renée Dunn said this week's evictions were prompted by safety concerns regarding Pier 38 that were identified by the city Fire Marshal and outside experts.
From Automattic's CEO: "There might be perfectly good reasons why they’re doing this, but because they are not talking about it, there’s all kinds of conspiracy theories forming that they just want to give the pier to Larry Ellison for his America’s Cup thing."
∙ San Francisco Port evicts tech tenants from Pier 38 [Business Times]
∙ A Temporary Site That Could Become A Permanent Fixture [SocketSite]
∙ San Francisco’s Last Minute Giveaways To Get The America’s Cup [SocketSite]
Posted by socketadmin at 8:15 AM | Permalink | Comments (7) | (email story)
September 7, 2011
Permits Pulled To Raze And Rebuild At 350 Mission
Having survived an interesting appeal, permits to demolish the existing four-story building at 350 Mission and construct a 350 foot tower in its place have been pulled which is the opposite of withdrawn in construction speak.
∙ 350 Feet At 350 Mission (And San Francisco’s Planning Commission) [SocketSite]
∙ EIR Today, Heald Gone Tomorrow At 350 Mission As Proposed [SocketSite]
∙ More Than Meets The Eye Behind The Opposition To 350 Mission? [SocketSite]
∙ GLL getting closer to construction at 350 Mission in San Francisco [Business Times]
Posted by socketadmin at 8:15 AM | Permalink | Comments (9) | (email story)
August 11, 2011
It’s Back To The Bank (And Hopefully Drawing Boards) For 524 Howard
As plugged-in people know, the parking lot at 524 Howard has been facing foreclosure with an estimated $23,038,931 owed. The site was approved for developement twenty-two years ago, the rights for which could soon be lost.
And as a plugged-in tipster notes, on Wednesday the parcel went back to the bank with no bidders at $5,000,000 cash on the courthouse steps.
∙ 524 Howard: Approved Twenty-Two Years Ago And Still A Lot Today [SocketSite]
∙ Two More Years To Park At 524 Howard (And Perhaps Much Longer) [SocketSite]
∙ Five Million In Cash Versus Twenty-Three Million Owed [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (8) | (email story)
July 29, 2011
Targeting Spring 2013 For Unanimously Approved City Center Target
Target’s application to open a 120,000 square foot store "offering clothing, personal accessories, household goods, including home furnishings, electronics and groceries" in the City Center development at the corner of Geary and Masonic was unanimously approved by Planning last night. The location could be open by Spring 2013.
∙ Proposed City Center Target Design (And Full Meeting) Scoop [SocketSite]
∙ Second San Francisco Target gets unanimous approval [Business Times]
Posted by socketadmin at 4:00 PM | Permalink | Comments (9) | (email story)
July 27, 2011
Target On Geary, Yea! Unleashed By PETCO On Geary, Nea!
While the Planning Department recommends the Planning Commission approve the request to open the formula retail known as Target at 2675 Geary, the Department recommends the Commission disapprove the request to open the formula retail known as Unleashed by PETCO at 5411 Geary, the site of a former formula Walgreens.
The Department’s reasoning:
The proposed new use will not provide a development that is necessary or desirable with the surrounding neighborhood. There are a number of pet stores and services within the area, including two smaller locally-owned pet supply stores in the immediate vicinity and several others within two miles of the subject site, making the proposed use unnecessary.
The subject area has a large concentration of formula retail establishments, and adding another formula retail store will only increasing this concentration.
The neighborhood is well served by smaller locally owned pet stores and a larger destination formula retail pet supply store (Pet Food Express, on California Street near Presidio Avenue).
The proposed formula retail establishment could have a negative impact on existing neighborhood character by displacing smaller local stores that provide similar products and services.
No word on who the Department or opposing neighbors have lined up to take over the lease in place of Unleashed, a storefront that has been vacant and contributing to the character of the neighborhood as pictured above for the past five years.
∙ Proposed City Center Target Design (And Full Meeting) Scoop [SocketSite]
∙ Request for Conditional Use Authorization For Unleashed at 5411 Geary [sfplanning.org]
Posted by socketadmin at 11:30 AM | Permalink | Comments (19) | (email story)
July 22, 2011
Proposed City Center Target Design (And Full Meeting) Scoop
As we first reported earlier this week, this coming Thursday the Planning Commission will hear Target’s request to open a 106,000 t0 120,000 square foot store "offering clothing, personal accessories, household goods, including home furnishings, electronics and groceries" in the City Center development at the corner of Geary and Masonic.
Target’s stated design goals for the project (click either image to enlarge):
Activate the street edges to make the building pedestrian friendly and contribute to an active street life
1. Increase the amount of street-front display windows along Masonic Ave.
2. Maintain and add display cases along the Geary elevation to create activity, visual interest and pedestrian scale.
3. Refurbish the base building materials to provide a higher quality, durable pedestrian environment.
4. Rehabilitate grade level planters and plantings along Geary Blvd.
5. Explore building-mounted, pedestrian scale lighting.
Apply elements to the facades to moderate the building’s bulky scale and give it an updated appearance
1. Add blade sign elements appropriate to the Mid-Century Modern character of the building that introduce rhythm, color and movement to the facades along Geary Blvd.
2. Add screen elements to key facade areas that provide contemporary hints of warmth, color and texture to the building.
3. Repaint the building in a new color scheme that emphasizes 1.g texture and articulation over monotonous bulk.
Create a more sustainable building
1. Update and reuse the existing building, employing recycled materials whenever possible.
2. Enhance bicycle parking and storage.
Add landscaping to soften the environment
1. Vines at existing retaining walls.
2. Add drought-tolerant plants.
3. Replace landscape in existing planters
The Planning Department recommends the Commission approve the request.
∙ Target Prepares For Planning Vote On Geary Store Next Week [SocketSite]
∙ YIMBY's Set Their Sights On A Target At Geary And Masonic [SocketSite]
∙ One Word: Target. Okay, Five: Target At Geary And Masonic? [SocketSite]
Posted by socketadmin at 5:15 PM | Permalink | Comments (16) | (email story)
Hmm, We Wonder Who That Could Be...
As a plugged-in tipster catches, according to Andy Graiser, co-president of DJM Realty, a "big not for profit real estate art company in San Francisco" has expressed early interest in taking over at least one of Borders' leases in San Francisco.
∙ Graiser Says Border's Retail Spaces Attracting Interest [youtube.com]
Posted by socketadmin at 12:15 PM | Permalink | Comments (15) | (email story)
July 20, 2011
Target Prepares For Planning Vote On Geary Store Next Week
The request for authorization which would allow Target to develop and open a 120,000 square foot "formula retail" store in the City Center development at the corner of Geary and Masonic has been scheduled to be heard by Planning next week.
The proposed project, to occupy a portion of the former Mervyn’s and Good Guys stores, will consist of approximately 106,000 square feet of retail space, with a potential to add an additional 14,000 square feet if vacant space becomes available within the shopping center, for a project total of approximately 120,000 square feet.
The proposal involves interior remodeling work as well as exterior improvements including signage, which would require the creation of a Special Sign District. The existing City Center shopping mall has approximately 601 off-street parking spaces and five loading spaces; no additional parking or loading spaces are required or proposed.
As always, we’ll keep you posted and plugged-in.
∙ YIMBY's Set Their Sights On A Target At Geary And Masonic [SocketSite]
∙ One Word: Target. Okay, Five: Target At Geary And Masonic? [SocketSite]
Posted by socketadmin at 10:45 AM | Permalink | Comments (19) | (email story)
July 15, 2011
San Francisco’s Commercial Market Drives Transfer Tax Boom
Driven by a 66 percent increase in commercial transactions (from 90 to 149 sales valued at $5 million or more), and Proposition N which created a new tax bracket for properties transacting for $5 million or more (which resulted in an additional $14 million in revenue alone), San Francisco collected $135 million in transfer tax revenue in fiscal year 2010/2011, exceeding budget forecasts by $64 million and up 39 percent year-over-year.
∙ The Day After: November 2 Real Estate Related Election Results [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (6) | (email story)
July 11, 2011
No Need To BYOB To Bowl In The Mission As Proposed
As the San Francisco Planning Code reads with respect to the Mission Alcoholic Beverage Special Use Subdistrict:
There is an unusually large number of establishments dispensing alcoholic beverages, including beer and wine, for both on-site and off-site consumption in this area. The existence of this many alcoholic beverage establishments appears to contribute directly to numerous peace, health, safety and general welfare problems in the area, including loitering, littering, drug trafficking, prostitution, public drunkenness, defacement and damaging of structures, pedestrian obstructions, as well as traffic circulation, parking and noise problems on public streets and neighborhood lots.
The existence of such problems creates serious impacts on the health, safety and welfare of residents of nearby single- and multiple-family areas, including fear for the safety of children, elderly residents and of visitors to the area. The problems also contribute to the deterioration of the neighborhood and concomitant devaluation of property and destruction of community values and quality of life. The number of establishments selling alcoholic beverages and the associated problems discourage more desirable and needed commercial uses in the area.
In order to preserve the residential character and the neighborhood-serving commercial uses of the area, there shall be a Mission Alcoholic Beverage Special Use Subdistrict to prohibit new establishments, or expansion of existing establishments, selling alcoholic beverages for the property in the area generally bounded by Guerrero Street, San Jose Avenue, Randall Street, Mission Street, Cesar Chavez Street, Potrero Avenue and Fourteenth Street.
Exemptions for "Bona Fide Restaurants" and "Non-Profit Theaters" are already on the books. And as proposed and sponsored by Supervisors Kim and Wiener, an amendment to allow "Bowling Alleys" in the Mission to serve alcoholic beverages will be added as well, paving the way for the proposed Mission Bowling Club at 3176 17th Street.
∙ Ordinance Permitting Bowling Alleys To Serve alcohol In The Mission
Posted by socketadmin at 7:00 AM | Permalink | Comments (17) | (email story)
June 29, 2011
From Cala To Condos To Trader Joe's At 1401 California
As we wrote in 2009:
Clearing up some confusion with respect to the current home of Cala Foods at 1401 California, the grocery store’s lease ends on December 31, 2010 (not 2009).
And if all goes as the Prado Group (think 2001 Market) plans, demolition will start soon thereafter and in its place will rise around 107 residential units over 30,000 square feet of retail including a replacement "neighborhood-serving grocery store."
And it didn’t (go as planned). Instead, renovations versus razing is expected to commence this coming January with a 14,000 square foot Trader Joe's in place by the end of 2012.
As the now defunct project had last been proposed to look (click on images to enlarge):
∙ From Cala Foods To "1401 California" By 2012 Or Bust As Proposed [SocketSite]
Posted by socketadmin at 7:45 AM | Permalink | Comments (30) | (email story)
June 23, 2011
A Bit Of (Unnecessary) Salesforce Saber Rattling
From the Wall Street Journal today with respect to the proposed designs for Salesforce’s new global headquarters campus in Mission Bay:
Renderings of the Salesforce.com campus, released earlier this month, feature a flashy design. A public square is anchored by a hot-pink Jumbotron video screen.
"That was my idea," Mr. Benioff, the Salesforce.com CEO, said of the screen. "Putting something like that there can add a lot of energy." The Jumbotron could be used for things such as employee presentations and public entertainment, he said.
Salesforce.com is hoping for design-review approval from the city by September. "If we can't get the approvals we could also end up somewhere else," Mr. Benioff said.
The redevelopment agency's Ms. Kahn said that while she didn't anticipate problems with the design review, the pink Jumbotron might face additional environmental scrutiny. Overall, Ms. Kahn said, "we're generally, based on what we've seen, pleased."
And in the words of JK Dineen:
Let's be real. It’s highly unlikely that the redevelopment agency board, which has rubber stamped pretty much everything that has been proposed for the 303-acre Mission Bay campus, will give Salesforce a hard time. We are talking about 10,000 Salesforce jobs. We are talking about at least $700 million of 100 percent union construction over the next five years. In Marc Benioff we are also talking about a philanthropic superstar who, along with his wife, donated $100 million for the UCSF Hospital that is driving much of the investment into Mission Bay.
∙ Designs For Salesforce's Global Headquarters Complex in Mission Bay [SocketSite]
∙ A Bit Of Color On (And For) Salesforce's Campus In Mission Bay [SocketSite]
∙ Mission Bay Prepares for Makeover [WSJ]
∙ Salesforce CEO: approve our HQ plan, or else... [Business Times]
∙ The Building Of UCSF’s New Mission Bay Medical Center Is Underway [SocketSite]
Posted by socketadmin at 3:45 PM | Permalink | Comments (19) | (email story)
June 22, 2011
Fresh & Easy & Opening Today At Ten In San Francisco
As the Fresh & Easy Buzz correctly reported to expect (and corrected our overly optimistic construction worker’s account), San Francisco’s first Fresh & Easy opens its doors the corner of Clement and 32nd Avenue this morning at 10am.
The Fresh & Easy at 5800 Third Street is on track for a late August opening. And as was expected, the company has officially inked a lease for the shuttered DeLano's Market location at 1245 South Van Ness in the Mission.
UPDATE: A plugged-in tipster reports that as part of the grand opening weekend, Fresh & Easy will be hosting a free BBQ from 4-6pm this Saturday (6/25).
∙ Fresh & Easy Plans to Open First San Francisco Store June 22 [Fresh & Easy Buzz]
∙ San Francisco's First Fresh & Easy Should Open Second Week In May [SocketSite]
∙ 5800 Third Street Scoop: Sales, Restaurants, And Fresh & Easy Soon [SocketSite]
∙ Fresh & Easy Headed For The Mission, Could The Castro Be Next? [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (17) | (email story)
June 14, 2011
If You Have To Ask (Or If You Did): The Fairmont Edition
Following the failed bid to convert up to 286 of the hotel’s rooms to condominiums, the storied 591-room Fairmont San Francisco hotel is being put up for sale without an official asking price but we'd be willing to bet a bit of "guidance."
∙ Fairmont Hotel Redevelopment Plan Checks Out Early [SocketSite]
∙ Fairmont San Francisco Luxury Hotel to Be Put on the Market [Bloomberg]
Posted by socketadmin at 3:30 PM | Permalink | Comments (13) | (email story)
June 10, 2011
And Cha-Ching Says Mr. Ting...
"Jones Lang LaSalle Research Director Colin Yasukochi said he expects [downtown office building] sales volume this year to surpass 2006, when $3.6 billion in office property changed hands. More than $8 billion changed hands in 2007, over half of that a huge portfolio of properties which sold twice in six weeks."
∙ San Francisco building sales rocket toward $4B [Business Times]
Posted by socketadmin at 8:45 AM | Permalink | Comments (0) | (email story)
June 7, 2011
Two More Years To Park At 524 Howard (And Perhaps Much Longer)
As we wrote in March with respect to 524 Howard Street, a 311-foot tall, 23-story building with 199,965 gross square feet of office space which was first approved back in 1989:
Since 2007, "the sponsor has not diligently pursued the necessary building permit approvals or otherwise sought to complete the project" and the existing parking lot has been operating without authorization. Tomorrow, the Commission will consider a request to re-authorize use of the site as a parking lot for another two years.
At the same time, the Commission will also hear an overview of the entitlement history for 524 Howard, after which "the Commission may wish to provide feedback to Department staff as to whether a future public hearing should be scheduled to consider revocation or extension of the previous approvals for office development at 524 Howard Street."
Keep in mind that San Francisco’s Planning Code states, "Construction of an office development shall commence within eighteen (18) months of the date the project is first approved. Failure to begin work within that period, or thereafter to carry the development diligently to completion, shall be grounds to revoke approval of the office development."
While the Commission approved the request to authorize the operation of this existing parking lot for an additional two years, tomorrow they will review the recommendation to revoke the office space allocation for the long-approved building on the property.
∙ 524 Howard: Approved Twenty-Two Years Ago And Still A Lot Today [SocketSite]
∙ Recommendation to Revoke Office Allocation: 524 Howard [SocketSite]
Posted by socketadmin at 3:00 PM | Permalink | Comments (1) | (email story)
June 6, 2011
48 Tehama’s Right To Build Ready To Be Revoked
Ten years ago San Francisco’s Planning Commission approved the construction of a new, 194-foot tall mixed-use building to rise at 48 Tehama, currently a 4,000 square foot surface area parking lot. As approved, the building would have contributed almost 50,000 square feet of office space, with seven off-street parking spaces below and three full-floor residential units of over 3,000 square feet above.
In 2005, an application was filed to ditch the commercial component of the development and build 63 residences instead. But in 2008 the application to secure a building permit for the modified project was withdrawn.
Having failed to secure building permits for either the original or modified project, on Thursday the Planning Commission will review a recommendation to revoke the approved allocation and right to build 49,300 square feet of office space at 48 Tehama as governed by the Office Development Annual Limit Program.
∙ 48 Tehama: Office Allocation Revocation [sfplanning.org]
Posted by socketadmin at 1:45 PM | Permalink | Comments (0) | (email story)
June 2, 2011
Comcast Ventures Lands At The Corner Of Kearny And Market
Comcast Ventures, a $750 million fund focusing on "early to late-stage businesses that represent the next generation of entertainment, communications and digital technology," has just inked a lease for 9,338 square feet on the tenth floor of One Kearny Street, relocating the division from Comcast’s headquarters in Philadelphia, Pennsylvania.
Posted by socketadmin at 4:15 PM | Permalink | Comments (5) | (email story)
May 23, 2011
Petco Barks, Will It Come Back To Bite?
The proposed ordinance prohibiting "formula retail pet supply stores" along Geary Boulevard didn’t just catch our attention in March, but the attention of Petco as well, the formula retail at which the ordinance was aimed:
Petco sent a letter to Mar and the City Attorney’s Office calling the proposal illegal. "We believe the proposed ordinance exceeds the city’s police power, infringes on the project sponsor’s equal protection rights and, if enacted, would be invalid under federal and state law," said the letter from Andrew Junius, of the Rueben and Junius law firm, which is representing Petco.
Despite Petco’s legal questions, the bill moved forward in the legislative process with a unanimous vote of support from the Small Business Commission on May 9. "I don’t know if it’s going to get all the way to the Supreme Court ... to find out if it’s legal or not," commission President Luke O’Brien said. "I don’t think that we are going to turn this down because we are afraid that it’s not legal. I think we’ll take our chances on that."
City Attorney spokesman Jack Song said of the proposed legislation that "we are confident that we will reach an outcome that is legally sound and in the best interests of The City."
∙ Formula Food For You But Not For Fido Along Geary As Proposed [SocketSite]
∙ Petco vows legal fight over effort to ban pet-store chains on Geary [Examiner]
Posted by socketadmin at 7:45 AM | Permalink | Comments (10) | (email story)
May 12, 2011
Plans To Build Six Stories At 376 Castro Back In Play
It’s been seven years since plans to raze the gas station on the northwest corner of the intersection of Castro, Market and 17th streets was filed with planning, plans which proposed to build a mixed-use building with twenty-four residential units over three thousand square feet of ground floor commercial space and parking underground.
Back in play according to the Eureka! neighborhood newsletter, designs for the proposed six-story building to rise at 376 Castro are a few weeks away from being revealed (or perhaps sooner if any plugged-in tipsters care to leak liberate share some rendering love).
And Castro plaza (and perhaps Lime...) goers take note, while it’s likely to be a few years until anything new starts to rise at 376 Castro, an application to park a Taqueria Quadulupe truck on site for at least a year was approved last week.
∙ Soon To Be Sitting Pretty In A Series Of New Plazas And Parklets [SocketSite]
∙ There Goes The Neighborhood... [SocketSite]
Posted by socketadmin at 8:15 AM | Permalink | Comments (32) | (email story)
May 9, 2011
228-240 Post Scheduled For A Less High-Profile Sale
From the press release when the Festival Retail Fund acquired the four-story building at 228-240 Post between Grant and Stockton for $70 million in July 2007:
"A combination of strong sales, a vibrant tourism market and high hotel occupancies have created very strong interest in the Union Square Retail District, which records overall gross sales second only to Manhattan," said Rosalind J. Schurgin, Fund Principal and Festival Companies Executive Vice President "This purchase places us prominently on…one of the most prestigious street within the Union Square Retail District, affluent retail corridors in the nation exemplifying the Fund’s objective of identifying opportunities that present tremendous value in street front retail."
In default for the past four months on a $59,850,000 note, 228-240 Post is scheduled to be auctioned on the steps of San Francisco’s courthouse Wednesday afternoon.
Posted by socketadmin at 10:30 AM | Permalink | Comments (11) | (email story)
May 6, 2011
A Few More Metreon Makeover Facts
Westfield is investing $30 million in the Metreon’s makeover.
A new Dining Terrace will feature 470 interior seats behind three stories of glass facing Yerba Buena Gardens. Additional seats will be added along the exterior of Metreon. An active retail and dining promenade will be created along Mission and Fourth.
Street level and Dining Terrace food offerings will include: La Boulange Bakery; Best of Burger; So Green Yogurt; Chipotle; San Francisco Soup; Mixt Green’s; Brandy Ho’s; Sorabol Korean BBQ; Firewood Grill; Jillian’s; Buckhorn Grill; and Sanraku.
The second floor will be home to the 85,000 square foot CityTarget store which will offer a selection of merchandise tailored for city-dwellers, including fresh grocery offerings. A two-story glass entrance on Mission Street will take visitors directly into the new CityTarget.
AMC Theatres, Jillian’s and Sanraku will remain open during construction. City View, the new fourth floor event space, will open in September 2011. The first floor and Dining Terrace are scheduled to open early in 2012, Target will open in late 2012.
∙ Comments: Metreon Makeover Breaks Ground Today [SocketSite]
Posted by socketadmin at 9:15 AM | Permalink | (email story)
May 5, 2011
Metreon Makeover Breaks Ground Today
The makeover of the Metreon breaks ground today. The expansion and relocation of the Metreon’s food court which will overlook Yerba Buena Gardens should be done by the end of the year while San Francisco’s first Target remains on target for a spring 2012 opening.
∙ Target + Metreon = (Twenty-Two Foot) Bull's-Eye In 2012 [SocketSite]
Posted by socketadmin at 8:45 AM | Permalink | Comments (51) | (email story)
May 4, 2011
Tech Job Quote Triptych
"By the end of last year, San Francisco had an estimated 30,700 tech jobs, just shy of the 32,800 around the peak in early 2001...In Silicon Valley, tech positions reached 106,300 in the fourth quarter, nearing the 112,700 crest."
"Jobs in the [tech] industry now account for 16.6 percent of private-sector employment in San Francisco, up from a low of 12.5 percent in September 2003...Tech represents 25.2 percent of employment in Silicon Valley, up from 24 percent in December 2006."
"For the most common type of office buildings in SoMa, average rents climbed 16.4 percent to nearly $33.50 per square foot [last year], as vacancy plummeted from 17.4 percent to 8 percent."
∙ Tech jobs near all-time highs, fuel office-space boom [SFGate]
Posted by socketadmin at 8:15 AM | Permalink | Comments (59) | (email story)
Amber India Aiming For 680 Valencia (And Sidewalk Seating)
With a street front commercial space that’s sat vacant for nearly a decade, tomorrow San Francisco’s Planning Commission will weigh in on the request to convert the entire ground floor of 680 Valencia into a full-service 5,225 square foot Amber India Restaurant with 204 seats indoors and 12 seats outdoors along a modified front facade (click to enlarge).
No word from the residents on the top floor although a neighbor writes and wonders:
The 18th St. and Valencia area has seen a rapid growth in destination bars and restaurants without adequate traffic and parking abatement. A largely residential neighborhood has become noisy in the evenings. People out drinking urinate on my home on a near nightly basis. Thankfully, the rear of my apartment remains relatively quiet.
The proposed restaurant will share a backyard with several large residential buildings, including a facility for seniors. I and several of my neighbors are quiet concerned about increases in noise levels and cooking fumes. During refurbishing of the building the rear area of the building became a shop with power tools running constantly. Given that this business will likely have its busiest times during evenings and weekends it is likely to create a large noise disturbance for residents of this block. How will this business ensure that it will not negatively affect the quality of life of those residents on this block with noise (and odor)?
The Planning Department supports the project with conditions to control noise and odor.
∙ 680 Valencia Street: Amber India Hearing [sfplanning.org]
Posted by socketadmin at 7:30 AM | Permalink | Comments (21) | (email story)
April 15, 2011
OMG! ODC Connected Appeal Of 17th And Folsom Park Is Withdrawn
As a few plugged-in readers report, the appeal against the proposed park at 17th and Folsom which was filed by a board member and past President of the neighboring ODC Dance Center (which is building a new center cater-corner to the park), has been withdrawn.
∙ Parking Not Parks! (A Less Popular Mission District Bumper Sticker) [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | (email story)
April 11, 2011
350 Mission Appeal Take Two And Telling Board Vote(s)
Continued from the Board of Supervisor’s meeting on March 29 along with the appeal of the proposed Park Merced project which as a plugged-in reader reports was "punted to a closed session hearing on May 24," tomorrow the appeal of the Environmental Impact Report (EIR) for the proposed 350-foot commercial tower at 350 Mission is back in front of San Francisco’s new Board of Supervisors for a telling (how they) vote.
Also on tomorrow’s Board agenda, a vote on the Mission District Streetscape Plan which the Land Use Committee recommends passing.
∙ Two Big Tests For San Francisco's New Board Of Supervisors [SocketSite]
∙ Parkmerced's Proposed Urban Design, Open Space, And Sustainability [SocketSite]
∙ EIR Today, Heald Gone Tomorrow At 350 Mission As Proposed [SocketSite]
∙ San Francisco Board of Supervisors Agenda: 4/12/11 [sfbos.org]
∙ Mission District Streetscape Plan Close To Committee Adoption [SocketSite]
Posted by socketadmin at 4:00 PM | Permalink | Comments (10) | (email story)
April 7, 2011
Executive Park: From Office Park To Neighborhood As Long Proposed
One of the big items on the agenda for San Francisco’s Planning Commission this afternoon, General Plan, planning code, and zoning map amendments for the 70-acre site adjacent to Candlestick Point known as Executive Park.
The Executive Park area is divided into three subareas generally defined by property ownership and phase of entitlement. The central area includes three office buildings (approximately 307,000 gross square feet) and expansive surface parking. Two areas to the north and northeast of the office park are being developed for residential use. Signature Properties is developing the portion of Executive Park directly north of the office park, and when complete, will consist of approximately 450 dwelling units, and 14,000 square feet of retail. The Signature Project includes three podium buildings (between the heights of 60 and 90 feet tall) and a series of joined townhouse structures. At this point, only one podium building has been built along with roughly half of the planned townhouses. An expansive natural open space along the hillside has been improved in conjunction with the Signature development; it includes a public trail to a hilltop lookout.
To the northeast of the office development is another residential development being constructed by Top Vision. Five buildings consisting of roughly 300 units have been constructed, three of which sit atop a hilltop embankment overlooking Harney Way and the Candlestick Point State Recreation Area (CPSRA). A final phase for Top Vision has been approved for an addition 465 dwelling units upslope from the existing buildings which has not yet been constructed. These units would be within podium buildings and a 160‐foot residential tower.
In the works since 2006, the proposed amendments would allow the two sponsoring development groups, Universal Paragon and Yerby, to raze and redevelop the central office components of Executive Park as 1,600 housing units, 70,000 square feet of retail, and roughly 2,400 parking spaces with buildings rising between 65 and 240 feet tall.
Also on the Commission’s agenda this afternoon as plugged-in people know, the hearing to review the Environmental Impact Report for the proposed 25-35 Dolores street project.
∙ Executive Park: Proposed Plan, Code and Zoning Amendments [sfplanning.org]
∙ 25-35 Dolores Development Hits Precedence Setting Resistance [SocketSite]
∙ The Plans For 25-35 Dolores Street (S&C Ford Garage) As Proposed [SocketSite]
∙ JustQuotes: Highrise Housing (And More) For Candlestick Point [SocketSite]
Posted by socketadmin at 12:00 PM | Permalink | Comments (2) | (email story)
April 5, 2011
San Francisco's First Fresh & Easy Should Open Second Week In May
According to a plugged-in reader and a construction worker on site, the first Fresh & Easy in San Francisco should open its doors in the Outer Richmond the second week in May at the corner of Clement and 32nd Avenue.
∙ Fresh & Easy San Francisco In The Outer Richmond By Early Next Year [SocketSite]
Posted by socketadmin at 10:15 AM | Permalink | Comments (29) | (email story)
Twitter Central Market/Tenderloin Tax Break Vote This Afternoon
The proposed ordinance "amending Article 12-A of the Business and Tax Regulations Code by adding Section 906.3 to establish a payroll expense tax exclusion for businesses located in the Central Market Street and Tenderloin Area," unfortunately better known as the Twitter Tax Break, is on the agenda for San Francisco’s Board of Supervisors this afternoon.
The proposed payroll tax exclusion would be in effect for eight years although any one company could only claim the benefits for six. And the exclusion only applies to the payroll taxes on net new hires, a company’s current payroll tax expense would be frozen for the duration of their benefit period. In the case of Twitter, their payroll tax would be frozen at roughly $535,500 per year (350 employees and an average annual salary of $102,000).
To address Twitter’s "concerns regarding public safety, transportation, and neighborhood conditions" in the area, the City has also agreed to expand the Mid-Market police foot patrol boundary a block from 9th to 10th street and provide a express service 47A bus line between the Caltrain Station and the Civic Center BART Station at 9th and Market during prime commuting hours at a cost of approximately $234,000 per year.
∙ Twitter Intent On Moving To Market Square Assuming Tax Break [SocketSite]
∙ Payroll Expense Tax Exclusion in Central Market Street and Tenderloin Area [sfbos.org]
∙ San Francisco Board of Supervisor’s Agenda: 4/5/11 [sfbos.org]
Posted by socketadmin at 8:15 AM | Permalink | Comments (31) | (email story)
April 1, 2011
A Quick Foreclosure Flip For 500 Terry Francois
While the market is abuzz over Salesforce.com’s acquisition of 14 Mission Bay acres with plans to build 2 million square feet, it’s a plugged-in tipster that notes the never occupied and LEED Certified 280,964 square foot building at 500 Terry Francois Boulevard ("On the Waterfront in Mission Bay") is scheduled to hit the courthouse steps this Friday.
Financed with a $90 million construction loan which was sold to a private equity group for $52.5 million earlier this year, foreclosure proceedings have begun against the building’s owners (CB Richard Ellis Investors) with $93,514,916.79 now due.
Lionstone, the private equity group, successfully foreclosed and took possession. And today, Lionstone is in contract to sell the property to the Silicon Valley based Sobrato Organization for $91 million.
We’ll let you run the numbers on that return. And don't say you didn't have the heads up.
∙ Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]
∙ 500 Terry Francois Boulevard Headed For Foreclosure [SocketSite]
∙ Sobrato hits Mission Bay [San Francisco Business Times]
Posted by socketadmin at 8:00 AM | Permalink | Comments (3) | (email story)
March 31, 2011
Giant Value Housing Or Headache To Come In The Mission?
Having purchased the fully entitled housing site at 1800 Van Ness last year for $4.25 million, Oyster Development is now in contract to purchase the Giant Value store at 2558 Mission Street which hasn’t been entitled for development but was targeted for almost a hunderd housing units over 14,000 square feet of retail by seller Gus Murad.
From J.K. Dineen at the San Francisco Business Times:
The site has long been one of the most contentious in the Mission, if not the entire city. It has faced strong opposition from groups like the Mission Anti-Displacement Coalition, which fights market-rate housing development and anything that it regards as gentrification. The group has particularly targeted Murad, an ally of former Mayor Gavin Newsom whose restaurant has been a popular gathering place for elected officials.
Murad bought [the adjacent New Mission Theater] and the Giant Value store from City College of San Francisco in 2005 for $4.35 million. Last year he went into default on a $2 million loan to CCSF, the junior lender on the property. A trustee sale was scheduled for March 22, but that has now been cancelled, according to [Oyster President Dean Givas].
Murdad, who owns Medjool and had a Noe Valley home on the market last year, didn’t sell his stake in the theater which he hopes to redevelop "into an entertainment complex with movies, music and dining."
∙ Copy That, 1800 Van Ness/1754 Clay Street Site Sells For $4.25M [SocketSite]
∙ Oyster tries to crack Mission [San Francisco Business Times]
∙ A Medjool Of A Modern Noe Valley Home (767 27th Street) [SocketSite]
Posted by socketadmin at 2:30 PM | Permalink | Comments (16) | (email story)
March 29, 2011
Two Big Tests For San Francisco's New Board Of Supervisors
San Francisco’s new Board of Supervisors will hear and vote on the appeals against certifying the Environmental Impact Reports (EIR's) for two big developments in San Francisco this afternoon, first the proposed 350-foot tower at 350 Mission and then the proposed redevelopment of Parkmerced.
The EIR’s for both projects were passed by San Francisco’s Planning Commission prior to the election of the four newest members of San Francisco’s Board of Supervisors.
∙ San Francisco Board of Supervisors Agenda: 3/29/11 [sfbos.org]
∙ 350 Feet At 350 Mission (And San Francisco’s Planning Commission) [SocketSite]
∙ Parkmerced's Proposed Urban Design, Open Space, And Sustainability [SocketSite]
Posted by socketadmin at 11:30 AM | Permalink | Comments (19) | (email story)
March 28, 2011
The Smitten Ice Cream Scoop: T-Minus Two-ish Weeks
It was a plugged-in reader that first caught the first few Proxy containers in transit with Smitten Ice Cream’s two leading the charge.
Since anchored with systems and three of four "Kelvin's" in place, it should be two-ish weeks before Smitten’s walk-up instant ice cream bar opens its roll-up door for the public.
∙ The Containers Are Coming! The Containers Are Coming! [SocketSite]
∙ The Evolution Of EnvelopeA+D’s Proxy Project For Parcels K+L [SocketSite]
Posted by socketadmin at 2:30 PM | Permalink | Comments (7) | (email story)
March 24, 2011
It’s Game On With A Hand Out As Zynga Demands Tax Breaks As Well
It’s game on with one hand out and another in a fist as Zynga follows Twitter’s lead and threatens to move its highly paid employees to Silicon Valley unless San Francisco grants the company a payroll tax waiver on employee stock option gains.
In a meeting last week that included San Francisco Mayor Edwin Lee, Board of Supervisors President David Chiu, Zynga CEO Mark Pincus and CFO David Wehner, company executives indicated that without their own exemption Zynga may convert its 270,00 square-foot office into a call center and relocate its headquarters – including its programmers and highly paid staff – to Silicon Valley, according to people present at the meeting. In the week since, the company has contacted a number of supervisors to argue a similar case, said at least two supervisors who have met with the company.
Zynga, creator of popular online games like Farmville, is expected to go public within the next few years. The company is particularly concerned about a payroll tax provision unique to San Francisco that allows the city to tax gains on employee stock options.
According to the Bay Citizen, City Hall was "stunned by Zynga’s threat," which, to be honest, is the only part of this story that actually stunned us.
∙ Twitter Intent On Moving To Market Square Assuming Tax Break [SocketSite]
∙ Following Twitter, Zynga Now Threatening to Leave San Francisco [baycitizen.org]
Posted by socketadmin at 9:45 AM | Permalink | Comments (65) | (email story)
March 23, 2011
524 Howard: Approved Twenty-Two Years Ago And Still A Lot Today
In 1989 San Francisco’s Planning Commission first approved the entitlements for a 311-foot tall, 23-story building to be built at 524 Howard Street with 199,965 gross square feet of office space, 4,500 square feet of retail space, 14,000 square feet of off-street parking, and 4,218 square feet of publicly-accessible open space.
Ten years later the Planning Commission re-authorized a slightly reconfigured building for which the project sponsors never pursued the necessary permits. And in in 2005, the Planning Commission approved a Conditional Use Authorization to operate a temporary surface parking lot on the site, authorization for which expired in 2007.
Since 2007, "the sponsor has not diligently pursued the necessary building permit approvals or otherwise sought to complete the project" and the existing parking lot has been operating without authorization. Tomorrow, the Commission will consider a request to re-authorize use of the site as a parking lot for another two years.
At the same time, the Commission will also hear an overview of the entitlement history for 524 Howard, after which "the Commission may wish to provide feedback to Department staff as to whether a future public hearing should be scheduled to consider revocation or extension of the previous approvals for office development at 524 Howard Street."
Keep in mind that San Francisco’s Planning Code states, "Construction of an office development shall commence within eighteen (18) months of the date the project is first approved. Failure to begin work within that period, or thereafter to carry the development diligently to completion, shall be grounds to revoke approval of the office development."
That being said, citing a "downturn in the economy which led to a high office vacancy rate and difficulty in obtaining commercial financing for new construction" in 2002, San Francisco’s Planning Commission has since been operating under a policy of monitoring, but not seeking to revoke, approvals for projects which have exceeded their construction commencement date.
In 2009 the Commission reaffirmed the policy they adopted in 2002, but we might argue that commercial conditions south of Market in San Francisco have changed a bit since.
∙ 524 Howard: Request for Parking Lot Conditional Use Authorization [sfplanning.org]
Posted by socketadmin at 1:30 PM | Permalink | Comments (9) | (email story)
March 18, 2011
301 Howard And 195 Beale Have A Date With NYC's Courthouse Steps
With a courthouse auction for the membership interests in "W2007 HWD Realty" scheduled for next week in New York, it’s a sale that’s likely flying under the radar for most locals. But as a plugged-in tipster notes, the entity scheduled for auction is a holding company for the 23-story building at 301 Howard and the parcel at 195 Beale here in San Francisco.
Posted by socketadmin at 3:30 PM | Permalink | Comments (0) | (email story)
March 17, 2011
Twitter Intent On Moving To Market Square Assuming Tax Break
While the CityPlace parcels are in default, Twitter has signed a Letter of Intent to move to Market Square, the million square foot former wholesale furniture mart at 1355 Market Street which Shorenstein Properties acquired for roughly $110 million earlier this month.
Twitter’s lease is contingent on San Francisco’s Board of Supervisors approving a payroll tax exemption intended to jumpstart redevelopment in the mid-market area.
∙ Notice Of Default Filed For CityPlace Parcels [SocketSite]
∙ Market Square: 1355 Market Street [shorenstein.com]
∙ Shorenstein bags future Twitter home [bizjournals.com]
∙ Payroll Expense Tax Exclusion For Central Market Street/Tenderloin Area [sfbos.org]
Posted by socketadmin at 8:30 AM | Permalink | Comments (73) | (email story)
March 14, 2011
Formula Food For You But Not For Fido Along Geary As Proposed
It’s a relatively quiet day for San Francisco’s Land Use and Economic Development Committee with only two items on its regular agenda, a resolution related to proposed water pipelines and another informational hearing on the proposed Treasure Island/Yerba Buena Island Redevelopment Project.
In terms of legislation in the works, the item headline that couldn’t help but catch our eye: Prohibiting Formula Retail Pet Supply Stores in the Geary Boulevard Fast Food Subdistrict.
∙ Land Use and Economic Development Committee Agenda: 3/14/11 [sfbos.org]
∙ The (SOM) Master Plan For San Francisco’s Treasure Island [SocketSite]
∙ Prohibiting Formula Retail Pet Supply Stores Along Geary [sfbos.org]
Posted by socketadmin at 9:00 AM | Permalink | Comments (8) | (email story)
February 18, 2011
Disputing Parking Demand, Trader Joe’s Continues Castro Outreach
While Trader Joe's has ruled out charging for parking, it hasn’t given up on opening a store at Market and Noe in the Castro and is continuing its public outreach campaign.
A draft traffic study for the City which Trader Joe’s disputes estimates the store would draw up to 2,500 cars a day or 190 an hour while the capacity of the building’s garage is closer to 209 per day, leaving many neighbors (and the city) a bit concerned.
∙ Trader Joe’s Reportedly "Outed" From The Castro Over Traffic [SocketSite]
∙ Tensions flare over Trader Joe's parking [ebar.com]
Posted by socketadmin at 6:00 AM | Permalink | Comments (26) | (email story)
February 17, 2011
Five Million In Cash Versus Twenty-Three Million Owed
It’s a plugged-in tipster that notes the parcel at 524 Howard street is headed to the courthouse steps this afternoon with an opening bid of $5 million on $23 million owed. A 23-story building designed by HellerManus was approved for the parcel in 2000.
∙ The Credit Crunch Climbs Up (And Down) The Real Estate Food Chain [SocketSite]
Posted by socketadmin at 12:30 PM | Permalink | Comments (1) | (email story)
February 7, 2011
Filling Up On Upper Fillmore
On the meeting agenda for San Francisco’s Land Use and Economic Development Committee this afternoon, an ordinance amending San Francisco’s Planning Code to ease current restrictions on new non-formula restaurants and specialty food establishments within the Upper Fillmore Neighborhood Commercial District which runs from Jackson to Bush and extends west one block along California and Pine.
∙ Land Use and Economic Development Committee Agenda: 2/7/11 [sfbos.org]
∙ Upper Fillmore Neighborhood Commercial District Proposed Amendment [sfbos.org]
Posted by socketadmin at 9:15 AM | Permalink | Comments (0) | (email story)
January 25, 2011
Fresh & Easy Headed For The Mission, Could The Castro Be Next?
With San Francisco's first two Fresh & Easy locations scheduled to open their doors in Bayview and the Outer Richmond early this year, according to the San Francisco Business Times Fresh & Easy is also close to inking a lease for the (not so long) shuttered DeLano's Market at 1245 South Van Ness in the Mission.
And while there's no official word on the newly defunct DeLano's Market in the Castro, according to a plugged-in reader early last month:
I heard Tesco's Fresh & Easy is interested in the closing Delano's on 18th in the Castro. Ralphs Supermarkets sub-leases the building to DeLano's. They evicted them because they owe back rent on the store plus 5 others.
Could this be one DeLano's down for Fresh & Easy with five to go?
NOTE: As a plugged-in reader adds, if you want to lobby Trader Joe's to open in the Castro (or elsewhere in San Francisco) you might start by filling out a location request form.
UPDATE: Apparently the new new rumor has it that Mollie Stones will be taking over the defunct DeLano’s in the Castro but a lease has yet to be signed. If so, perhaps that’s how Fresh & Easy is ending up in the Mission (and why we don't typically cover the changing of exisiting grocery store flags). Cheers.
∙ Fresh & Easy San Francisco In The Outer Richmond By Early Next Year [SocketSite]
∙ 5800 Third Street Scoop: Sales, Restaurants, And Fresh & Easy Soon
∙ Could DeLano’s Loss Be A Trader Joe’s Gain For The Castro? [SocketSite]
Posted by socketadmin at 5:45 PM | Permalink | Comments (17) | (email story)
January 24, 2011
Energy Audits And Twenty-Two Million In Rincon Hill Area Bonds
Amongst the items on San Francisco’s Land Use and Economic Development committee agenda this afternoon is an ordinance requiring owners of nonresidential buildings to conduct "Energy Efficiency Audits" of their properties and file annual "Energy Benchmark Summaries."
Under the proposed ordinance, building owners would be required to annually "benchmark" the energy use of their buildings and conduct energy audits of buildings. Energy reports would be made available to buyers, lenders and the city. The rules would apply first to commercial properties larger than 50,000 square feet starting in October 2011, and then phase in so that by 2013, the rules would apply to all commercial properties 10,000 square feet or larger.
Also on the Committee's agenda, legislation establishing a Rincon Hill Area Infrastructure Financing District and authorizing up $22 million in San Francisco bonds to finance "public improvements of communitywide significance" related to the development of ten proposed residential buildings within the Rincon Hill area.
∙ Land Use and Economic Development Committee Agenda: 1/24/11 [sfbos.org]
∙ Infrastructure Financing District Ordinance: Rincon Hill Area [sfbos.org]
∙ Rincon Hill Area Infrastructure Financing District Bonds [sfbos.org]
Posted by socketadmin at 10:30 AM | Permalink | Comments (3) | (email story)
January 21, 2011
Tehama Grasshopper (431 Tehama) Comes Hopping Back
According to a plugged-in tipster, the 5,000 square foot Fougeron Architecture designed "Tehama Grasshopper" loft also known as 431 Tehama #2 is hopping back on the market. Listed in August 2009 asking $4,128,000, the 2007 AIA Tour home was withdrawn from the market in February 2010 and will be listed for $3,995,000 in 2011.
This time, however, the 3,000 square foot commercial condo below the Grasshopper also known as 431 Tehama #1 (or Fougeron Architecture’s HQ) is hitting the market at the same time asking $1,500,000 (mini not included but we bet it could be negotiated).
Call it $5,495,000 for 8,000 designer square feet.
∙ Fougeron's "Tehama Grasshopper" (431 Tehama #2) Hits The Market [SocketSite]
∙ San Francisco Living: Home Tours (A Chance To Comment In General) [SocketSite]
∙ Fougeron Architecture [fougeron.com]
Posted by socketadmin at 12:00 AM | Permalink | Comments (9) | (email story)
January 18, 2011
From Failed To Foreclosure Flip (And Five Others) At One Rincon Hill
Closing escrow with a recorded contract price of $628,000 in February 2008, within two months 425 1st Street #1805 was listed for sale with an asking price of $719,000.
Following a series of price cuts, and at one point seeking a short sale for "$499,000," this past August the One Rincon Hill one-bedroom was purchased on the courthouse steps for $441,886 cash.
Back on the market at $599,000 this past October, in November the list price was reduced to $579,000 and yesterday it was reduced to $559,000.
By our count, there are at least five other condos at One Rincon Hill currently scheduled to hit the courthouse steps (versus simply being in default) within the next 30 days.
∙ Listing: 425 1st Street #1805 (1/1) 710 sqft - $559,000 [MLS]
∙ A One-Bedroom Resale Officially Joins The Twos At One Rincon Hill [SocketSite]
∙ One Rincon Hill '08's Appear To Have Slipped More (Not Less) In 2010 [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (26) | (email story)
January 5, 2011
A Reader’s Believe It Or Not For The Gap On Fisherman’s Wharf
We have to tag it as a "random rumor" for now as we can’t confirm, but a tipster writes:
Believe it or not, the Gap store at 1 Jefferson is slated to close this spring and will be replaced by the relocated [Ripley's Believe It or Not!] down the street.
Like we could resist a Believe It Or Not! believe it or not. That being said, we will note that Ripley’s invested in a major makeover of their current Wharf location just last year.
Posted by socketadmin at 12:30 PM | Permalink | Comments (1) | (email story)
January 3, 2011
178 Townsend Moves Forward While 72 Townsend Leases Instead
While Martin Building moves forward with the redevelopment of 178 Townsend into 94 rental units over commercial, West Bay Builders President Paul Thompson’s plan to move forward with the 74-unit redevelopment of 72 Townsend is on hold for at least five years as Federated Media has leased the building instead. As 178 Townsend should look after:
∙ 178 Townsend Funded While 72 Townsend Vows To Move Forward [SocketSite]
∙ 178 Townsend Approved To Become Mixed-Use With 94 Rentals [SocketSite]
∙ 72 Townsend: So Close, But Yet So Far For 74 Approved Units [SocketSite]
Posted by socketadmin at 3:00 PM | Permalink | Comments (8) | (email story)
December 29, 2010
Target On Target For A 2012 Opening At The Metreon
"San Francisco's mayor says the last bureaucratic hurdles have been cleared for the construction of the city's first Target retail store....[as] final permits [have] been issued to begin building the downtown store [at the Metreon]."
∙ Target + Metreon = (Twenty-Two Foot) Bull's-Eye In 2012 [SocketSite]
∙ Path cleared for San Francisco's first Target [SFGate]
Posted by socketadmin at 12:15 PM | Permalink | (email story)
December 27, 2010
Walgreens CVS’s Plans For 701 Portola Atop Miraloma
While Walgreens had planned to raze the Miraloma Gas Station at 701 Portola and build a 7,000+ square foot store covering the site, rumor has it they backed out "due to 'unreasonable' green building requests by the City's DBI and Planning departments."
And now, CVS Drugs is planning to piggyback off Walgreens groundwork and proposed design, shuttering the station and breaking ground on the site as early as February assuming final approval of all permits.
While we can’t confirm whether or not the rumored reason for Walgreens pulling the plug is true (readers?), we will echo our tipster’s surprise that Walgreens would easily cede the site to a competitor.
Posted by socketadmin at 3:00 PM | Permalink | Comments (17) | (email story)
December 22, 2010
As Eagle-Eyed Readers Know (And Stanley Saitowitz Rendered)
As plugged-in and eagle-eyed people know, renderings for "1600 Harrison" have sat perched in the Stanley Saitowitz | Natoma Architects portfolio for a couple of years, a site otherwise known as 398 12th Street. And yes, that’s the address of The Eagle.
And while The Eagle is rumored to have been on the market since the beginning of the year, as far as we know a buyer has yet to swoop in and no permits have been filed for development. So who has the inside scoop?
∙ From The Stanley Saitowitz | Natoma Architects Portfolio: Pine Street [SocketSite]
∙ Stanley Saitowitz | Natoma Architects: Portfolio [saitowitz.com]
Posted by socketadmin at 2:00 PM | Permalink | Comments (21) | (email story)
December 8, 2010
It’s Not Academic For The Academy of Art University At 2295 Taylor
In 1993, San Francisco’s Planning Commission granted the San Francisco Art Institute (SFAI) a Conditional Use Authorization to add a third story to the 20,675 square foot building at 2295 Taylor (aka 701 Chestnut) and convert the commercial building to educational use.
While SFAI started occupying the ground floor of 2295 Taylor subsequent to the Planning Commission’s Authorization, Permits were never submitted for either the addition or the conversion. As a result, the Conditional Use Authorization for the building expired. And in 2003, SFAI sold the building to the Academy of Art University (AAU).
Despite the expiration of the Conditional Use Authorization, and without the benefit of building permits, the AAU is currently utilizing the entire building for educational use including the conversion of the building’s second floor parking garage to classroom space (a major no-no seeing as how the Planning Code requires 16 off‐street parking spaces for the property as it’s being utilized).
Tomorrow, San Francisco’s Planning Commission revisits the project as the Academy of Art University petitions to modify what it believes to be a valid Conditional Use Authorization allowing it to continue its use. The Planning Department’s recommendation: Disapprove.
Also on the agenda for tomorrow’s Planning Commission meeting, a progress report on the Academy of Art University housing practices and enforcement program
∙ Request for Conditional Use Authorization: 2295 Taylor Street [sf-planning.org]
∙ Progress Report: AAU Housing Practices and Enforcement Program [sf-planning.org]
Posted by socketadmin at 11:00 AM | Permalink | Comments (2) | (email story)
December 1, 2010
On Tap At Tomorrow’s Planning Meeting: A Magnolia Brewery On Third
On tap for a vote at tomorrow’s Planning Commission meeting, a request to convert an 8,300 square foot vacant ground floor space inside the American Industrial Center at 2505 3rd Street (corner of 22nd) into a 5,900 square foot Magnolia Brewery and 2,400 square foot full-service restaurant.
The proposed brewery is designed to add capacity to Magnolia’s total beer production in order to meet increased demand at its restaurant, to supply beer to the proposed new restaurant, and to meet existing wholesale demand. The brewery will initially contain three to four fermentation vessels and produce 60 to 80 barrels per week.
Brewing operations will take place during regular weekday hours, with occasional brewing on weekends as needed. Deliveries would be limited to several per week from vendors, and one to three pick‐ups per week.
The restaurant concept is not completely finalized, but the final concept and food program is expected to be similar to the Magnolia Gastropub and Brewery and Alembic Bar, its sister restaurant also in the Haight.
And with respect to other items on the Planning Commission agenda, it appears as though the ongoing debate over the proposed development at 35 Lloyd will be continued for at least another week.
∙ San Francisco’s Planning Commission Agenda: 12/2/10 [sf-planning.org]
∙ 35 Lloyd Redux: It's Getting Hot Out There In Here... [SocketSite]
Posted by socketadmin at 11:00 AM | Permalink | Comments (16) | (email story)
Could DeLano’s Loss Be A Trader Joe’s Gain For The Castro?
As a hand-lettered "lost our lease" sign hangs in the window of the DeLano’s IGA at 18th and Collingwood, and it's expected to be closed within the next two weeks, the natural question atop our readers’ minds: could this pave the way for a Trader Joe’s in the Castro?
∙ Trader Joe’s Reportedly "Outed" From The Castro Over Traffic [SocketSite]
Posted by socketadmin at 10:45 AM | Permalink | Comments (22) | (email story)
November 18, 2010
Target + Metreon = (Twenty-Two Foot) Bull's-Eye In 2012
Unanimously approved by the San Francisco Redevelopment Agency on Tuesday, an 85,000 square foot Target could be open for business in the Metreon by mid-2012.
The project calls for the dramatic massive vertical glass fin Metreon sign at Fourth and Market to be replaced with a 22-foot diameter illuminated bull's-eye sign. At the Nov. 16 hearing, project manager Amy Neches said the red and white sign would be "artistic and textured."
"This is not your typical plastic Target you would see in the suburbs," she said.
The development is expected to generate $120,000 annually in payroll tax, $5.4 million in sales tax, and an additional $1 million at the city-owned 5th and Mission garage.
In addition to the Target, the Metreon will move and triple the size of its food court. Instead of a dark, 110-seat food court shoved into a ground floor corner, the new collection of eateries will feature 470 seats and overlook Yerba Buena Gardens.
Efforts to put a Target at Geary and Masonic continue on.
∙ Metreon Target wins approvals [San Francisco Business Times]
∙ One Word: Target. Okay, Four: Target At The Metreon? [SocketSite]
∙ YIMBY's Set Their Sights On A Target At Geary And Masonic [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (43) | (email story)
November 11, 2010
2001 Market Street Prepares To Meet The Planning Commission
As we noted yesterday with respect to the proposed Whole Foods on Market, the 2001 Market Street Project in which the Whole Foods would reside is currently scheduled to be reviewed and voted on by the Planning Commission in December.
The latest details for the now 82-unit project with 41 residential parking spaces, and up to 60 for retail, which were just released:
The proposed building would be eight stories (85 feet) tall, plus an additional ten‐foot tall mechanical penthouse along Market Street and an elevator penthouse along Dolores Street, and would step down to four stories at 14th Street. The top two floors along Dolores Street and along 14th Street would be set back eight feet from the property line. The building would include about 102,400 gross square feet (gsf) of residential space with 82 residential units on Floors 2 through 8 and a dedicated residential lobby; about 31,000 gsf of commercial space on the first floor; and about 54,000 gsf of combined retail and residential parking on two levels with up to 101 spaces.
The building would have three sections: the 85‐foot tall 118‐foot wide Market Street section on its north side (the tallest element); the 302‐foot wide Dolores Street section, which would be the same height as the Market Street section but with an 8‐foot setback at 65 feet; and the 136‐foot wide 14th Street section (four stories tall with an 8‐foot set back at the third floor). Each section is designed to be visually distinct from the others.
A variety of materials would be used for the building exterior, including brick, tile, metal, glass, and cement plaster. An approximately 8,220 sq. ft. courtyard on the third floor podium would provide common usable open space for all the residential units.
Of the 82 planned units, 7 would be studios, 27 would be one‐bedroom units, 46 would be two-bedroom units, and 2 would be three‐bedroom units. Pursuant to the Residential Inclusionary Housing Ordinance, Planning Code Section 315, and Interim Controls initiated by the Board of Supervisors in February 2010 amending Planning Code Section 315,2 the project sponsor would be required to pay an affordable housing fee.
As currently envisioned, the proposed 31,000 sq. ft. retail/commercial space would be occupied by a full‐service grocery store (Whole Foods). A pedestrian entrance and exit for the retail space would be In addition to the 101 parking spaces, there would be five car share spaces and one delivery van space located at the corner of Market and Dolores streets. An approximately 350‐square‐foot commercial space would be located at the corner of 14th and Dolores streets at ground level.
The proposed parking program would include up to 101 spaces, of which 41 spaces on Garage Level B2 would be for the residential units and 60 parking spaces on Garage Level B1 would be for retail use.
The residential vehicle access leading down to Garage Level B2 would be located on 14th Street, approximately at the mid-point of the building façade. Adjacent, just to the west of that opening, would be the retail loading dock, which would have recycling and trash facilities for the grocery store. The retail parking entry and exit would be on Dolores Street, about 40 feet north of the corner of 14th Street.
Garage Level B1 also would have space for a grocery delivery van and three non‐exclusive use car share spaces. Garage Level B2 would have two exclusive‐use car share spaces. Six of the parking spaces would be handicapped‐accessible: three residential parking spaces on Garage Level B2, and three retail parking spaces on Garage Level B1. All parking spaces on both levels would be independently accessible. At least 16 Class II bicycle racks (accommodating 32 bicycles) would be provided at grade on Market Street and 18 Class II bicycle spaces in Garage Level B1 for the retail use. Showers and lockers would be located within the store for employees who bike to work. There would also be at least 41 Class I bicycle parking spaces for residents’ use on Garage Level B2 in a secure storage room near the elevators to Market Street.
The off‐street loading dock located at Garage Level B1 with access from 14th Street would serve the proposed full‐service grocery store. The proposed loading dock would be about 66 feet deep, and fully accommodate one truck with a 36‐foot trailer. The loading dock door would be closed at all times except when trucks are arriving or departing the loading dock area. The two existing on‐street loading spaces on the 14th Street frontage of the project site would remain.
According to Planning Code Section 135, the open space requirement for the proposed project would be 80 sq. ft. of private open space per dwelling unit or 106 sq. ft. per unit if provided in common. Ten units would have sufficient private open space. The common usable open space for the other 72 units would be required to be a minimum of 7,887 sq. ft. in size to meet the Planning Code requirements. The proposed project would provide 8,220 sq. ft. of common open space on the third floor podium. These proposed project totals for private and common open space would exceed Planning Code open space requirements.
As part of the proposed project, nine new street trees would be planted along Dolores Street in front of the project building in order to comply with Section 143 of the Planning Code. The four street trees along Market Street in front of the project site would remain, and two new trees would be planted, for a total of six trees on Market Street in front of the proposed project building. On 14th Street, the two existing trees would be replaced and two new trees would be added, for a total of four trees on 14th Street.
The Planning Department is considering improvements to the sidewalks and travel lanes on Market, Dolores, and 14th streets adjacent to the project site. These off‐site improvements are analyzed as a variant of the proposed project. They would involve widening the sidewalks adjacent to the project site in order to create bulb‐outs on both the east and west sides of the Market and Dolores Street corner; extending the Dolores Street median at Market Street and at 14th Street; straightening the crosswalk across Market Street on the west side of Dolores Street; extending the eastbound bike lane at the intersection of Market and Dolores Street; eliminating the existing eastbound right‐turn only lane from Market to Dolores Street; and eliminating one travel lane in each direction on Dolores Street, between Market and 14th streets. If the bulb‐outs are approved, two of the street trees proposed on Dolores Street as part of the project would be replaced with other landscaping.
The latest timeline calls for a month of demolition followed by eighteen (18) months of construction. And now "assuming that construction would begin in the 3rd quarter of 2011, the building would be ready for occupancy in the 1st quarter of 2013."
∙ Whole Foods Concerned About Market (Street), Delaying On Haight [SocketSite]
∙ Drawings And Details For The Proposed Development Of 2001 Market [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (8) | (email story)
November 10, 2010
Whole Foods Concerned About Market (Street), Delaying On Haight
The parking and traffic concerns that are being blamed for torpedoing a Trader Joe's in the Castro are now front and center with respect to the planned Whole Foods at 2001 Market.
"They have a potential queuing problem," said Bill Wycko, the department's environmental review officer, referring to concerns that cars will be backed up and blocking traffic while waiting to get into the store's planned 60-space parking lot off Dolores Street.
"If they can't manage the queuing issue, paid parking would become a tool," he said.
"The issue is definitely something we're concerned about, especially as it can impose an unfair competitive burden on us compared to other stores in the area," said Adam Smith, Whole Foods' design and construction coordinator.
The 2001 Market Street project is scheduled to be presented to the Planning Commission next month. Assuming approval, the Prado Group plans to start construction on the development next fall which would enable the grocery store to open in 2012 and residential units fall 2012.
And while originally expected to open in time for the December holidays, it appears as though its opening of the Whole Foods at the corner of Stanyan and Haight has been pushed back to February 2011 as construction on the Cala conversion continues on.
∙ Trader Joe’s Reportedly "Outed" From The Castro Over Traffic [SocketSite]
∙ Drawings And Details For The Proposed Development Of 2001 Market [SocketSite]
∙ Parking threatens to curb Whole Foods in Castro [SFGate]
∙ Whole Foods Here By End Of The Year As Cala Gutting Commences [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (61) | (email story)
November 8, 2010
500 Terry Francois Boulevard Headed For Foreclosure
While the market is abuzz over Salesforce.com’s acquisition of 14 Mission Bay acres with plans to build 2 million square feet, it’s a plugged-in tipster that notes the never occupied and LEED Certified 280,964 square foot building at 500 Terry Francois Boulevard ("On the Waterfront in Mission Bay") is scheduled to hit the courthouse steps this Friday.
Financed with a $90 million construction loan which was sold to a private equity group for $52.5 million earlier this year, foreclosure proceedings have begun against the building’s owners (CB Richard Ellis Investors) with $93,514,916.79 now due.
Zynga had nearly inked a lease for the majority of the building last year. And according to the San Francisco Business Times, Dolby has (had?) been circling the property.
∙ Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]
∙ S.F. market tightens for tech tenants [San Francisco Business Times]
Posted by socketadmin at 6:00 AM | Permalink | Comments (4) | (email story)
November 3, 2010
Celebrations Out Front, Foreclosures In The Rear
While the crowd has already started to gather in front of City Hall for today's celebration in honor of our World Champion San Francisco Giants, a plugged-in tipster notes that 500 Sansome Street is scheduled to hit City Hall's back steps this afternoon for a foreclosure auction with $29,931,926.59 owed.
The 150,000 square foot Class B property in an A location was purchased for $37 million in 2006 with $27 million in loans. Don’t forget that cashier’s check on your way to the parade.
∙ 500 Sansome owners owe $27.8M, face default [San Francisco Business Times]
Posted by socketadmin at 9:00 AM | Permalink | Comments (2) | (email story)
November 2, 2010
Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet
Salesforce.com has acquired the undeveloped portions of Mission Bay lots 26 and 27 and all of Mission Bay lots 29-34, a total of 14 South Mission Bay acres, from Alexandria Real Estate Equities for $278 Million with the intention of building a nearly 2 million square-foot campus, four times its current square-footprint in San Francisco.
Two of the acquired lots are directly across the street from UCSF’s new Mission Bay Medical Center which is now under construction, thanks in large part to a $100 million donation from Salesforce.com founder Marc Benioff.
∙ An Overview Of Mission Bay [SocketSite]
∙ The (Incomplete) Conceptual Massing For SF’s Mission Bay [SocketSite]
∙ The Building Of UCSF’s New Mission Bay Medical Center Is Underway [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (58) | (email story)
October 27, 2010
T-Minus Two Days (And A Decade In The Making) For Lowe’s In SF
After an eight year battle to build a Home Depot on the former Goodman Lumber site, Lowe’s swooped in and signed a lease. And now a year and a half later, it’s just T-minus two days until the Lowe’s on San Francisco’s Bayshore Boulevard opens its doors on Friday.
∙ Home Depot Bayshore (San Francisco): Let’s Get Ready To Rubble! [SocketSite]
∙ Home Depot "You Can Do It We Can Help" Irony: Lowe’s Now In Line [SocketSite]
∙ Let’s Build Something (On Bayshore) Together: Lowe’s Signs A Lease [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (19) | (email story)
October 21, 2010
Trader Joe’s Reportedly "Outed" From The Castro Over Traffic
Last stymied by Radio Shack, it now appears that Trader Joe’s has given up on opening a Market and Noe Center (2280 Market) store due to "irresolvable traffic issues" and subsequent parking requirements which were being imposed by the Planning Department.
Supervisor Bevan Dufty, who represents the Castro, said he was not made aware of Trader Joe's decision when he met with company officials three weeks ago. However, he was told that a condition imposed by the city's Planning Department on Trader Joe's - that it would have to charge for parking at a nearby lot, in order to dissuade shoppers from making short driving trips to the store - was a "deal breaker," according to Dufty.
No official word on what this means for the Market and Noe Center whose owner was quoted last year as noting "nearly three years with no anchor tenant, a huge mortgage, the building on the verge of being lost, resources exhausted, and hope fading" prior to announcing Trader Joe's would save the day.
∙ Trader Joe's In The Castro Currently Stymied By A Shack [SocketSite]
∙ Trader Joe's move to Castro on hold [SFGate]
∙ Out With Tower Records (Three Years Ago), In With Trader Joe’s? [SocketSite]
Posted by socketadmin at 8:10 AM | Permalink | Comments (99) | (email story)
October 19, 2010
216 And 224 Eleventh Street Have Left The Haus
A pair of commercial condominium projects started by George Hauser’s "HausBau SF," the unfinished 216 and 224 11th Street were taken back by the bank on Friday according to a plugged-in source.
While the buildings had debts of almost two million apiece ($1,942,501 and $1,949,945), neither garnered a bid over a million.
As an aside, Hauser was the architect of 2739 Larkin.
UPDATE: No moratorium or wasting time here, from a plugged-in tipster: "…it might be interesting to note that they are listed for sale already by the bank for a combined price of "make offer" with a recent appraisal noted at $1,740,000." From the flyer:
∙ 216-224 11th Street: Overview and Floor Plans [hauserarchitects.com]
∙ A Look Inside 2739 Larkin And The Russian Hill Contemporary Market [SocketSite]
Posted by socketadmin at 8:30 AM | Permalink | Comments (6) | (email story)
October 14, 2010
SF's Landmark Cannery At Del Monte Square Taken Back By The Bank
While positioned as a calculated move to strategically default and force a restructing of Vornado Realty Trust’s debt on San Francisco's landmark Cannery at Del Monte Square, it’s a plugged-in tipster that notes the property is scheduled to hit the courthouse steps this afternoon with an opening bid of $13,800,000.
Vornado purchased the property at 2801 Leavenworth for $33.5 million in 2007.
UPDATE: As a plugged-in reader reports: "Went back to the lender for $13,800,000."
∙ A "Calculated" Default For The Cannery At Del Monte Square [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (1) | (email story)
October 4, 2010
A Trio Of Renzo Piano SOM Towers At 50 First Street As Proposed
While the designs for a cluster of Renzo Piano-designed ultra-thin towers at the corner of First and Mission may have fallen by the wayside, plans for building upon the seven parcels a.k.a. 50 First have not as Marcus Heights, LLC, proposes to demolish four existing structures and develop three SOM designed towers ranging in height from 184 to 915 feet with solar/wind energy collection features atop.
The project site, comprising seven parcels, and portions of Elim Alley and Jessie Street, is approximately 56,860 square feet in size. All lots are within Block 3708 and include 50 First Street, 62 First Street, 76‐78 First Street, 88 First Street, 512 Mission Street, 516 Mission Street, and 526 Mission Street; the three parcels with addresses on Mission Street are currently vacant.
The three proposed towers would accommodate a mix of office (approximately 1.25 million square feet), residential (about 182 dwelling units), retail (approximately 43,000 square feet), and hotel (about 266 rooms) use, along with a 15,000‐square‐foot entertainment venue (performance theater), five levels of below grade parking (about 310 spaces), off‐street loading spaces, and publicly accessible open space.
Tower One would front on First Street and would span the portion of Jessie Street that runs through the project site. The 64‐story building would be 850 feet tall to the roof (915 feet tall to the top of the parapet and solar/wind energy collection features), and would include an 83‐foot tall base that would also have frontage on Stevenson Street, where the proposed performance theater would be located. The building would contain approximately 43,000 square feet of retail and the 15,000 sf performance theater on levels one through three. Mechanical space would occupy the topmost story. The remaining 60 stories would provide approximately 1.25 million square feet of office space. The tower would span the easternmost portion of Jessie Street, which would be closed to vehicular traffic and converted into a 20‐foot‐tall public pedestrian passageway (Jessie Street Galleria) flanked by retail space and lobbies serving the office use. The First Street frontage, moving from north to south, would include the theater entrance, office lobby, entrance to the Jessie Street Galleria, second office lobby and a retail store. The Stevenson Street frontage would include retail space and a garage/loading dock driveway separated by an open pedestrian entry to the interior passageway linking Stevenson Street, Mission Street and First Street via the proposed Jessie Street Galleria. An approximately 5,100‐square‐foot publicly accessible roof terrace would be developed atop the 83‐foot tall theater, fronting on Stevenson Street.
Tower Two would front Mission Street and Ecker Place. The 56-story building (605 feet to the roof, 640 feet to the top of the parapet) would include residential and hotel uses above the ground-floor entrances and two levels of hotel service space. Approximately 266 hotel rooms would be located on floors four through 22 and approximately 160 residential units would occupy levels 23 through 55. A mechanical level would occupy floor 56. The ground floor would include a hotel entrance, a residential lobby on Ecker Place, and a retail space at the corner of Mission and Ecker. The hotel lobby would be on the second floor, and hotel function space would occupy level 3. Publicly accessible open space would occupy the set back area between Tower Two and the Mission Street and Ecker Place property lines.
Tower Three would be located at the northwest corner of Mission and First Streets. This 15-story, 174-foot tall building (184 feet tall to the top of the parapet), would include retail space and a residential lobby on the ground floor and 22 residential units on the upper levels. Tower Three would be separated from the rest of the proposed project by a “T” shaped parcel (84 First Street) that is not under the control of the project sponsor and not included in the project site.
The project as proposed would either require approval of the proposed Transit Center District Plan and accompanying rezoning with respect to increased height limits or a site-specific amendment of the Planning Code and General Plan height maps by way of the Board of Supervisors upon recommendation from the Planning Commission.
Next step, the preparation of an environmental impact report (EIR).
∙ Proposed Piano Parcels (Including 50 First Street) On The Market [SocketSite]
∙ The Grand Plan For A San Francisco "Transit Center District" [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (14) | (email story)
September 24, 2010
From Auto Parts To Whole Foods (And Apartments) On Ocean Avenue
It’s official, Whole Foods has inked a deal to occupy 26,000 square feet of ground-floor retail beneath the 173-unit Avalon Bay development in the works at 1150 Ocean Avenue.
If all goes as planned, the new Whole Foods should be open within the next two years.
∙ Whole Foods signs for sixth S.F. market at new project [Business Times]
∙ 1150 Ocean Avenue Prepares To Break Ground [SocketSite]
Posted by socketadmin at 6:30 AM | Permalink | Comments (18) | (email story)
September 23, 2010
Fresh & Easy San Francisco In The Outer Richmond By Early Next Year
"Fresh & Easy, an offshoot of the British supermarket chain Tesco PLC, is planning to open its first San Francisco site, in the Outer Richmond District [at Clement and 32nd Avenue], 'early next year,' said Brendan Wonnacott, a Fresh & Easy spokesman.
That is in addition to its previously announced intention to set up shop in the Bayview district and is part of a slew of Bay Area openings slated for next year, in Hayward, Concord, Danville, San Jose, Sunnyvale and Napa."
∙ Wal-Mart has Fresh & Easy competition in S.F. [SFGate]
∙ Not Quite So Easy (And A Little Less Fresh For Now) [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (13) | (email story)
September 21, 2010
Will Wal-Mart Try To Follow Target's Lead And Land In San Francisco?
"Despite tight confidentiality agreements Wal-Mart demands from anyone with whom it's considering doing real estate business, [Garrick Brown of Colliers] said he has heard 'whispers' that the company is looking at approximately 10 locations in Alameda County, up to six in San Jose, a 'handful' in Contra Costa County, 'at least a dozen' sites in the Sacramento area and the Central Valley, and a 'couple' in San Francisco."
∙ Walmart sets sights on San Francisco [SFGate]
Posted by socketadmin at 7:45 AM | Permalink | Comments (31) | (email story)
September 15, 2010
CityPlace EIR Approved Appealed Approved!
San Francisco’s Board of Supervisors voted unanimously to deny an appeal and certify CityPlace’s Environmental Impact Report (EIR). The one concession, a parking tax of 20 cents per car to pay for traffic safety improvements around the project.
∙ The Appellants And Text Behind The Appeal Of CityPlace's Approval [SocketSite]
∙ CityPlace Approval Appealed, Supervisors To Review September 7 [SocketSite]
∙ CityPlace (935-965 Market) APPROVED By The Planning Commission [SocketSite]
∙ Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]
Posted by socketadmin at 10:45 AM | Permalink | Comments (14) | (email story)
September 1, 2010
Planning Commission Poised To Let Them Eat Patxi’s Pizza On 24th
With Mi Lindo Yucatan having moved out a year ago and the space since remodeled and expanded to 2,495 square feet, San Francisco’s Planning Commission is poised to approve the conditional use authorization for Patxi’s Chicago Pizza to fill the vacant storefront at 4042 24th Street in Noe Valley.
Also in front of San Francisco’s Planning Commission tomorrow, a public hearing on the proposed 25-35 Dolores Street project and the conditional use authorization for a new doggy day care at 130 Turk in the Tenderloin.
UPDATE: A separate proposal to add a fourth floor, parking in the basement, and nine residential units on the three upper floors of 130 Turk is also making its way through Planning. Cat people will need not apply.
∙ 4042 24th Street Conditional Use Authorization [sf-planning.org]
∙ Growing Pains For Noe Along 24th [SocketSite]
∙ San Francisco Planning Commission Agenda: September 2, 2010 [sf-planning.org]
∙ The Plans For 25-35 Dolores Street (S&C Ford Garage) As Proposed [SocketSite]
Posted by socketadmin at 10:45 AM | Permalink | Comments (29) | (email story)
Now Calling All Developers For San Francisco’s Pier 70
We first plugged our readers into the potential for a redeveloped "Pier 70" five years ago, and yesterday the official request for developer solicitations for the 69 acres of land bounded by Mariposa, Illinois, 22nd, and the San Francisco Bay hit the Port's website.
Previously known as the San Francisco Yard and the Bethlehem Steel Shipyard, Pier 70 is a 19th century ship building and repair facility, an important part of the maritime history of the San Francisco and the Bay Area. It is the most intact historic maritime industrial complex west of the Mississippi River and is significant for its role in the industrialization of the United States.
Ships built at Pier 70 served the United States military from the Spanish American War in the late 1800’s through the two World Wars and into the 1970’s. A portion of the site remains an active ship repair yard, able to repair the largest ships in the industry.
The stated objectives for the redevelopment of Pier 70 include: 1. Continued operation of the ship repair yard on approximately 17 acres; 2. Establishment of a Pier 70 National Register Historic District and the planned rehabilitation of approximately 700,000 square feet of historic buildings; 3. 3,000,000 square feet of new infill development compatible with the historic district predominately for job-creating uses such as office and technology space; 4. 6,000 – 8,000 new jobs in new and rehabilitated buildings; 5. Approximately 11 acres of waterfront open space and 9 acres of upland open space; and 6. Environmental remediation and infrastructure to support the Master Plan’s land uses.
And goals include creating a major new shoreline open space that extends the San Francisco Bay Trail and Blue Greenway to and through Pier 70, promoting development that is pedestrian-oriented and fosters use of alternative, sustainable transportation modes and practices, and extending the city street grid to enhance access and integrate Pier 70 with the Central Waterfront.
Proposals will be judged based on Approach (35 points), Experience (30 points), and financial Capacity (35 points) and are due by 3 p.m. on Thursday, November 18, 2010. Hopefully no developers will get punked Port style this time around.
∙ Pier 70 Rehabilitation [SocketSite]
∙ Pier 70 Area - Waterfront Site Developer RFQ [sfgov.org]
∙ Pier 70 Master Plan Summary [sfgov.org]
∙ JustQuotes: Bad Market, Then Back To Big Projects Like Pier 70 [SocketSite]
∙ Seawall Lot 351: This Time The Port Does The Punking (RFP Wise) [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (19) | (email story)
August 30, 2010
Land Grab On Linden?
Four years ago Loring Sagan (Sagan Piechota Architecture and Build Inc.) and David Winslow (Winslow Architecture & Urban Design) who both have offices on Linden were awarded a challenge grant of $100,000 by the City of San Francisco for a master plan to make Linden Street more pedestrian friendly.
As the execution of the master plan for Linden nears completion, however, not everyone is thrilled. From a reader who resides off Linden:
Now that the concrete curbs are pored, it's become clear that this pedestrian plaza was designed without any thought put into the existing driveways/garages that exit onto Linden, or the industrial users further up the street. I've spent the last two days watching my neighbors struggle through 12-point turns to access their homes -- it's only going to be worse when we have to navigate around pedestrians who don't realize they're loitering in the street because we've managed to "blur the distinction between the pedestrian and automobile realms and to create a unified space." That is poor urban planning -- period.
It's not an "outdoor living room". It's an alley -- a public street. An alley that people drive through, put their garbage bins in, and park trucks to deliver things to the light-industrial users. It's also one of the last blocks with free all-day parking in Hayes Valley, and you've managed to take away three more parking spaces (plus the one that blue bottle took, when you cut the curb to pretend they were just a driveway).
The primary (and possibly singular) goal of the project was obviously this: “When completed, Linden living alley will serve as a comfortable “great good place” for the habitual customers of Blue Bottle café.”
And it's going to do a very good job of that, at the expense of virtually every other user of this alley.
It should come as no surprise (considering the financial relationship between Blue Bottle and the architects involved in this project) that the neighbors' concerns were ignored in favor of providing greater benefit to Blue Bottle and their habitual customers. Blue Bottle is a tiny cart in a block-long mixed use street. It's also a relative newcomer here (2005), and has never made much of an effort to make nice with the residential neighbors nearby.
[It's worth noting that they went through the motions of soliciting input from the community when they were trying to get the permits in 2008, until the neighbors voiced the very concerns and objections that are now becoming realities. They made no effort to change the plans to alleviate our concerns -- just paid us lip service and thanked us for our feedback (which they ignored). All communication stopped when we refused to sign a document that would make us perpetually responsible for additional maintenance costs and liability.]
This entire project is really just an expansion of Blue Bottle, who will soon get the benefit of a rent-free plaza, owned by the city and used almost exclusively by their customers (if this weren't about Blue Bottle, it would be at the other end of the street, where it would logically connect with Patricia's Green and the impending pop-up spaces in the city-owned lots).
I predict tables and no more through traffic, within two years -- the complete elimination of this as a public roadway. That's great if you're running a cafe (permitted as a kiosk/cart), and want a place for your customers to sit...but it's not so good if you happen to have a 20 car garage that opens into someone's living room.
I can only hope that the residents of Ames and Sumner alleys have better luck than we did (or have alleys that are more suited to pedestrian-only use). Initially, we were excited by this project. It would clean up the alley, and probably make our home a more desirable place to live. Instead, it's only confirmed our fears about having to share an alley with professional property developers that own a cafe next door.
We’re not taking sides and keep in mind that the Proxy project at the other end of Linden is intended to be temporary. Regardless, if you’re lining up to buy a cup of coffee, get on the sidewalk. Standing in the street is more annoying (and dangerous) than hipster cool.
∙ A Building, Coffee and Movement That We Love In Hayes Valley [SocketSite]
∙ Sagan Piechota Architecture [sp-architecture.com]
∙ Winslow Architecture & Urban Design [winslowarchitecture.com]
∙ The Evolution Of EnvelopeA+D’s Proxy Project For Parcels K+L [SocketSite]
Posted by socketadmin at 1:00 PM | Permalink | Comments (178) | (email story)
August 25, 2010
Mission Bay South Beach Borders Closing Its Doors October 16
An anchor tenant at the base of The Beacon, the "Mission Bay Borders" at 200 King Street will be closing its doors on October 16. And no, it’s not so a "South Beach" Borders can open on the 17th.
No word on what role the Beacon’s Residential versus Commercial Association spat might have played. And in terms of what’s in the works to fill the space, rumors of a bowling alley and laundromat have been heard but we can’t confirm.
Might a plugged-in resident reader or tipster care to report?
∙ Mission Bay Borders [borders.com]
∙ The Incredible Shrinking Mission Bay (And Expanding South Beach) [SocketSite]
∙ Association Battle Over Unpaid Bills Brewing At The Beacon? [SocketSite]
∙ Borders Books is Closing… What Next? [SocketSite]
Posted by socketadmin at 5:15 PM | Permalink | Comments (38) | (email story)
August 16, 2010
CityPlace Approval Appealed, Supervisors To Review September 7
A plugged-in tipster reports: "Despite strong community support and the approval of the San Francisco Planning Commission last month, the CityPlace Environmental Impact Report has been appealed to the Board of Supervisors."
San Francisco's Board of Supervisors is currently scheduled to hear the appeal on Tuesday, September 7 although the official agenda for that Board meeting has yet to be released.
∙ CityPlace (935-965 Market) APPROVED By The Planning Commission [SocketSite]
∙ Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]
Posted by socketadmin at 1:50 PM | Permalink | Comments (49) | (email story)
August 10, 2010
222 Second Street Seeks Certification (And Exceptions) This Week
While the proposed redevelopment of Treasure (and Yerba Buena) Island gets its own special session on Thursday, certification of the proposed 222 Second Street project is on the agenda for the regular Planning Commission meeting later that afternoon.
The preliminary recommendation from the Planning Department is to approve the Final Environmental Impact Report for the 26-story office building with 5,000 square feet of ground floor retail as proposed, and to grant a height exception to allow the building reach 350 feet on a 3,700 square foot portion of the site which is currently zoned for 150.
∙ The 222 Second Street Scoop (For The Second Time) [SocketSite]
∙ The Things You Can See From Those Virtual Views (222 2nd Street) [SocketSite]
∙ Speak Now Or Write Later: Treasure/Yerba Buena Island EIR Hearing [SocketSite]
∙ San Francisco Planning Commission Agenda: 8/12/10 [sf-planning.org]
Posted by socketadmin at 9:15 AM | Permalink | Comments (88) | (email story)
August 6, 2010
Transbay Terminal Walking...Into The Sunset Tonight
At midnight tonight San Francisco’s Transbay Transit Terminal permanently closes its doors to the public and becomes an official hardhat zone in order to be razed and make way for the rise of San Francisco’s Transbay Transit Center.
While most eyes are on the terminal, however, we turn our attention to the big patch of green rendered above where the building that once housed Varnish, the lofts in which Boom Dizzle (AKA Baron Davis) once lived, and Zebulon all currently stand.
∙ All Aboard As San Francisco’s Transbay Terminal Nears Its Close [SocketSite]
∙ Transbay Center Plans: Revised, Refined, And Unveiled Today [SocketSite]
∙ As The Sun Sets Over San Francisco's Transbay Terminal... [SocketSite]
∙ Boom Dizzle (AKA Baron Davis) Is In The His House (And SoMa) [SocketSite]
Posted by socketadmin at 4:30 PM | Permalink | Comments (18) | (email story)
August 3, 2010
The Evolution Of EnvelopeA+D’s Proxy Project For Parcels K+L
The leases for Octavia Boulevard Parcels K+L have passed from San Francisco’s Land Use and Economic Development Committee last week to San Francisco’s Board of Supervisors for adoption this afternoon. How envelopeA+D’s evolved design for the "proxy" project on the parcels could evolve:
The Biergarten should be in phase one, but unfortunately it's not likely to be open by this year's true Oktoberfest.
∙ Leases For Temporary Inhabitations Along Octavia Boulevard [SocketSite]
∙ Proxy: Octavia Blvd - Lots K+L - San Francisco, CA [envelopead.com]
∙ Envelope A+D's "Proxy" For Octavia Boulevard Lots K+L [SocketSite]
∙ Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia) [SocketSite]
Posted by socketadmin at 7:00 AM | Permalink | Comments (9) | (email story)
July 26, 2010
Mmm…Beer (Garden) In The Works For Parcel L (424 Octavia)
Speaking of Parcels K+L over in Hayes Valley, a plugged-in reader reports: "I saw some fellows from Suppenküche put up this sign [for a Biergarten at 424 Octavia/Parcel L] this afternoon." As if we weren't fans of the plans for the parcels already. Mmm...beer.
∙ Leases For Temporary Inhabitations Along Octavia Boulevard [SocketSite]
∙ Envelope A+D's "Proxy" For Octavia Boulevard Lots K+L [SocketSite]
Posted by socketadmin at 6:00 PM | Permalink | Comments (5) | (email story)
Leases For Temporary Inhabitations Along Octavia Boulevard
Amongst the items in front of San Francisco’s Land Use and Economic Development Committee this afternoon, resolutions approving the leases of Hayes Valley parcels K (the southeast corner of Octavia and Hayes) and L (the northeast corner of Octavia and Fell) to PROXYDevelopment for the "temporary inhabitations of retail, restaurant, art gallery, garden and community-based uses."
The lease of Parcel K is for a three year term with a base rent of $5,000 per month while the lease for Parcel L is for a four year term at $2,000 per month.
∙ San Francisco Land Use and Economic Development Committee 7/26/10 [sfbos.org]
∙ RFPs For Housing Along Octavia Boulevard [SocketSite]
∙ Envelope A+D's "Proxy" For Octavia Boulevard Lots K+L [SocketSite]
Posted by socketadmin at 10:15 AM | Permalink | Comments (7) | (email story)
July 13, 2010
Lowe’s Leads The Way But What Lies Ahead For Bayshore Boulevard?
"Dissention over chain stores continues to simmer, but big-box retail now has arrived on Bayshore. And as construction workers pour towering concrete walls for a new Lowe's home improvement store - which will occupy the square footage of two football fields - the conversation is starting to shift to the question of what lies ahead."
"To control development while planning for Bayshore's future, the city has imposed temporary zoning controls, which prohibit another chain store of more than 25,000 square feet without special authorization. Officials also have organized community meetings to try to gauge how residents want public funds to shape the commercial corridor's future."
∙ Lowe's store on Bayshore triggers hope, concern [SFGate]
∙ Lowe's Has Finalized A Lease And Broken Ground On Bayshore [SocketSite]
∙ A Bayshore Boulevard Corridor Conundrum As Lowe's Leads The Way [SocketSite]
Posted by socketadmin at 7:00 AM | Permalink | Comments (27) | (email story)
July 9, 2010
CityPlace (935-965 Market) APPROVED By The Planning Commission
As a plugged-in reader reports, the CityPlace development at 935-965 Market has been approved by San Francisco's Planning Commission, and with (rather than without) parking.
CityPlace could start serving shoppers in San Francisco as soon as 2012. The impact on that stretch of Market and the neighborhood overall? Even sooner we would say.
∙ T-Minus Two Days To CityPlace (935-965 Market) Commission Vote [SocketSite]
∙ CityPlace Seeks A Green Light To Get Moving On Market (935-965) [SocketSite]
∙ Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]
∙ Livable City's CityPlace Opposition: Parking (And Design) [SocketSite]
Posted by socketadmin at 7:00 AM | Permalink | Comments (31) | (email story)
July 7, 2010
One Word: Target. Okay, Five: Target At Geary And Masonic?
While Target has been in negotiations with the Metreon, and eyeing the proposed CityPlace, the retailer is reportedly seeking entitlements to open a 100,000-square-foot store at Geary and Masonic (think Mervyns and Good Guys). From the Business Times:
A lease with Target has not yet been signed, but talks have progressed far enough that both parties are comfortable discussing the deal publicly, according to sources involved in negotiations. The owner of the property at the corner of Geary and Masonic Avenue, KLA Geary LLC, has approached city planners and district supervisors to gauge support for the project. As a formula retail business, Target requires a conditional use permit in order to open. In addition to the empty Mervyns, Target would occupy a portion of the former Good Guys, which was shuttered in late 2005.
Assuming limited opposition (cough) and a relatively smooth approval process (double cough), a Target could be up and retailing at Geary and Masonic by 2012.
∙ One Word: Target. Okay, Four: Target At The Metreon? [SocketSite]
∙ T-Minus Two Days To CityPlace (935-965 Market) Commission Vote [SocketSite]
∙ Target sets bull's-eye on Geary Blvd. site [San Francisco Business Times]
Posted by socketadmin at 8:30 AM | Permalink | Comments (36) | (email story)
July 6, 2010
T-Minus Two Days To CityPlace (935-965 Market) Commission Vote
As we wrote on June 10:
The proposed development of CityPlace at 935-965 Market is back in front of San Francisco’s Planning Commission this afternoon for EIR certification with a preliminary Planning recommendation to certify (we've got our fingers crossed).
The proposed project would demolish the three two-to five-story buildings on the 1.06-acre project site and redevelop the site with one five-story, 90-foot-tall retail building, with associated building services and subsurface parking.
The building would contain approximately 375,700 gsf, with about 264,010 gsf of retail uses; about 4,830 gsf of common areas; about 10,900 gsf of mechanical and storage space; and about 95,960 gsf of parking, loading, and circulation space with approximately 188 parking spaces.
The most likely point of contention, said parking for which Conditional Use authorization is required and has already been reduced by 13 proposed spaces.
As a plugged-in tipster quickly corrected:
While CityPlace is indeed calendared for this afternoon, it’s going to be continued to a meeting in July. We’ll get the exact date shortly. Today’s meeting is apparently going to be short a couple Commissioners, and the Commission wants to hear this with as many members present as possible – so a Commissioner (not sure which one) asked that it be continued.
And as we added a few hours later: The new date for the Planning Commission to review and vote on the certification of CityPlace's EIR is July 8. T-minus two days.
∙ CityPlace Seeks A Green Light To Get Moving On Market (935-965) [SocketSite]
∙ Details To Augment Designs For "CityPlace" (935-965 Market Street) [SocketSite]
∙ Livable City's CityPlace Opposition: Parking (And Design) [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (13) | (email story)
June 15, 2010
New Downtown Supply Of A Different Kind
A plugged-in reader caught the notice while walking his dog last week, and while originally scheduled for Planning Commission review on thursday, the mandatory discretionary review for a medical marijuana dispensary at 527 Howard is now expected to be heard next week.
∙ From Services For Chronic Back Pain To...Chronic After Services [SocketSite]
Posted by socketadmin at 12:45 PM | Permalink | Comments (6) | (email story)
June 14, 2010
Eat, Drink, And Be Even More Merry (Or Michael) In The Castro
Following in the footsteps of 24th Street over the hill in Noe Valley, Supervisor Dufty's proposed amendments to San Francisco’s Planning Code to allow new full and small self-service restaurants to open within the Castro Neighborhood Commercial District with Conditional Use Authorization (i.e., on a case-by-case basis) and to allow self-service specialty food establishments as-of-right (with community notification) are before the Planning Commission this week.
The amendments would also remove the custom tailored fast food provision which was crafted specifically for a Noah’s bagels which is now a Sprint store vacant.
The Planning Department recommends the Commission approve the amendments.
∙ Castro NCD Restaurant and Eating Uses Amendments [sf-planning.org]
∙ Growing Pains For Noe Along 24th [SocketSite]
Posted by socketadmin at 8:30 AM | Permalink | Comments (14) | (email story)
June 11, 2010
351 California Sells At Auction For $35 Million To Stalking Horse Bid
In 2009 Luke Brugnara’s Brugnara Properties lost 351 California to foreclosure. As plugged-in people know, at the time the building had been encumbered with a first mortgage of roughly $33 million and a second of roughly $11 million.
Yesterday 351 California sold in a court ordered auction for its stalking horse bid of $35 million ($250 per square foot for the 83 percent occupied building) as no other bids materialized. It only takes one.
∙ Brugnara Properties Headquarters Headed For Foreclosure? [SocketSite]
∙ Turkish buyer nabs 351 Cal for $35M [Business Times]
Posted by socketadmin at 2:15 PM | Permalink | Comments (2) | (email story)
The Latest Design For 680/690 Folsom: Back To The Bank
From the San Francisco Business Times:
The complex at 680 Folsom St., a property the city has targeted for the expansion of the Moscone Convention Center, has been deeded back to the lender in the latest of a string of high-profile commercial real estate defaults.
RREEF, a real estate investor based in San Francisco, deeded the property back to lender Wells Fargo in lieu of foreclosure, according to real estate sources. RREEF acquired the property in 2007, one of a series of acquisitions made in an investment partnership with CalPERS. Wells Fargo is in negotiations to bring in a new capital partner to replace RREEF.
RREEF and TMG acquired the two-building complex at Third and Folsom streets in 2007 for about $80 million. In April 2008, TMG and RREEF announced a $200 million renovation and expansion designed by Craig Hartman of Skidmore Owings & Merrill. The project would have increased the building to 505,000 square feet, with 440,000 square feet of office and retail. The project was derailed when the market collapsed in fall of 2008.
TMG maintains a minority interest in the property.
∙ Moscone growth site deeded back to bank [Business Times]
∙ From Renovation To Potentially Razed For 680/690 Folsom [SocketSite]
∙ Additional Details To Go With The Glassy Design: 680/690 Folsom [SocketSite]
∙ Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]
Posted by socketadmin at 7:15 AM | Permalink | Comments (10) | (email story)
June 3, 2010
350 Mission Street Headed For Formal Review (EIR)
An Environmental Impact Report (EIR) for the the proposed 350 Mission Street project (as exists above, as envisioned by SOM/Craig Hartman below) is about to get underway.
The proposed project would consist of a 24-story, approximately 355-foot-tall office tower with office uses occupying approximately 356,000 square feet on floors 5 through 24 (the building would have no floor 13, nor floors 3 or 4). The ground floor would have a height of 50 feet, equaling approximately 3 to 4 stories, and a mezzanine level would be incorporated within this space.
Approximately 6,600 square feet of retail and restaurant space would be divided into four spaces on the ground floor and the mezzanine. These spaces would include a 1,000-square-foot retail space on the ground floor facing Mission Street, a small coffee bar/café near the northwest corner of the ground-floor lobby, and an approximately 4,600-square-foot restaurant space with a separately demised conference/dining room on the mezzanine.
Pedestrian entrances would be located on the Fremont and Mission Street frontages and would open to a 50-foot-tall lobby, which would include part of the mezzanine floor that would be open to the ground floor.
The lobby would function, in part, as an enclosed publicly accessible open space, including internal access to the retail space and a wide stairway to the mezzanine that would double as public amphitheater style seating. The approximately 35-foot-tall mezzanine floor would be occupied mostly by the restaurant/conference space but would include about 2,200 square feet of enclosed public seating at the top of the stairway. The mezzanine level would cover the north and east portion of the ground floor and leave the southwest lobby space open to the entire 50-foot-tall volume.
Three basement levels would provide parking for 61 vehicles (3 spaces dedicated to shared electrics) and 64 bicycles plus a fitness center for use by building tenants (think showers for those on bikes). The building would be constructed to LEED Gold standards.
A public scoping meeting for the project will be held at 6pm on 6/22 at 50 Fremont Street.
∙ 350 Mission Street Scoop Redux: Building Website Live [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (18) | (email story)
June 1, 2010
Trader Joe's In The Castro Currently Stymied By A Shack
Just down the street from 2001 Market, the tentative leasehold agreement to bring a Trader Joe’s to the Market and Noe Center (2280 Market) was set to expire May 7 absent a deal to relocate current Market and Noe tenant RadioShack.
And while the deal to relocate RadioShack still hasn’t been finalized, and May 7 has come and gone, Trader Joe’s has extended the expiration date on their agreement as the negations to move the Shack continue on.
∙ Closer To Reality For 2001 Market Street [SocketSite]
∙ Trader Joe’s Finalizes Lease For Castro Location (ETA: A Year) [SocketSite]
∙ Out With Tower Records (Three Years Ago), In With Trader Joe’s? [SocketSite]
∙ Obstacle remains for Castro Trader Joe’s [Examiner]
Posted by socketadmin at 11:15 AM | Permalink | Comments (12) | (email story)
May 21, 2010
Whole Foods Here By End Of The Year As Cala Gutting Commences
As a plugged-in tipster notes, the gutting of the old Cala Foods at the corner of Stanyan and Haight has commenced with the scaled back small format Whole Foods currently expected to open in time for the December holidays.
∙ The 690 Stanyan Project Scoop: Scaled Back To An Interior Gutting [SocketSite]
∙ Whole Foods On Stanyan At Haight (Less 62 Condos) Has Its Lease [SocketSite]
Posted by socketadmin at 10:15 AM | Permalink | Comments (39) | (email story)
May 12, 2010
A "Calculated" Default For The Cannery At Del Monte Square
Playing the strategic default card, in March Vornado Realty Trust stopped making payments on the $18 million mortgage which helped finance its purchase of San Francisco's landmark Cannery at Del Monte Square for $33.5 million in 2007.
"Vornado wants to keep the property, [a person familiar with the matter] said. But, like many owners of distressed property, the company has defaulted as a strategy to restructure the debt...“It was a calculated move,” the person said."
∙ Cannery Loan Is in Default [WSJ]
Posted by socketadmin at 2:15 PM | Permalink | Comments (29) | (email story)
May 7, 2010
This Gallery Is The Show
We’re not vouching for the "numerous opportunities." And only those with deep pockets need apply. But we do find ourselves enamored by the (albeit likely unintended) artistic nature of a few of the listing photos from inside 715 Commercial.
∙ Listing: 715 Commercial (4/1) 1,901 sqft - $929,000 [MLS]
Posted by socketadmin at 9:45 AM | Permalink | Comments (24) | (email story)
April 30, 2010
14 New Leases On (And For) Life On Union Street
The first comment from our post entitled The Union Street Blues ("according to the Chronicle 35 businesses "went under from the start of 2008 through the second quarter of 2009 in the six blocks on Union Street between Octavia and Pierce" while 7 opened up") four months ago: "There's nothing price won't fix."
From the San Francisco Business Times today:
Three restaurants — American Cupcake, Roam Artisan Burgers and Marengo on Union (selling wine, whisky and sliders) — plan to open [on Union] in May. Later this year, 1875 Union St. will welcome Unwind on Union, Cafe des Amis will finally open at 2000 Union St. and the old Bayside at 1787 Union St. will open as Brick Yard Bar and Restaurant on June 5.
They join the five retailers who have opened on Union (and a stretch of Fillmore just north of Union) since Dec. 22. At least six more addresses have deals for new tenants.
“It took owners a while to see that if they wanted to lease their spaces, they had to reduce their prices. It was not something they had ever had to do in the past,” said Peter Mikacich, a broker with Brick & Mortar. “Landlords who came to grips with that early in the process were the first to lease up space.”
According to Mikacich rents on Union Street have come down about 25 percent, from $80 to $100 a square foot for the best locations previously to $60 to $75 today.
∙ The Union Street Blues [SocketSite]
∙ San Francisco’s Union St. rebounds [San Francisco Business Times]
Posted by socketadmin at 9:00 AM | Permalink | Comments (15) | (email story)
April 28, 2010
Noe Valley Close To Politely Removing Its Restaurant Cap
From the San Francisco Examiner with respect to the current cap on new full-service restaurants along 24th Street in Noe:
With a unanimous vote Tuesday, the Board of Supervisors repealed the Noe Valley restriction, meaning restaurants need only conditional-use permits to open along the commercial stretch of 24th Street. The permit process requires a public hearing before the Planning Commission and public notification. A granted permit can be appealed to the Board of Supervisors.
The character of 24th Street has changed and the number of restaurants decreased from 29 to 22 as “the number of vacancies has increased dramatically,” the Planning Department said. Noe Valley’s 24th Street has 22 restaurants operating, 15 vacancies and 13 takeout businesses, according to the most recent Planning Department study.
A final vote to ratify the legislation is expected next week. Other streets with caps that might benefit from Noe’s lead: Castro, Clement, Upper Fillmore, Haight and Union.
∙ New eateries in Noe Valley given green light [Examiner]
Posted by socketadmin at 7:30 AM | Permalink | Comments (10) | (email story)
April 22, 2010
Warfield Theater Building (988 Market): Condos With A Twist
Don’t panic, The Warfield itself isn’t going condo (or away). But seven of the eight adjacent floors of the Gustav Albert Lansburgh designed Warfield Theater Building (988 Market) are about to return to the market as commercial condos with a twist.
Zoned C3G with an allowance for Accessory Use Housing, up to a quarter of each floor of the building could be converted to full-time residential use. And while floors 2-5 which share a wall with The Warfield auditorium (i.e., they’re likely to remain 100 percent commercial), the top three floors will be marketed with the residential component in mind.
In fact, the roughly 5,000 square foot penthouse floor has already been built-out as such, with a quarter of the floor turned into a one-bedroom, one-bath with a loft-like living area and wall of windows. The other three-quarters of the penthouse floor has been remodeled for commercial use (albeit with a wet bar and full bath). The penthouse also boasts a private 5,000 square foot roof deck.
And speaking of that penthouse floor, we've been told that at one time it housed the offices of Al Capone. No word on whether or not Geraldo already knows.
∙ Coming Soon (and not yet live): Warfield Condos [warfieldcondos.com]
Posted by socketadmin at 11:15 AM | Permalink | Comments (13) | (email story)
March 17, 2010
A Bayshore Boulevard Corridor Conundrum As Lowe's Leads The Way
"The Board of Supervisors is poised to approve interim zoning rules that would force large retail stores or chain stores to secure a conditional use permit before opening a location along the [Bayshore Boulevard] corridor."
∙ Temporary restrictions to be placed on big box stores on Bayshore Boulevard [Examiner]
∙ Interim Zoning Controls for the Bayshore Corridor [sfbos.org]
∙ Lowe's Has Finalized A Lease And Broken Ground On Bayshore [SocketSite]
Posted by socketadmin at 10:15 AM | Permalink | Comments (11) | (email story)
March 16, 2010
Hotel Utah Hits On The Market, Saloon To Stay (We Hope)
While it’s not listed on the MLS, a plugged-in tipster notes San Francisco’s iconic Hotel Utah (500 4th Street) is on the market and asking $2,350,000 for its 28 "Tourist Rooms" and Hotel Utah Saloon.
When the Hotel Utah opened its doors in 1908, San Francisco and the Barbary Coast were going strong. Although, the city boasted a number of luxury hotels, this Hotel was something else entirely: this was where the people went. This iconic bar was standing before, during, and after Prohibition. The Deininger family originally opened the saloon, and commissioned furniture makers in Belgium to design and create its ornate bar-back. They also served the city’s best beer, Fredericksburg, brought to The Utah by horse and carriage and lowered into the cellar in wooden kegs.
Gamblers, thieves, ladies up to no good, politicians, hustlers, friends of opium, goldseekers, godseekers, charlatans, police, fancy miscreants — they all visited The Utah. And that was when South of Market was just a lonely section of the San Francisco waterfront. After the Bay Bridge was finished in 1936, SOMA came into its own. The saloon was home to longshoremen, merchants, metalsmiths, furniture makers, and people from the neighborhood, traffic flowing back and forth between San Francisco and the East Bay.
Ah, the good old days of fancy miscreants and ladies up to no good.
According to its offering memorandum, the building currently should generate $186,757 in annual operating income with nine of its rooms rented on a month to month basis and the Saloon - which we assume will stay - paying $6,225 per month.
This deal actually is in the MLS
UPDATE (3/17): Our apologies, while the Hotel Utah property is in fact listed in the MLS (and apparently has been for the past 79 days), it appears as though the check-box to allow the listing to be found and viewed on the MLS's public facing site has not been checked.
Regardless, and perhaps more importantly, "the Hotel Utah Saloon has 5 years remaining on their current lease + two (5 year) options available."
∙ Offering Memorandum: 500 4th Street (Hotel Utah) - $2,350,000 [arausa.com]
Posted by socketadmin at 3:00 PM | Permalink | Comments (25) | (email story)
March 15, 2010
Mojo Parklet In Place (And Rather Popular On This Sunny Day)
While it hasn’t officially been unveiled, the new "parklet" in front of Mojo Bicycle Café is in place and already rather popular on a sunny day. Designed by RG Architecture, the six-month trial parklet has turned two traditional parking spaces into a forty foot deck with seating (not exclusively for the use of Mojo patrons), planters, and parking for six bikes.
∙ Soon To Be Sitting Pretty In A Series Of New Plazas And Parklets [SocketSite]
∙ Pavement to Parks [sfplanning.org]
Posted by socketadmin at 2:15 PM | Permalink | Comments (21) | (email story)
February 19, 2010
Selling At A Loss In An Attempt To Make A Profit (Elsewhere)
Purchased for $245 million in 2005, the 730,000-square-foot south financial district twin-tower building at 303 Second Street is returning to the market with expectations of a $220 million sale price for the 90 percent leased building.
The key quote from TMG Partners CEO Michael Covarrubias:
“It’s a matter of what their basis is and what their alternative capital opportunities are,” said Covarrubias. “These buildings (like 303 Second St.) are not going to appreciate rapidly and there may be an opportunity to redeploy it and buy other distressed assets.”
Think that thinking might be playing a role in the recent return of previously unsold new construction condo units as well? More on this next week.
∙ S.F. building owners sell the best, keep the rest [Business Times]
∙ 303 Second Street [303second.com]
∙ Artani (818 Van Ness) Scoop Redux: Unsuspending Sales [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (17) | (email story)
February 11, 2010
A Declining Decade For San Francisco Office Occupancy Rates
According to The Corporate Real Estate Letter, San Francisco ended 2009 with 70,931,839 square feet of occupied office space for a vacancy rate of 15.6% versus 80,252,228 occupied square feet and a vacancy rate of 3.6% at the beginning of the year 2000.
∙ The Corporate Real Estate Letter [naibtcommercial.com]
Posted by socketadmin at 6:00 AM | Permalink | Comments (12) | (email story)
February 10, 2010
Make That 441,469 Spaces: Proposed Curbside Cafe Conversions
"Curbside parking spaces in North Beach would be replaced with cafe seating [along Columbus Avenue] in the latest initiative to rethink how streets are used in San Francisco - making them less focused on cars and more welcoming for pedestrians."
∙ Cafes get more sidewalk under North Beach plan [SFGate]
∙ Parking Space Trivia (And Spoiler): 441,541 Spaces In San Francisco [SocketSite]
Posted by socketadmin at 9:45 AM | Permalink | Comments (48) | (email story)
February 5, 2010
Could Julius’ Castle Become Your Own? (302 Greenwich For Sale)
Long seeking a new tenant since shutting down two years ago under allegations of landlord fraud, misrepresentation, and lease issues, a plugged-in tipster notes that 302 Greenwich (a.k.a. Julius’ Castle) is now on the market asking $4,950,000. From the listing:
Elegantly situated atop Telegraph Hill, the restaurant has long been a destination to visitors & locals alike drawn to the warm environment & magnificent bay views….Possible residential application.
Other than over the past two years of course. We’ll let you work out the price (or probability) for that possibility for San Francisco landmark number 121 on Telegraph Hill.
∙ Listing: 302 Greenwich (a.k.a. Julius' Castle) - $4,950,000 [Zephyr] [Map]
∙ A Happy Ending for San Francisco's Castle? [Preservation]
Posted by socketadmin at 9:00 AM | Permalink | Comments (13) | (email story)
January 28, 2010
The 222 Second Street Scoop (For The Second Time)
While truly plugged-in people have known about the proposed development of 222 Second Street on the corner of Howard for well over two years, details for the proposed 26-story development are now online via a Draft Environmental Impact Report (EIR).
The project sponsor, TS 222 Second Street, L.P., proposes to construct a 26-story, approximately 350-foot-tall office tower containing approximately 430,650 square feet of office space. The project would also include [4,600 square feet of] retail space and an enclosed [8,750 square foot] publicly accessible open space at the ground floor, and two levels of sub-grade parking containing 54 parking spaces.
As proposed, the project would be a rectilinear tower of diminishing bulk from the building base to a height of approximately 350 feet. At the fifth floor, the north façade of the building would be set back 5 feet from Howard Street and the west façade would be set back approximately 20 feet from the westerly property line. At the 17th story, the east façade would be set back 24.5 feet from Second Street, and the South façade would be set back 44.5 feet from Tehama Street. In addition, the fifth floor would include a further 5-foot recess, or “reveal,” on all four facades, intended to emphasize a visual break above the first four stories of the building—at a height of about 60 feet—and thereby establish a sense of continuity with nearby historic structures.
The site is currently occupied by a surface parking lot. As part of the project, the sponsor proposes to acquire and incorporate into the project site a 1,650-square-foot (20-foot–by–82.5-foot) portion of the adjacent property, which would increase the size of the project site to 25,575 square feet, and to demolish the existing loading dock at 631 Howard Street, which occupies the portion of the adjacent parcel to be acquired. The existing building at 631 Howard Street would remain.
Two basement parking levels would be provided beneath the project site, with access provided via a two way driveway from Tehama Street for a total of 54 marked parking spaces, with capacity for approximately 80 vehicles with valet parking. The basement would also include approximately 46 bicycle parking spaces, which would exceed the 12 spaces required by the Planning Code. Three additional service van spaces would also be provided in the basement.
Construction is estimated at 21 months with occupancy as early as 2013. The project architect is Heller Manus in association with Thomas Phifer and Partners.
And yes, the "TS" in "TS 222 Second Street, L.P." stands for Tishman Speyer.
∙ The Things You Can See From Those Virtual Views (222 2nd Street) [SocketSite]
∙ 222 Second Street Draft Environmental Impact Report (EIR) [sf-planning.org]
Posted by socketadmin at 6:30 AM | Permalink | Comments (29) | (email story)
January 27, 2010
And San Francisco's Transbay Joint Powers Authority Rolls…A Seven!
Last year San Francisco's Transbay Joint Powers Authority rolled the dice by modifying construction plans for San Francisco's Transbay Transit Center.
The modified plan to pre-build the train station component of the center will save an estimated $100 million in construction costs but banks on $400 million in federal stimulus funds, without which the move will likely end up burning $15 million worth of engineering and design and delay the project by at least four months.
Tomorrow morning President Obama will formally announce $8 billion in stimulus funds to 13 U.S. rail corridors ($50 billion was requested). But according to a White House pre-release, California's high-speed train project is getting $2.25 billion of that eight.
Exactly how that $2.25 billion will be divvied up between California's four corridors still needs to be determined. Will San Francisco’s $15 million bet payoff or crap out?
Stay tuned (and plugged-in).
UPDATE: And it's lucky number seven (or rather four hundred) for the TJPA and San Francisco:
Department spokeswoman Maureen Knightly said the $2.25 billion includes a reservation of $400 million for construction of an underground train station at the Transbay Transit Center.
Cheers!
∙ Transbay Terminal: Banking On Stimulus Funds And Opening In 2015 [SocketSite]
∙ Obama to Give 13 Areas $8 Billion for High-Speed Rail [Bloomberg]]
∙ Scoop: Transbay Interactive Map (And New Transit Center Website) [SocketSite]
∙ High-speed train project gets $2.25 billion from Obama [mercurynews.com]
∙ $400M to go toward Transbay Transit Center train station [San Francisco Examiner]
Posted by socketadmin at 10:00 PM | Permalink | Comments (5) | (email story)
January 22, 2010
The Future Fourth Street And Envisoned Hub Of Mission Bay
While the opening of Mission Bay’s Fourth Street extension still doesn’t have a hard date, fingers are crossed that it should be open by spring (albeit not built out).
Envisioned to become the Chestnut, Union or Fillmore of Mission Bay, the blocks between the Fourth Street Bridge and Mission Bay Boulevard North (think southern border of the Radiance site) will one day be lined with restaurants, retail and strolling pedestrians if (or when) all goes as planned.
∙ An Overview Of Mission Bay [SocketSite]
∙ Radiance: Positioning For Phase II (And To Close Out Phase I) [SocketSite]
Posted by socketadmin at 4:00 PM | Permalink | Comments (43) | (email story)
January 14, 2010
Growing Pains For Noe Along 24th
"...San Francisco banned new restaurants on Noe Valley's 24th Street because residents felt they were losing local shops to eateries that drove up rents and caused traffic jams. Now, with nearly 15 vacant storefronts, there's a push to get the restaurants back."
∙ Blocks hungry to fill storefronts with eateries [SFGate]
Posted by socketadmin at 8:30 AM | Permalink | Comments (73) | (email story)
January 11, 2010
Trader Joe’s Finalizes Lease For Castro Location (ETA: A Year)
According to the San Francisco Business Times, Trader Joe’s has finalized a lease to open a 13,000 square foot store in the Castro, filling an empty storefront in the Market & Noe Center which Tower Records vacated over three years ago.
ETA for the TJ’s assuming not too much BS from NIMBY's or the BOS? Around a year.
∙ Trader Joe’s to open in old Tower Records site [San Francisco Business Times]
∙ Out With Tower Records (Three Years Ago), In With Trader Joe’s? [SocketSite]
Posted by socketadmin at 4:45 PM | Permalink | Comments (25) | (email story)
49 Stevenson Sells For $24,200,000
"Taiwanese real estate investor Steven Pan has finalized the purchase of 49 Stevenson St. for $24.2 million, the latest sign that San Francisco's long-dormant investment market is starting to come to life. The $190-a-square-foot sale price represents a 40 percent decline for the value of the property, which the city currently assesses at $41 million."
∙ 49 Stevenson sells for $24.2 million [San Francisco Business Times]
Posted by socketadmin at 4:00 PM | Permalink | Comments (14) | (email story)
Scoop: Transbay Interactive Map (And New Transit Center Website)
While it hasn’t yet been officially announced, plugged-in people know a new Transbay Transit Center website is now online. And while the intro animation should look (and sound) familiar, a new interactive map (a.k.a. "walk around the project") is filled with graphics and drill-down animations for the Transit Center and its surrounding 40-acres.
Transit Center and City Park? Check. Temporary Transbay Terminal and future Transbay Park? Check. How Folsom Street looks today...
...and a peek at what Folsom Street is envisioned to become with widened sidewalks, street level retail, and trees, glorious trees? Check.
And so much more.
∙ Transbay Transit Center: Interactive Map [transbaycenter.org] [Videos]
∙ Transbay Transit Center Video: The Director’s Cut With Smooth Tunes [SocketSite]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]
∙ Temporary Transbay Terminal Cam And Construction Update [SocketSite]
∙ Transbay Park Potential: Post-Temporary Transbay Terminal (Et Al.) [SocketSite]
Posted by socketadmin at 6:00 AM | Permalink | Comments (38) | (email story)
January 8, 2010
The Union Street Blues
As the August montage was of 29 empty or available storefronts on Union, according to the Chronicle 35 businesses "went under from the start of 2008 through the second quarter of 2009 in the six blocks on Union Street between Octavia and Pierce" while 7 opened up.
The national economic crisis and its impact on tourism no doubt hurt Union Street in 2009, but business owners say the shopping district's decline is likely due to more gradual trends, in which retailers were slow to respond to younger consumers and landlords expected rents more reflective of the neighborhood's heyday.
The latest closure: Left at Albuquerque. But apparently new restaurants will save the day. Or perhaps that will be lower rents (down roughly 25% from a September 2008 peak).
∙ Twenty Nine Union Street Photos Worth More Than "Weak" Words [SocketSite]
∙ Merchants suffering along Union Street [SFGate]
Posted by socketadmin at 8:30 AM | Permalink | Comments (24) | (email story)
December 15, 2009
565 Castro: A Tipster’s Off Handed Comment (And Actual Update)
It’s not exactly our usual fare, but for a bit a early week levity by way of a plugged-in tipster and San Francisco’s Planning Commission Agenda for tomorrow:
565 CASTRO STREET - on the east side of Castro Street between 18th and 19th Streets; Lot 062 in Assessor’s Block 3583 - Request for a Conditional Use Authorization, pursuant to Planning Code Sections 303, 715.54, and 790.60, to allow a massage establishment (dba Hand Job) to operate within the Castro Neighborhood Commercial District and 40-X Height and Bulk District.
Preliminary Recommendation: Approval with Conditions
Our tipster’s off handed (ba-dump-bump) comment: "…I hope one of the conditions is reconsideration of the name."
To bring the story full circle (which is why the tip made our cut), it was two years ago we broke the news that First American Title which had occupied the space was closing down due to "market conditions" at the time.
UPDATE: The reader's comment we wish we would have thought of first: "I hope the tipster will let us know if this story has a happy ending."
∙ First American Title Co. Closing Castro Branch (565 Castro Street) [SocketSite]
∙ Planning Commission Agenda: Thursday, December 17, 2009 [SFGov]
Posted by socketadmin at 1:30 PM | Permalink | Comments (25) | (email story)
December 14, 2009
San Francisco’s Commercial Sublease Snapshot: December 2009
According to Colliers, 2,253,339 square feet of commercial sublease space is currently on the market in San Francisco, down 158,186 square feet over the past 40 days on 33,727 square feet of net absorption along with withdrawn listings.
The percentage of space available for sublease that is currently vacant is 61 percent.
∙ San Francisco’s Commercial Sublease Snapshot: November 2009 [SocketSite]
Posted by socketadmin at 1:30 AM | Permalink | Comments (27) | (email story)
December 11, 2009
Back To The Bank For Six San Francisco Office Buildings
As expected, with $233,784,407 owed on the property, 333 Bush Street was taken back by lender Brookfield Properties. The building was bought for $281 million in 2007.
Also as reported by the San Francisco Business Times, Morgan Stanley is in the process of handing One Post, 201 California, Foundry Square 1, 60 Spear and 188 Embarcadero back to Apollo Global Management. All five were acquired in 2007 as well.
∙ 333 Bush: Bought For $281M In 2007 But Now Going Back To The Bank [SocketSite]
∙ Brookfield Properties forecloses on 333 Bush in S.F. [Business Times]
∙ Morgan Stanley to give back San Francisco buildings [Business Times]
Posted by socketadmin at 8:00 AM | Permalink | Comments (5) | (email story)
December 9, 2009
Take It Off! 555 Bartlett (Née 3400 Cesar Chavez) Teases
While the announced fall 2009 opening for the sales office of 555 Bartlett (née 3400 Cesar Chavez) never materialized (we’re expecting early 2010), the first bits of scaffolding surrounding the sixty-unit development have started to come down.
Precita Eyes has been commissioned to adorn the Caesar Chavez façade with a mural. And as of July, prices were expected to be in the $400,000's for the 30 one-bedrooms, from the mid $500,000's for the 27 twos, and $600,000+ for the 3 threes.
∙ 3400 Cesar Chavez: Approved But Opposed (By MAC) In The Mission [SocketSite]
∙ 555 Barlett (A.K.A. 3400 Cesar Chavez) Positions For Sales [SocketSite]
Posted by socketadmin at 2:45 PM | Permalink | Comments (26) | (email story)
December 1, 2009
Will Golden Gate Fields Follow In Bay Meadows’ Footsteps?
The bankruptcy related auction of Golden Gate Fields over in the East Bay has been scheduled for February 25, 2010. The 130-acre property has been unsuccessfully targeted for development a number of times.
Residents in Albany, a city of 17,000, have resisted previous development proposals and in 1990 approved zoning laws that limit the land's uses to live horse racing, sports or water-related commercial development, restaurants, bars and open space. Hotels and housing, for instance, are forbidden. Any change to the zoning must be approved by voters.
The property currently generates over a million dollars a year in taxes for Albany’s general fund. And while a recent community survey reveals that most resident’s "do not necessarily want to see a racetrack there" going forward, "the vast majority want to see the tax revenue retained at the same level" and "everyone would like to see more open space."
San Mateo’s Bay Meadows racetrack was shuttered fifteen months ago and quickly razed to make way for an 82-acre mixed-use development including 1,171 residential units, 715,000 square feet of office space and 93,000 square feet of retail space.
Construction, however, has yet to commence.
∙ Golden Gate Fields to go up for auction [SFGate]
Posted by socketadmin at 6:00 AM | Permalink | Comments (4) | (email story)
November 16, 2009
Belli’s Barbary Coast (And At One Time) Belle Of A Building
As Melvin Belli’s one time Gold Coast home still seeks a buyer, over the past month the infamous and Landmark Belli Building at 722-728 Montgomery has been doing the same.
The flamboyant and influential Belli was a pivotal figure in today's litigious society as an innovator in the area of personal injury law. He took on big corporations and controversial clients. Belli's clients included Errol Flynn, Jim and Tammy Faye Baker, Lana Turner, Mae West, Muhammad Ali, and Jack Ruby.
The Gold Rush era building at 722 Montgomery Street is a historical landmark and the offices where the renowned attorney held court. Eventually reduced to a ramshackle, the offices were once a monument to Belli's $60 million success. Belli died in 1996 at the age of 88, just a few months after filing for bankruptcy.
Particularly galling to San Franciscans is the fact that Mrs. Belli, who announced the ground breaking for a Belli museum on the site in 1997, sat on the San Francisco Landmarks Preservation Advisory Board while she allowed the Belli building fall into ruin.
An ongoing rebuild of the Belli building is still under wraps, and if finished as planned would yield 11,615 square feet of commercial space, 12,098 square feet of residential space (configured as 12 condos), and a 4,639 square foot basement.
Asking $10,500,000 in its current condition, the Loopnet listing created on October first notes, "This property will not last, Family has asked for it to be sold in as is condition within the next 30 days." Okay, so maybe 60. And under ten.
UPDATE (11/17): A plugged-in reader adds:
Perhaps the motivation for this statement [("Family has asked for it to be sold in as is condition within the next 30 days")] was the [Notice of Default] filed on September 24. Ms. Belli recently (end of August) sold off two units at 481 Clementina. Evidently, she did not raise enough capital to prevent the mechanics lien on November 4 for the Montgomery property. And, of course, the requisite lawsuit by the builders.
That would do it. And buyers, pay attention to those encumbrances.
∙ 24 Karat Gold Coast (2950 Broadway) Brochure, Plans, And History [SocketSite]
∙ Landmark 9: The Belli Building (722 Montgomery) [noehill.com]
∙ Farewell Favorites: Belli, Belli & Belli [mistersf.com]
∙ Listing: 722-728 Montgomery Street - $10,500,000 [loopnet.com]
∙ B.A.R. BUILDERS VS. NANCY HO BELLI [sftc.org]
Posted by socketadmin at 12:30 PM | Permalink | Comments (8) | (email story)
November 9, 2009
Commercial Comp (And Art Gallery Coming) On Union Street
A plugged-in tipster reports that the sale of the commercial retail condo at 2120 Union Street closed escrow on Friday with a reported contract price of $843,700 ($623 per square foot), asking $1,199,000 in June. According to our tipster it took five counter offers to get the deal done with no other parties competing.
In terms of what’s coming, the buyer "will be turning this space into an art gallery with rotating exhibits from independent artists so this space will help infuse more creativity into Cow Hollow. It will open sometime early next year after the space is remodeled."
Posted by socketadmin at 11:00 AM | Permalink | Comments (4) | (email story)
Whole Foods On Stanyan At Haight (Less 62 Condos) Has Its Lease
As we reported via a plugged-in tipster in May:
The other half had a storewide meeting at Whole Foods last night. It was told to them that the [690 Stanyan Project] has been scaled back to be just like the Noe Valley project. No external construction - no condos, just a interior gutting of the old Cala foods and a small format Whole Foods going into it.
As the San Francisco Business Times adds today (or rather Friday):
Six months after developer Mark Brennan shelved plans to build 62 condos and a ground floor grocery store at Haight and Stanyan streets because of high city fees, the owner has signed a lease with Whole Foods to occupy the existing building.
A conditional use permit still stands in the way, but as the 690 Stanyan Project received a conditional use permit in 2008, we share Whole Food's and the lessor's optimism.
∙ The 690 Stanyan Project Scoop: Scaled Back To An Interior Gutting [SocketSite]
∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]
∙ Noe Whole Foods Opens In The Morning (And The Pumpkins Are Safe) [SocketSite]
∙ Whole Foods to move into San Francisco's Haight-Ashbury district [Business Times]
∙ The 690 Stanyan Project Update: Conditional Use Approved 6-0 [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (18) | (email story)
November 6, 2009
Half-Price Sale For (Mostly Vacant) Class A Commercial Continues
"Prudential Real Estate Investors is in contract to sell the [mostly vacant 188 Spear Street] to Shorenstein for $170 a square foot [$25 million], a 56 percent drop from the $385 a square foot or $56.9 million that the city assessed the...property for last fiscal year. The only other Class A financial district building to sell this year, 250 Montgomery St., traded for $172 a square foot — also a 56 percent drop from its previous sale in 2006."
∙ Shorensteins prevail in bid for S.F. building [San Francisco Business Times]
∙ A Half-Price Sale For Class A Commercial Real Estate In San Francisco [SocketSite]
Posted by socketadmin at 6:50 AM | Permalink | Comments (65) | (email story)
October 30, 2009
San Francisco’s Commercial Sublease Snapshot: November 2009
According to Colliers, 2,411,525 square feet of commercial sublease space is currently on the market in San Francisco, down 248,159 square feet over the past 30 days but once again driven by withdrawn listings rather than absorption (negative 89,527 square feet).
The percentage of space available for sublease that is currently vacant is 53 percent.
∙ San Francisco’s Commercial Sublease Snapshot: October 2009 [SocketSite]
Posted by socketadmin at 10:00 AM | Permalink | Comments (1) | (email story)
Twenty Percent Off Sale Around Union Square
"There are close to two dozen vacancies in the Union Square area, and the vacancy rate stands at 10 percent, with 4 percent more available for sublease, said Julie Taylor of Cornish & Carey.
And while very few long-term deals have been signed, flexible or shorter-term leases are being inked for about 20 percent below asking rate, according to Kazuko Morgan of Cushman and Wakefield."
∙ Union Square goes on sale for retailers [San Francisco Business Times]
Posted by socketadmin at 9:30 AM | Permalink | Comments (2) | (email story)
October 22, 2009
Lowe's Has Finalized A Lease And Broken Ground On Bayshore
The tentative lease signed by Lowe's for the old Goodman Lumber Bayshore Boulevard site early this year has been finalized. And construction on the 107,000-square-foot store should start soon has begun with an expected opening as early as August 2010.
∙ Let’s Build Something (On Bayshore) Together: Lowe’s Signs A Lease [SocketSite]
∙ Lowe's to move forward soon on S.F. store [SFGate]
∙ Lowe’s coming to Bayshore [San Francisco Examiner]
Posted by socketadmin at 7:30 AM | Permalink | Comments (16) | (email story)
October 14, 2009
A 21% "Gap" In Values From 2005 To 2009 For 550 Terry Francois
By way of a plugged-in tipster and the Wall Street Journal, Tishman Speyer is contract to sell 550 Terry Francois Blvd. (a.k.a. Gap’s outpost in Mission Bay) for $136.5 million.
Tishman paid $173.1 million for the 282,773 square foot, fully leased (through 2017), and "state-of-the-art" building in 2005. Call it a 21% drop below 2005 values (versus peak).
∙ Australian Investors Feel U.S.-Office Pinch [Wall Street Journal]
Posted by socketadmin at 4:40 PM | Permalink | Comments (9) | (email story)
October 9, 2009
Out With Tower Records (Three Years Ago), In With Trader Joe’s?
From Market at Noe street shopping center owner Kent Jeffrey via the San Francisco Business Times:
"Finally, after nearly three years with no anchor tenant, a huge mortgage, the building on the verge of being lost, resources exhausted, and hope fading, we are thrilled to report we have a new tenant for the former Tower Records space at the Market and Noe Center...It is a tenant that we feel will bring vitality and life to the community and at the same time provide a major convenience for all. It will be a welcome relief and a definite plus for the neighborhood, especially in today’s economy."
And yes, said tenant is Trader Joe's.
∙ Trader Joe's moving into Castro district [San Francisco Business Times]
Posted by socketadmin at 8:45 AM | Permalink | Comments (38) | (email story)
September 29, 2009
Noe Whole Foods Opens In The Morning (And The Pumpkins Are Safe)
Seven months ago Whole Foods Market was given the green light to convert (but not raze and rebuild) the shuttered Bell Market on 24th Street in Noe. Wednesday at 10 am Whole Foods Market Noe Valley opens its doors (with a 9:45 am bread-breaking before).
At the same time, Aveda, GNC and Streetlight Records (neighboring, neighboring, and across the street) have since closed while Real Foods remains dormant.
UPDATE: The inside scoop from a plugged-in reader:
WFM management has specifically canvassed the neighborhood and have reduced their offerings of items that have excellent local store representation. Floral, Pet Dept, and Cheese in particular have smaller offerings than a regular WFM store because the neighborhood is already well served.
Their front-end team has been collecting cards from *all* local businesses. When people complain "Why don't you carry X, Y, Z?" they are to direct the customer to the local business 4 doors down that does carry it rather than start carrying it themselves.
The hope is that the small parking lot will serve as a natural rate limiter on the number of shoppers. There are 4 full service checkout lanes and 4 express and that's it.
PS. All the breads are sourced from the local Boulange chain and all their prepared foods are made by local caterers and food companies. This is the first WFM store to not make anything on site, at all. Boulange is delivering fresh bread 2x a day. There aren't even any finishing ovens in the store!
Cheers.
UPDATE (9/30): As another plugged-in reader notes, La Boulange is planning to open down the block this fall where Noe Valley Pizza recently closed their doors.
∙ Whole Foods Green-Lighted In Noe (And As Proposed On Market) [SocketSite]
∙ Noe Bagel's Days Might Be Numbered. Now About Next Door... [SocketSite]
Posted by socketadmin at 2:00 PM | Permalink | Comments (50) | (email story)
September 18, 2009
Wells Fargo Adds 375K Feet To San Francisco’s Negative Absorption
"Wells Fargo has terminated its 375,000-square-foot lease at 155 Fifth St. in San Francisco, adding another empty building to an office leasing market with a nearly 20 percent vacancy rate."
∙ Wells Fargo calls quits at S.F. office building [Business Times]
∙ San Francisco's Office Availability Rate Up To 20 Percent In Q2 2009 [SocketSite]
Posted by socketadmin at 7:00 AM | Permalink | Comments (8) | (email story)
September 10, 2009
Will Tavern On The Green’s Bankruptcy Kill An SF Outpost?
Citing "extreme financial distress brought on by the current financial crisis and the City of New York’s decision not to renew [their] lease," New York’s Tavern on the Green has filed for Chapter 11 bankruptcy protection. No word on how the reorganization will affect plans to open a 43,000 square foot Tavern on the Green atop San Francisco’s Metreon. Tipsters?
∙ New York’s Tavern on the Green Files for Bankruptcy [Bloomberg]
∙ Metreon Makeover Approved, Entrance Rendered And Ready In 2010 [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (29) | (email story)
September 8, 2009
555 Mission: Sequoia’s Penthouse Sublease At 40 Percent Off
Last year Sequoia Capital secured the 14,718 square foot penthouse atop 555 Mission for seven years at a rate of $84 per square foot. According to the San Francisco Business Times, the law firm of Novak Druce Quigg has now subleased the entire space for the remainder of the lease at a 40 percent discount ($50 per square foot) without escalation.
And Included for free, "all of the super high-end and virtually unused furniture."
∙ A Jonathan Borofsky Rises At 555 Mission (And 535 Is On Its Way) [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (7) | (email story)
September 4, 2009
San Francisco’s Commercial Sublease Snapshot: September 2009
According to Colliers International, 2,721,080 square feet of commercial sublease space is currently on the market in San Francisco (49% of which is currently vacant), up a net 266,000 square feet over the past 30 days.
∙ San Francisco’s Commercial Sublease Snapshot: August 2009 [SocketSite]
Posted by socketadmin at 10:45 AM | Permalink | Comments (22) | (email story)
August 24, 2009
QuickLinks: Same Day And Story, Two Rather Different Takes
∙ Hotel losses mount, hurting city's coffers [SFGate]
∙ Hotels stay booked amid recession [Examiner]
Posted by socketadmin at 9:00 AM | Permalink | Comments (4) | (email story)
August 19, 2009
A Peek Into NEW PEOPLE (And Future For Japantown?) At 1746 Post
The NEW PEOPLE complex (previously known as the J-Pop Center) opened its doors this weekend at 1746 Post. There’s a small theater dedicated to Japanese productions in the basement, eats on the first floor, and goods on the mezzanine.
The second floor is all about fashion.
And the third, along with a building wide "DeTour," are all about the arts.
While the redevelopment of the Japantown center remains on hold and Japantown’s Better Neighborhood Plan inches forward, one can’t help but wonder if this is a peek into the neighborhood's future.
∙ NEW PEOPLE (1746 Post Street) [NewPeopleWorld.com]
∙ Japantown: The Question, The Answer And Your Chance To Embellish [SocketSite]
∙ Japantown’s Better Neighborhood Plan Update: Draft Acknowledged [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (31) | (email story)
August 10, 2009
Will It Or Won't It, You Make The Call On A Commercial Backed Crisis
"Commercial property is “certainly going to be a significant drag” on growth, said Dean Maki, a former Fed researcher who is now chief U.S. economist in New York at Barclays Capital Inc., the investment-banking division of London-based Barclays Plc. “The bigger risk from it would be if it causes unexpected losses to financial firms that lead to another financial crisis.”"
∙ Fed Focusing on Real-Estate Recession as Bernanke Convenes FOMC [Bloomberg]
Posted by socketadmin at 8:00 AM | Permalink | Comments (8) | (email story)
August 7, 2009
A Sale On Union Square Retail (239 Grant Sells For $773 Per Square)
From the San Francisco Business times:
Peter Tso, a Chinese investor who owns several properties in Union Square, has paid $8.5 million for the 11,000-square-foot building at 239 Grant St., the first significant retail building to sell in Union Square since early 2008.
The $773-a-square-foot sale price is less than half what retail buildings were selling for during the height of the market in 2007, when 240 Post St. sold for $1,819 a square foot. The last major building that traded in the exclusive shopping district was 33 Grant St., which traded for $1,300 a square foot.
239 Grant is 100 percent leased.
∙ Landlord adds to portfolio of Union Square holdings [Business Times]
Posted by socketadmin at 9:45 AM | Permalink | Comments (6) | (email story)
August 5, 2009
Twenty Nine Union Street Photos Worth More Than "Weak" Words
As you might recall, Union Street was recently pegged as one of San Francisco’s three weakest retail corridors. To put it in visual perspective, a tipster directs us to a Curbed reader’s montage of 29 empty or available store fronts between Gough and Fillmore.
∙ San Francisco Retail Space Update: Vacancy Rate Up Four-ish Fold [SocketSite]
∙ Entire Portion of Union Street Basically For Rent [Curbed]
Posted by socketadmin at 1:00 PM | Permalink | Comments (45) | (email story)
August 3, 2009
San Francisco’s Commercial Sublease Snapshot
According to Colliers International, 2,454,475 square feet of commercial sublease space is currently on the market in San Francisco (54% of which is currently vacant), down a net 148,911 square feet over the past 30 days driven by withdrawn listings rather than newly signed subleases of which there was only one in July (for a total of 4,460 square feet).
Posted by socketadmin at 10:00 AM | Permalink | Comments (3) | (email story)
July 27, 2009
A Commercial Quote With Residential Relevance?
It’s a fixed-income manager’s two ways of looking at Wells Fargo’s doubling down on commercial mortgage-backed bonds:
“One is: Your past history tells me you don’t know how to assess this risk that well…The other is: Well, you’re bright people, you won’t make that same mistake again. Personally, I’m not convinced of the latter.”
One can’t help but wonder how said quote might play in other real estate arenas.
∙ Wells Fargo Buys Mortgage Bonds as Defaults Rise, Sloan Says [Bloomberg]
Posted by socketadmin at 10:45 AM | Permalink | Comments (7) | (email story)
July 24, 2009
333 Bush: Bought For $281M In 2007 But Now Going Back To The Bank
"Hines and Sterling American Property will give 333 Bush St. back to lenders Brookfield Real Estate Finance and Munich Hypo Bank, according to a statement from Hines executives." (Hines, Sterling to surrender S.F. building)
Posted by socketadmin at 2:30 PM | Permalink | Comments (23) | (email story)
July 22, 2009
San Francisco's 50 Percent Fall Collection Grows For Commercial
"Polatnick Properties has planted its flag in Jackson Square with the...$7 million acquisition of 731 Sansome St. Polatnick paid about $185 a square foot for the 38,000-square-foot office building, less than half of what the historic 1911 structure would have traded for in 2007. The purchase was all cash."
∙ Jackson Square building sells for $7M [San Francisco Business Times]
∙ 731 Sansome [polatnickproperties.com]
∙ A Half-Price Sale For Class A Commercial Real Estate In San Francisco [SocketSite]
Posted by socketadmin at 3:45 PM | Permalink | Comments (19) | (email story)
Fighting "Blight" By Adding Art In San Francisco Storefronts
From the San Francisco Examiner:
Taking a cue from cities such as New York, San Diego and San Jose, [a San Francisco] pilot program will temporarily place original art installations in [19] vacant storefront windows. The first to be filled will be in the mid-Market Street area, followed by Taylor Street in the Tenderloin, Third Street in the Bayview district and 24th Street in the Mission district.
No word on when said program might make its way to Union Street, or on any plans to fill some of the never leased (or at least never opened) new development restaurant/retail spaces about town.
∙ Art installations will help city fight blight [San Francisco Examiner]
∙ San Francisco Retail Space Update: Vacancy Rate Up Four-ish Fold [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (47) | (email story)
July 13, 2009
San Francisco's Office Availability Rate Up To 20 Percent In Q2 2009
"CBRE says that downtown San Francisco’s availability rate for office space has now cracked 20 percent. It predicts that the city “will soon pass its all-time availability rate of 20.6 percent.” The brokerage reports that the city saw a 778,000-square-foot net vacant increase in vacant space [in Q2]."
∙ Office space availability tops 20 percent mark [San Francisco Business Times]
Posted by socketadmin at 8:00 AM | Permalink | Comments (12) | (email story)
The Port In The (San Francisco Office) Storm
"The Port of San Francisco is preparing to reduce its minimum required lease payments to help fill vacant space and compete in San Francisco’s flailing office market….Under proposals due to be considered Tuesday by Port Commissioners, prospective tenants could see monthly rents for Class C space fall from $1.80 to $1.50 per square foot along the Central Waterfront….The Port plans to slightly increase its parking rates..."
∙ Port to slash prices for office space [SFExaminer]
∙ San Francisco's Office Availability Rate Up To 20 Percent In Q2 [SocketSite]
∙ Request approval of the FY 2009-10 Monthly Rental Rate Schedule [SFGov]
Posted by socketadmin at 7:30 AM | Permalink | Comments (64) | (email story)
July 8, 2009
If You Owe The Bank $100 $90 Million...
While San Francisco’s W Hotel has sold for $90 million (less than half its estimated replacement cost), a "two-year $90 million loan for the 277-room Four Seasons Hotel San Francisco" is now in default. Apparently on purpose.
[Millennium Partners] has purposefully stopped making debt payments as a strategy to jump start renegotiating the debt with the special server, LNR Property Crop. The Four Seasons is the second luxury hotel to default on its debt payments in recent weeks. The owners of the 393-room Renaissance Stanford Court Hotel in Nob Hill, funds controlled by JER Partners, defaulted on a $89 million loan, according to lender Barclays Capital.
Keep in mind "the action pertains only to the debt on the San Francisco Four Seasons Hotel property, which is owned independently of all other Millennium properties, including the Millennium Tower at 301 Mission St."
Cue Jean Paul Getty's infamous quote: "If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem."
UPDATE (12/11): "The Four Seasons San Francisco is heading closer to foreclosure after lenders rejected owner Millennium Partners’ proposal to renegotiate the loan on the property, according to the credit-rating agency Realpoint."
∙ S.F.’s W Hotel sells for $90M [San Francisco Business Times]
∙ Four Seasons San Francisco in default [San Francisco Business Times]
∙ Millennium Tower (301 Mission) Update: Timing, Kitchen(s) And Bath [SocketSite]
∙ Four Seasons close to foreclosure [San Francisco Business Times]
Posted by socketadmin at 4:00 PM | Permalink | Comments (13) | (email story)
July 7, 2009
It's Biotechnology Hub Interruptus As Pfizer Pulls Out Of Mission Bay
"New York drug giant Pfizer has pulled the plug on plans to open a biotech research center [at 455 Mission Bay Boulevard South] near UCSF's Mission Bay Campus, a move that deals a blow to San Francisco's hope of becoming a major biotechnology hub."
∙ Pfizer drops planned biotech research center [SFGate]
∙ Pfizer setting up key unit in Mission Bay (Not) [San Francisco Business Times 8/08]
∙ A
Posted by socketadmin at 7:15 AM | Permalink | Comments (52) | (email story)
July 2, 2009
A Half-Price Sale For Class A Commercial Real Estate In San Francisco
"An undisclosed U.S. private-equity firm bought the $40.8 million note on 250 Montgomery St. for about half its face value, according to industry sources. The sale was about 60 percent below the cost of the building, considering the previous price plus improvements."
UPDATE: Details from J.K. Dineen:
A private equity fund controlled by an unidentified “domestic billionaire” has paid $19.9 million [$172 a square foot] for 250 Montgomery St., a 116,000-square-foot building on the corner of Pine Street that Lincoln Property Co. bought for $46 million in 2006. Technically, the buyer bought the note on the building, rather than the property itself. Under the sales agreement the lender on the property, Finance Realty Corp., will deed 250 Montgomery St. to the buyer in lieu of foreclosure. Lincoln Property was in default on the property.
The sale, at a price that represents about 25 percent of replacement cost, represents the first San Francisco office building sale in a year. It is also the first “round trip” transaction where a property went from being sold at the peak of the market to deed in lieu of foreclosure to a new owner. Colliers International Executive Vice President Tony Crossley said the price “gives the market a data point it has been lacking.”
“This gives a benchmark that other owners and lenders can point to as saying this is what real estate is now worth in San Francisco and can adjust to accordingly. People can now look at their own building and say with more certainty what it is worth. It takes the nonsense out of it,” he said.
Kind of like one of our apples. Apparently there were "a dozen offers with some well below $100 a square foot." (That's right, "Multiple Offers!"). All that being said, however, and as noted by a plugged-in reader yesterday:
The low sale price was partly driven by the building’s high vacancy rate — it is less than 50 percent occupied — as well as some deferred maintenance. Crossley estimated that it could cost an additional $70 a square foot — about $8 million — to make the building attractive to tenants.
∙ S.F. has recession's 1st distressed office sale [SFGate]
∙ Sale shows San Francisco property values in free fall [San Francisco Business Times]
Posted by socketadmin at 9:15 AM | Permalink | Comments (8) | (email story)
July 1, 2009
San Francisco Retail Space Update: Vacancy Rate Up Four-ish Fold
According to Colliers International retail broker Ross Portugeis, "San Francisco’s retail vacancy rate leaped in the past year from 3 or 4 percent to 12 or 13 percent" but Portugeis feels the market started stabilizing in May. As always, time and SocketSite will tell.
And according to Edward Plant of Edward Plant Co. Inc. which specializes in leasing San Francisco retail space, the strongest markets/streets currently include Chestnut, Castro and Hayes, while the weakest include Union, Fillmore and Valencia.
No mention of the numerous still vacant retail spaces in new developments across town.
∙ Empty stores boost lease deals [San Francisco Examiner]
Posted by socketadmin at 8:15 AM | Permalink | Comments (5) | (email story)
June 19, 2009
From Renovation To Potentially Razed For 680/690 Folsom
According to J.K. Dineen, TMG Partners' renovation and redesign of 680/690 Folsom might never see the light of day through those proposed glass curtain walls. Instead, the buildings could be razed to make way for a Moscone Center expansion.
While city officials are not ready to discuss the project in detail, officials involved in the discussions say the new below-ground convention center space would connect with the 650,000-square- foot Moscone Center South underground across Third Street. The complex would replace two existing office buildings owned by developer TMG Partners and financial partner RREEF, 680 Folsom St. and 50 Hawthorne St., as well as the Moscone Parking Garage at 255 Third St. In addition to the convention center and replacement parking, the new project could feature “two or three towers” above a podium.
The new plans are simply "exploratory" at this point. No word on how the proposed Museum of Performance & Design would fit into the mix.
∙ S.F. in talks for Moscone expansion [San Francisco Business Times]
∙ Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]
∙ Additional Details To Go With The Glassy Design: 680/690 Folsom [SocketSite]
∙ Museum of Performance & Design: Familiarity With The Corner/Design [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (20) | (email story)
June 15, 2009
Transbay Terminal: Banking On Stimulus Funds And Opening In 2015
Banking on $400 million in federal stimulus funds to be announced by the Federal Railroad Administration in October, the Transbay Joint Powers Authority has modified construction plans for San Francisco's Transbay Transit Terminal.
With a first phase originally scheduled to open in 2014 (retail, bus, and park) and construction of its underground train station component (Caltrain and high-speed rail) to follow, the new plan calls for the pre-construction of an unfinished train station and a late 2015 opening for the above ground portions of the terminal.
If the stimulus funds are not made available, and no other funding can be identified, then up to $15 million worth of engineering and design efforts planned to take place between now and October will be wasted, and the project will open four months behind the original schedule without a train station, staff and consultants told directors.
"I’m a gambling man and I’m willing to roll the dice," Supervisor Chris Daly, a Transbay Joint Powers Authority director, said during the hearing. "High-speed rail is happening in California. It’s coming to downtown San Francisco. Everyone’s excited, but if [initial construction of the train station] doesn’t happen, we’re in the hole $15 million."
Pre-building the train station would save an estimated $100 million in construction costs. But no word on whether or not they're still proposing to pre-build said station the wrong (or right) way.
∙ Transbay Terminal Moves Forward, But Payments And Terms Change [SocketSite]
∙ Project tweak delays SoMa train station [San Francisco Examiner]
∙ Unplanned Obsolescence For Transbay High-Speed Station Design? [SocketSite]
Posted by socketadmin at 8:15 AM | Permalink | Comments (30) | (email story)
June 12, 2009
JustQuotes: It's A Good Time To Be A New Tenant In San Francisco
"Tenant-starved San Francisco office landlords are laying on the concessions. A new report from the tenant brokerage Studley shows property owners are now shelling out an average of $45 per square foot in concessions to tenants willing to ink a long-term deal. The amount of free rent owners are doling out has jumped to seven months, while tenant improvement allowances are now averaging $50 a square foot. Studley says asking rents are down 30 to 50 percent in many buildings and tenant demand is off 40 percent. Average Class A asking rent is $34.74 a square foot, down 25.3 percent from last year..."
∙ S.F. landlords entice tenants with concessions [San Francisco Business Times]
Posted by socketadmin at 9:00 AM | Permalink | Comments (10) | (email story)
June 10, 2009
San Francisco's New Cruise Ship Terminal Gets A $3.5M Kick Start
"The prospect of a new San Francisco cruise ship terminal [at Pier 27] became more real Tuesday when the Port Commission authorized a $3.5 million contract with the city's Department of Public Works for architectural and engineering work."
∙ $3.5 million OKd for new cruise ship port work [SFGate]
∙ The Port's Plan For Pier 27: We Don't Need No Stinking Rate Of Return! [SocketSite]
Posted by socketadmin at 7:15 AM | Permalink | Comments (7) | (email story)
May 28, 2009
The 690 Stanyan Project Scoop: Scaled Back To An Interior Gutting
A plugged-in reader reports on the proposed 690 Stanyan Project:
The other half had a storewide meeting at Whole Foods last night. It was told to them that the Stanyan Project has been scaled back to be just like the Noe Valley project. No external construction - no condos, just a interior gutting of the old Cala foods and a small format Whole Foods going into it.
The mixed-use design as was proposed (and conditional use approved):
The 26 studio units, 20 one-bedroom units, 15 two-bedroom units, and one three-bedroom unit have been removed from our pipeline inventory watch list.
UPDATE: Confirmation this afternoon from the Business Times with regard to the project:
The developer of a Whole Foods and housing development approved for a vacant lot at Haight and Stanyon streets has decided to shelve the project, citing high city fees [of between $5 million and $6 million] and the economic downturn.
According to the developer, however, an agreement with Whole Foods on the scaled back plan has not been reached (but is being discussed).
∙ The 690 Stanyan Project Update: Conditional Use Approved 6-0 [SocketSite]
∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]
∙ Whole Foods Green-Lighted In Noe (And As Proposed On Market) [SocketSite]
∙ Developer scraps S.F. Whole Foods project because of city fees [Business Times]
Posted by socketadmin at 9:00 AM | Permalink | Comments (40) | (email story)
May 12, 2009
San Francisco SWL 337 Proposal: Downsized And Drawn Out
The proposed retail space for San Francisco's Seawall Lot 337/Pier 48 (a.k.a. "Mission Rock") has been cut by more than half and the developers are pushing to "complete the project in phases over a 17-year period that would start in 2013."
As it stands, the project would produce approximately 10 commercial and residential buildings, including two towers near 200 feet and another taller than 300 feet. The area would be broken into 12 small city blocks and would feature 8 acres of open space, including the waterfront park.
One major parking structure and stalls in other buildings would accommodate 2,650 parking spaces for Giants games and other uses. There also are plans to refurbish Pier 48 for exhibitions and other events.
Construction of the cornerstone waterfront park would likley not begin for nearly a decade.
And gone from the proposal is the "scheme for an entertainment center tied to well-known names in food and music, including a 5,000-seat music hall."
∙ S.F. waterfront project may be downsized [SFGate]
∙ SocketSite Weekend Special: One Proposal For San Francisco SWL 337 [SocketSite]
∙ Joint Giants/Kenwood Proposal For SWL 337 Into Extra Innings [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (36) | (email story)
May 8, 2009
Eastern Neighborhoods "Amnesty" To Continue Business As Usual
The San Francisco Planning Department is offering zoning "amnesty" to 7,000 property owners that aren’t curently compliant within the recently rezoned Eastern Neighborhoods.
Thus far, one landlord has applied for amnesty. Fred Snyder of the David Allen Trust is seeking to legalize 660-680 Alabama St., a 50,000-square-foot former factory that is home to the computer animation firm Wild Brain. The building was one of approximately 1,000 lots designated “M” under the previous zoning — which allowed a mixture of industrial, housing, office and retail — but are now restricted to industrial activities that fall under the industrial umbrella called “production, distribution, and repair.”
Those wishing to take advantage of the amnesty must pay a fee of $535 and $10.50 for each square foot being legitimized. Snyder said the $400,000 fee is a lot to pay in a down economy, but he is eager to bring his property into compliance as soon as possible. “They created a way we could solve this problem by paying some money. We want to get it done and move forward,” he said.
Active enforcement of the new zoning laws which were approved last November and went into effect this past January won’t begin for another three years (January 2011).
UPDATE: A plugged-in reader adds (and schools us on zoning):
The office of Wild Brain wasn't legitimate under either the old or the new zoning. Previously the north side of 18th between Hampshire and York, where their office is located, was zoned M-1, light industrial. Now it's zoned M-2, which is PDR. An office is not a conforming use in an M-1 or M-2 zone.
∙ Property owners get reprieve in S.F. zone [Business Times]
∙ Eastern Neighborhoods Plan, It's Not Just For Policy Wonks Anymore [SocketSite]
∙ Eastern Neighborhoods/Candlestick Plans Yea! (Mirant Retrofit Nea!) [SocketSite]
Posted by socketadmin at 10:15 AM | Permalink | Comments (20) | (email story)
April 17, 2009
QuickLinks: South Mission Bay Living By The BT Headlines
∙ Recession slows arrival of shopping, eating venues [Business Times]
∙ Creating nightlife a challenge for businesses, neighborhood [Business Times]
Posted by socketadmin at 12:15 PM | Permalink | Comments (4) | (email story)
April 16, 2009
Growing Commercial Concern (And Residential Parallels)
"Of particular concern for San Francisco is the fact that nearly 75 percent of the Class A - premier - office buildings downtown traded hands in the past four years, according to Tove Nilsen, director of market research at Colliers International. The flurry of activity propelled sales prices to record highs and drove the ratio of rental income to cost to all-time lows.
That might have been acceptable when rents were climbing. But the tumbling economy has emptied 1.1 million square feet of space since the beginning of last year and has pushed rents down by 24 percent, according to Colliers. Meanwhile, leases for about 6 million square feet will come up for renewal this year, as will those for more than 10 million square feet in 2010."
∙ Commercial real estate market softens [SFGate]
∙ Pro Forma Problems: Find Commercial, Replace With Residential? [SocketSite]
∙ Co-opting A Reader’s Comment: Our Commercial Market Decline [SocketSite]
Posted by socketadmin at 7:15 AM | Permalink | Comments (15) | (email story)
April 8, 2009
Co-opting A Reader’s Comment: Our Commercial Market Decline
As a plugged-in reader commented and we’ve now co-opted, San Francisco’s commercial real estate market continues its decline. A few stats from Bloomberg:
San Francisco office rents dropped 24 percent in the first quarter from a year earlier, the biggest decline since the dot-com crash in 2001.
The office vacancy rate rose to 13.2 percent from 12.6 percent in the previous quarter and up from 10.2 percent a year earlier.
Almost half of the largest companies in the San Francisco Bay Area plan to cut staff in the next six months.
Not good. Unless, of course, you’re a renter looking to expand or renegotiate a lease.
∙ San Francisco Office Rents Fall Most Since 2001 [Bloomberg]
∙ Doesn't Everybody Want To Work Here? (Class A Rents Plunge) [SocketSite]
Posted by socketadmin at 1:30 PM | Permalink | Comments (6) | (email story)
April 1, 2009
Millennium Tower (301 Mission) Update: Timing, Kitchen(s) And Bath
Millennium Tower has received their Temporary Certificate of Occupancy (TCO), closings will commence on April 7th, and residents will start moving in on the 20th. In terms of the restaurant (RN74), the kitchen has been cleared cook and April 23rd should be the first night the public dines.
And speaking of kitchens, a peek at one from the midrise City Residences:
And a bath as well:
No update on sales since we last checked, but you can be certain that we will report on conversion and net new sales once they start to close.
Full Disclosure: Millennium Tower currently advertises on SocketSite but provided no compensation for (nor solicited) this post. They did, however, provide us with access to the development.
∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ Millennium Sales Update: Another Penthouse (#59A) In Contract [SocketSite]
Posted by socketadmin at 12:30 PM | Permalink | Comments (43) | (email story)
March 17, 2009
Board Of Supervisors Uphold Appeal Of Babylon By The Bay Approval
The San Francisco Board of Supervisors has spoken, and the appeal of the Planning Commission’s approval for 110 Embarcadero has been upheld. Next up, an Environmental Impact Report (EIR).
∙ Babylon By The Bay Hits A Bagdad By The Bay Styled Road Block [SocketSite]
∙ Forget Bagdad By The Bay, This Is More Like Babylon (By The Bay) [SocketSite]
∙ No love for 110 The Embarcadero -- study ordered [SFGate]
Posted by socketadmin at 8:55 PM | Permalink | Comments (2) | (email story)
March 16, 2009
Babylon By The Bay Hits A Bagdad By The Bay Styled Road Block
As we wrote about 110 Embarcadero when John King had the design scoop in early 2008:
Assuming Planning Commission approval this spring, the building could be up, open and growing leaves by the end of 2009.
As John Upton writes today:
The Planning Commission’s January [2009] approval of the project is now being disputed because an environmental-impact report wasn’t completed to study the historical significance of the building, the shadows that would be cast by the building’s height, which would exceed the parcel’s 84-foot height limit by 39 feet, and other factors.
The existing gray-and-white building, which replaced a burned-down barn after the 1906 earthquake, appears unremarkable from the outside. But inside, it played an important role in Depression-era labor battles.
The Board of Supervisors on Tuesday will consider the appeal of the Planning Commission’s green-light on the project. In making its decision, the board will consider whether the existing structure is historically significant.
From a development standpoint the best case scenario is now up and open by the end of 2011 (no sooner than 2012 if an environmental-impact report is required).
∙ Forget Bagdad By The Bay, This Is More Like Babylon (By The Bay) [SocketSite]
∙ West’s greenest building faces delay [San Francisco Examiner]
Posted by socketadmin at 8:45 AM | Permalink | Comments (27) | (email story)
March 13, 2009
Landlord Foreclosure Concerns: Not Just For Residential These Days
"With downtown commercial property values down 30 percent from their highs in the summer of 2007, highly leveraged owners who bought at the peak are up against huge debt payments that will be extremely difficult to refinance. That is creating a situation where tenants are avoiding some “upside down” buildings altogether and taking extra steps to protect themselves against landlord foreclosure."
∙ Invasion of the ‘zombie buildings’ [San Francsico Business Times]
Posted by socketadmin at 10:00 AM | Permalink | Comments (6) | (email story)
March 4, 2009
Metreon Makeover Approved, Entrance Rendered And Ready In 2010
From the San Francisco Examiner with respect to the Metreon's makeover:
San Francisco Redevelopment Agency commissioners on Tuesday evening unanimously approved plans by new owners Westfield Group and Forest City Enterprises to rearrange the [Metreon] to better integrate it with the booming museum district neighborhood in SoMa.
Under the approved plans, shops and restaurants will line the outer perimeter of the ground floor; popular New York restaurant Tavern on the Green will occupy the top floor; a food terrace will face Yerba Buena Gardens; and lights will colorfully illuminate the Fourth Street facade.
The successful cinema complex will remain on the third floor.
The Metreon's main entrance (rendered above) will be moved to the middle of Fourth Street, and the made over storefronts "are expected to open in time for the 2010 end-of-year shopping season."
∙ Revamped Metreon slated to be restaurant-centric [San Francisco Examiner]
∙ Another Metreon Makeover: Opening Up And Out To Bring People In [SocketSite]
Posted by socketadmin at 9:00 AM | Permalink | Comments (15) | (email story)
February 23, 2009
Whole Foods Green-Lighted In Noe (And As Proposed On Market)
While Whole Foods Market has been given the green light to take over the shuttered (but unfortunately not razed and to be rebuilt) Bell Market on 24th in Noe, the Prado Group continues to push forward with a proposed mixed-use development at 2001 Market Street which would replace the shuttered S&C Ford dealership with not only a Whole Foods on the ground floor but 80 residential units above and 125 parking spaces below.
No update on the Whole Foods slated for the Haight (a.k.a. the 690 Stanyan Project).
UPDATE (2/24): From a plugged-in reader with respect to the Noe Valley location: "Apparently Whole Foods has budgeted $5 million for [the] remodel and hopes to be open by September."
∙ Here comes another Whole Foods [SFGate]
∙ 2001 Market Street [2001marketsf.com]
∙ The 690 Stanyan Project Update: Conditional Use Approved 6-0 [SocketSite]
Posted by socketadmin at 9:00 PM | Permalink | Comments (40) | (email story)
February 6, 2009
Office Space For Sublease And Unemployment Up In San Francisco
From J.K. Dineen at the San Francisco Business Times with respect to office space:
San Francisco tenants unloaded another 250,000 square feet of unwanted office space onto the market in January, as employers slashed workers and pushed to generate sorely needed cash by subleasing floors in Class A downtown towers.
Companies adding to the avalanche of available sublease space include Charles Schwab, which said Jan. 30 that it would cut 500 to 600 jobs in the first quarter. Schwab is seeking a subtenant for 80,000 square feet at the 1 Montgomery Tower. Also in that building, Thomas Weisel Partners Group is looking to sublease 20,000 square feet on the 35th floor, billed as a “high-end build out with panoramic views.” Other chunks of sublease space coming available include 15,639 square feet of brand-new space at the just completed 555 Mission St. being subleased for $48 a square foot by law firm DLA Piper, and the entire 22nd floor of 345 California St., former UBS space that Cushman & Wakefield is looking to lease for five years at a rock-bottom $27 a square foot.
And with respect to San Francisco unemployment:
The number of unemployed San Francisco residents grew by 10,300 in the fourth quarter of 2008 to 29,500, according to Ted Egan, chief economist for the City of San Francisco. In spite of the fourth-quarter increase, Egan pointed out that the 10,000 jobs eliminated during the final three months of 2008 came in dribs and drabs rather than the sort of en masse layoffs announced in recent days by Charles Schwab and Macy’s, which announced 1,400 San Francisco layoffs on Feb. 1. A loss of 2 million square feet of occupied space equals about 10,000 workers.
“Now we are starting to see major layoffs from major employers,” said Egan. “This is the sign of the recession coming to San Francisco.”
∙ Quarter-million square feet added to S.F. sublease glut [Business Times]
∙ Jones Lang LaSalle Office Outlook For San Francisco And The Valley [SocketSite]
∙ A Virtual Tour Of 555 Mission Street (And Downtown San Francisco) [SocketSite]
Posted by socketadmin at 7:15 AM | Permalink | Comments (1) | (email story)
February 5, 2009
Jones Lang LaSalle Office Outlook For San Francisco And The Valley
The Jones Lang LaSalle outlook for office space in San Francisco:
Downsizing companies paired with sluggish tenant demand will cause downward pressure on rental rates to gain momentum in 2009. Rising vacancy rates, barring an unexpectedly rapid recovery, market fundamentals in 2009 will be downward trending as negative net absorption is expected.
Maturing debt, constrained lending and depreciated asset values will place a number of San Francisco building owners in jeopardy of default, forcing recapitalization or distressed sale transactions. This should present attractive opportunities for buyers with significant pools of equity financing.
And for Silicon Valley:
Although the outlook for the Silicon Valley is grim, the general consensus is that the market is well positioned to weather this downturn. During the tech wreck, the Silicon Valley lost over 231,000 jobs or nearly 21 percent of its workforce. Preliminary estimates have the valley shedding up to 26,000 positions in 2009.
∙ North America Office Report – Q4 2008 (pdf) [joneslanglasalle.com]
∙ Pro Forma Problems: Find Commercial, Replace With Residential? [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (8) | (email story)
January 12, 2009
Pro Forma Problems: Find Commercial, Replace With Residential?
From J.K. Dineen at the San Francisco Business Times:
Downtown San Francisco’s weakest year for commercial real estate since 2001 ended with a whimper, with the central business district losing another 1.3 million square feet of occupied space in the fourth quarter of 2008.
For the year, San Francisco’s “negative absorption” — the sum of both space vacated and empty new square footage coming on line — topped 2 million square feet, according to end of the year reports from CB Richard Ellis.
The deluge of newly available office space drove taking rents — the amount that tenants actually pay for space they agree to occupy — down by almost 25 percent, according to an analysis Colliers International did of 93 leases completed in the fourth quarter. The gap between what office landlords are asking and what tenants are willing to pay is widening, according to James Bennett of GVA Kidder Mathews.
“You have a lot of newcomers to the market who bought buildings at astronomical prices who are now having to stomach the fact that their pro forma rents are not going to materialize,” said Bennett. “It will be interesting to see how those owners respond to the down market.”
We're still talking commercial, right?
∙ S.F. tenants pour more space onto market [San Francisco Business Times]
Posted by socketadmin at 4:00 AM | Permalink | Comments (11) | (email story)
December 29, 2008
Drinking Might Be On The Rise, But Martini Park San Francisco Is Not
A plugged-in (and observant) reader reports:
There has been a sign at Rincon Center for the past 4-6 months saying that a Martini Park bar will be opening in late Fall 2008. Of recent, there is a "for lease" sign in one of the windows (Spear Street side). There is also no reference to a San Francisco location on the company's website. There was several months ago.
Curious if it has died a quite death as a result of the slowing economy. That was the line they gave for closing the location in Texas.
That's probably a good guess, and they wouldn't be alone, but we can't confirm. Readers?
Posted by socketadmin at 9:45 AM | Permalink | Comments (20) | (email story)
December 19, 2008
Doesn't Everybody Want To Work Here? (Class A Rents Plunge)
“A new Colliers International report found weighted average rents in the financial district dropped from $56.17 to $41.34 a square foot during the [fourth quarter], a 26.4 percent decline. Across the entire San Francisco market, Class A average rents dropped even more — 28.2 percent from $55.65 to $39.79 a square foot.”
∙ Downtown S.F. office rents plunge by 26% [Business Times]
∙ S.F. office space rent drops 22% [SFGate]
∙ San Francisco Firms Continue To Shed And Sublease Office Space [SocketSite]
Posted by socketadmin at 8:30 AM | Permalink | Comments (11) | (email story)
December 12, 2008
San Francisco Firms Continue To Shed And Sublease Office Space
"Cost-cutting tenants have dumped 1.2 million square feet of unwanted office space on the sublease market since July 1, the latest sign that San Francisco’s economy is slowing amid a national recession and credit crisis.
The trend has accelerated over the last 60 days as some 170 companies sought to unload 685,000 square feet of space, according to a report from Colliers International. A total of 2 million square feet of sublease space is available in the greater downtown — enough to accommodate about 8,000 workers. About 35 percent of the available sublease space is already vacant."
"With new top-notch sublease options coming on the market weekly, the spread between the price of view space and non-view space has narrowed. At the height of the rent bubble, view space was attracting $25 a square foot more than non-view space; now that has dropped to about $8 a square foot, with water view blocks going for $55 a square foot and city view suites leasing at closer to $35."
∙ Space glut drives down San Francisco office rates [San Francisco Business Times]
Posted by socketadmin at 8:00 AM | Permalink | Comments (10) | (email story)
December 1, 2008
Harding Theater (616 Divisadero): Developer Throwing In The Towel?
Last week a plugged-in tipster noted for sale signs had been hung, and this weekend 616 Divisadero (a.k.a. the Harding Theater) hit the MLS. In the words of another tipster, “After years of paying debt service and battling with the planning board, the developers of the Harding Theater on [Divisadero] have thrown in the towel….”
It appears that the decaying theater façade will be preserved for the foreseeable future and the auditorium, lobby and storefront spaces will remain unusable. Oh, and the adjoining underdeveloped lot around the corned on Hayes should be safe from becoming eight homes for neighborhood residents, business patrons and taxpayers anytime soon.
∙ Listing: 616 Divisadero - $4,000,000 [MLS]
∙ Harding Theater Development Positive Review Panned On Appeal [SocketSite]
Posted by socketadmin at 6:50 AM | Permalink | Comments (41) | (email story)
November 21, 2008
JustQuotes: As Come Commercial Realities, Will Go Residential?
"Next year, we're going to have the sublease swap meet of the century," said David Klein, a partner with San Francisco brokerage firm NAI BT Commercial. "Sublessors competing for the same tenant (will) all say, 'I can do the deal cheaper than you,' and the landlords will be playing catch-up. It's the harsh reality of a recession."
∙ WaMu to shut Pleasanton center, cut 1,600 staff [SFGate]
Posted by socketadmin at 7:15 AM | Permalink | Comments (5) | (email story)
November 14, 2008
A Body Bio Blow To Mission Bay Development: Alexandria Delays Two
From the San Francisco Business Times:
Alexandria Real Estate Equities will delay starting construction on two buildings at its Mission Bay biotech campus, despite having tenants willing to lease at least 200,000 square feet, company Chairman and Chief Executive Officer Joel Marcus told analysts during an earnings call.
Marcus said Nov. 3 that Alexandria has “deferred two future build-to-suits for credit institutional tenants” in Mission Bay due to the seizure in the credit markets and economic downturn.
∙ Alexandria Real Estate postpones two bio buildings [San Francisco Business Times]
∙ A Few Renderings Of The Buildings Rising Up In South Mission Bay [SocketSite]
∙ An Overview Of Mission Bay [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (0) | (email story)
November 7, 2008
Brugnara Properties Headquarters Headed For Foreclosure?
From a plugged-in tipster today:
351 California is one of the Dollar buildings (forgot which one), later the Pacific Bank Building, and currently the HQ [of] Brugnara Properties. Luke Brugnara is one of the most storied characters in the commercial real estate scene. The building is scheduled for the courthouse steps 14 November with an outstanding loan balance of $33,377,682 per PropertyShark.
From Brugnara seven months ago: "I own 351 California and am not in default."
∙ S.F. real estate player Brugnara indicted [San Francisco Business Times]
Posted by socketadmin at 2:30 PM | Permalink | Comments (34) | (email story)
Another Metreon Makeover: Opening Up And Out To Bring People In
"The [Metreon] will see significant changes, including a new main entrance on Fourth Street. The building will also face outward more; restaurants along Fourth Street will have entrances onto the street, and the building will better incorporate the park at its back. With new glass façades on the first two floors, the Metreon will feel much more transparent."
∙ Metreon’s new lease on life: Culture, food [Business Times]
Posted by socketadmin at 8:00 AM | Permalink | Comments (19) | (email story)
October 24, 2008
535 Mission Street: From Office To Residential To Office To Suspended
"With the markets in turmoil and rents falling, Beacon Capital Partners has suspended construction on its 27-story office tower at 535 Mission St., the only speculative downtown highrise slated to be built over the next few years.
The $100 million HOK-designed tower was put on hold earlier this month in response to worsening market conditions. A spokesman for the Department of Building Inspection said the building permits had not been withdrawn yet. The excavation on the project was complete and contractor Swinerton had completed the pile driving."
∙ Construction work suspended at new downtown office tower [Business Times]
∙ Approved For Residential, But Building Commercial (535 Mission) [SocketSite]
∙ 535 Mission Update: Parking Lot Closed And About To Break Ground? [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (30) | (email story)
October 22, 2008
The 690 Stanyan Project: Public Venting Vetting Tomorrow
The 690 Stanyan Project (you know, 62 condos over a 34,400-square foot Whole Foods and 176-space subterranean garage) is back in front of San Francisco’s Planning Commission tomorrow for some public venting vetting. Let us know if you happen to go and learn anything new.
∙ The 690 Stanyan Project: Overview And EIR Hearing Tomorrow (2/28) [SocketSite]
∙ Whole Foods in Haight comes up for debate [San Francisco Examiner]
Posted by socketadmin at 3:30 PM | Permalink | Comments (13) | (email story)
October 20, 2008
The Designs For San Francisco's "CityPlace" (935-965 Market Street)
From the CityPlace website:
Located in the Mid-Market neighborhood between 5th and 6th Streets, this exciting new development will continue the enhancement of San Francisco's primary retail corridor. The proposed project will stretch from 935-965 Market Street and bring approximately 250,000 square feet of new value-based retail to the neighborhood....If City approvals are secured in a timely fashion, construction on the project can begin in July 2009 and will be completed in July 2011.
In addition to the public-serving improvements that are directly related to CityPlace, the project development team is committing to making further enhancements to the area, focusing on Stevenson Street in particular....The plan for Stevenson includes landscaping and design elements, as well as the creation of three small retail spaces for micro-vendors – small, local entities with a need for a storefront to get their business off the ground.
From the Examiner: “David Rhoades of developer Urban Realty Co. said the project will be filled with several large “value-based” retailers, along the lines of Ross and Marshalls.” Luckily no mention of a Mervyns.
And from an earlier overview of the project: "If City approvals are secured in a timely fashion, construction on the project can begin in mid-2008 and will be completed in mid-2010"...
∙ CityPlace [discovercityplace.com]
∙ More Mid-Market Development And Definition [SocketSite]
∙ New mall aimed at revitalizing central Market [San Francisco Examiner]
Posted by socketadmin at 7:30 AM | Permalink | Comments (14) | (email story)
October 17, 2008
JustQuotes: Choices, Choices, Choices For SF Full Floor Commercial
"A new study by Jones Lang LaSalle broker Shamm Kelly and Research Director Ryan Carmichael found that the number of Class A full floors available for direct lease in [San Francisco's] central business district jumped from 170 in June to 218 in early October. If you add floors available to sublease, that number jumps to 264 — some 4.3 million square feet of space."
∙ Class A full floors pile up in central business district [San Francisco Business Times]
Posted by socketadmin at 9:00 AM | Permalink | Comments (2) | (email story)
October 10, 2008
Hibernia Bank Buyer Unmasked (The Dolmen Property Group)
The buyers of San Francisco's long vacant Hibernia Bank have been unmasked, and J.K. Dineen has the scoop: it's the Dolmen Property Group (think 2345 Harrison and Citrino).
Dolmen Property Group Managing Director Seamus Naughten said the $3.9 million investment is a long-term hold and that the plans for the 1892 structure at Jones and Market streets are up in the air. He said his company would complete all necessary construction work to bring the structure back to life.
∙ Hibernia mystery deal solved, buyer revealed [Business Times]
∙ Long Vacant Hibernia Bank Sold, To Be Renovated And Rented [SocketSite]
∙ Citrino (566 South Van Ness): Website Update And A Few Prices [SocketSite]
Posted by socketadmin at 6:45 AM | Permalink | Comments (7) | (email story)
October 8, 2008
It’s Official, No New Restaurant Or Bar Locations In North Beach
The San Francisco Planning Commission favored it, the Board of Supervisors approved it, and it’s now local law: no new restaurant/bar spaces in North Beach. Oh, and the bill also stipulates “that if a space once occupied by a restaurant is vacant for 18 months it can no longer be occupied by a new restaurant.”
No word on what defines “vacant.” But we do know that blocking development for 18 months is mere child’s play (and some might say sport) for a local neighborhood association or two.
∙ Commission Favors North Beach Development Ban, Exempts Pagoda [SocketSite]
∙ Supes OK ban on new bars, restaurants in North Beach [Examiner]
∙ Landmark Sarcasm Update: Hope For North Beach Pagoda Theater? [SocketSite]
Posted by socketadmin at 7:30 AM | Permalink | Comments (23) | (email story)
October 6, 2008
Noe Bagel's Days Might Be Numbered. Now About Next Door...
As a plugged-in reader notes, a notice has been hung on 3931-3933 24th Street (the Noe Bagel building). From our reader:
They are planning a 8,000 sqft 4 story mixed use building, near the indefinitely closed [“for renovation”] real food company store. Don't think Noe Bagel will survive this project.
And from the permit application:
Vertical and horizontal addition to existing building. Add 1 additional unit, 2 offices. Reconfigure and remodel alll e (sic) units. Top units to include 2 floors, 2 bedrooms, study, 2 full bath, 1 half bath. Lower unit: 1 bedroom, 1 bath. 1 office 2nd fl. Gr floor 1 office, 1 retail space.
Plans - or the inside scoop on the Real Food site - anyone?
Posted by socketadmin at 2:30 AM | Permalink | Comments (17) | (email story)
September 26, 2008
Speaking Of Office Space (And Absorption) In San Francisco
Office leasing in San Francisco by the numbers and by way of the Business Times: 550,000 square feet of negative absorption in the third quarter (including 111,000 square feet in SoMa) and 684,000 square feet of negative absorption for the year.
∙ San Francisco tenants dump office space [Business Times]
Posted by socketadmin at 7:30 AM | Permalink | Comments (14) | (email story)
September 25, 2008
Transbay Terminal Moves Forward, But Payments And Terms Change
The winning $350 million bid by the Hines/Pelli Clarke Pelli team to develop San Francisco's new Transbay terminal and tower has been cut to $235 million "but would require the real estate developers to pay the money sooner and assume greater risk and carrying costs." From J.K. Dineen at the San Francisco Business Times:
Under the new exclusive negotiations agreement, hammered out between the [Transbay Joint Powers Authority] and developer Hines and equity partner MetLife over the past year, Hines would pay $160 million within 90 days of the project’s entitlement. Hines would then pay $15 million in five $3 million installments, as well as $50 million for the construction for the rooftop park. In addition, the developers would pay the TJPA half a percent of net operating income over 66 years, estimated to be about $10 million.
The reduced purchase price is being driven by timing the TJPA needs to meet certain deadlines. During talks for the exclusive negotiating agreement, Hines indicated that it could not obtain financing for the $350 million until it was able to prelease at least 50 percent of the 1.6 million square feet of office space in the tower, which the developer said would take five years after it received entitlements, which is unlikely to happen before 2010. But under the TJPA’s mandate, the 2015 payoff date would be a problem because the TJPA’s mandate requires it to start construction of the transit center by 2010, and revenue generated from the land sale will partially pay for the transit center.
Paul Paradis, Hines senior vice president, said the revised scenario was not affected by the current credit crisis or Wall Street turmoil. He said the term sheet the TJPA gave developers during the competition always required that the developer and the Transit Authority would need to negotiate an amount of pre-leasing. (Hines beat out Forest City and the Rockefeller Group during the competition, in part by offering a much higher purchase price than the other developers for the land. Forest City had offered $145 million and Rockefeller $129 million.)
Demolition of the current terminal is currently scheduled for 2009 with constuction on the Transit Center (and possibly tower) to begin in 2010, and the first phase to be completed in 2014.
∙ Deal cuts price developer will pay for Transbay land by $115 million [Business Times]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite]
Posted by socketadmin at 6:30 AM | Permalink | Comments (9) | (email story)
September 23, 2008
350 Mission Street Scoop Redux: Building Website Live
As we wrote two months ago:
A plugged-in tipster delivers a rendering of the SOM/Craig Hartman design to compliment the scoop on 350 Mission Street, a 27-story green tower that’s in the works for the corner of Mission and Fremont. We’re loving the openness of the triple-height lobby.
As a plugged-in tipster writes today (okay, so actually last week): the 350 Mission website is live with renderings, an overview, virtual tour/views (note the Transbay) and more.
Did we mention how much we're digging the design of that lobby?
∙ 350 Mission Street [350mission.com]
∙ 350 Mission Street Scoop: A Plugged-In Tipster Delivers The Rendering [SocketSite]
Posted by socketadmin at 4:30 AM | Permalink | Comments (30) | (email story)
September 19, 2008
Commission Favors North Beach Development Ban, Exempts Pagoda
The San Francisco Planning Commission voted 4-2 in favor of Supervisor Peskin's Plan to ban the development of new (versus existing) spaces for restaurants and bars in North Beach. One requested "special exception": the Pagoda Theater.
∙ Plan to nix new North Beach venues OK'd [San Francisco Examiner]
∙ JustQuotes: Defining A Meal (And The Neighborhood) In North Beach [SocketSite]
∙ Landmark Sarcasm Update: Hope For North Beach Pagoda Theater? [SocketSite]
∙ Inside The “Landmark” Pagoda Theater (And Tussle) In North Beach [SocketSite]
Posted by socketadmin at 7:00 AM | Permalink | Comments (5) | (email story)
September 11, 2008
Long Vacant Hibernia Bank Sold, To Be Renovated And Rented
According to the Chronicle, the long vacant Hibernia Bank building at the corner of Market and Jones (1 Jones) has been sold for $3.95 million. According to broker Stanley Lo, “the buyer intends to improve the building and to make it rentable for business.”
Oh, and the landmark site of a heist by the SLA avec Patty Hearst in 1974.
UPDATE: Or not (quite): "The famous robbery - it was a Hibernia but not that one. It was the one in the Sunset on Noriega [1450 Noriega Street] which eventually became a video store and now is a graffitti-covered mess." Sorry about that folks (and our thanks to Pat).
∙ Historic eyesore bought after years of neglect [SFGate]
Posted by socketadmin at 1:55 PM | Permalink | Comments (21) | (email story)
August 14, 2008
A Jonathan Borofsky Rises At 555 Mission (And 535 Is On Its Way)
It’s a plugged-in tipster that first notes the Jonathan Borofsky sculpture being installed in the plaza of 555 Mission. And the status of 535 Mission two months ago: "The workers onsite are surveyors starting to put up the "grid lines" Should see dirt moving real soon."
Status today: said dirt has most definitely been moved.
∙ A Virtual Tour Of 555 Mission Street (And Downtown San Francisco) [SocketSite]
∙ 535 Mission Update: Parking Lot Closed And About To Break Ground? [SocketSite]
Posted by socketadmin at 5:30 PM | Permalink | Comments (44) | (email story)
July 30, 2008
Museum of Performance & Design: Familiarity With The Corner/Design
If the corner of Third and Folsom sounds familiar, it should (and plugged-in people know it's changing). And if the proposed Mark Dziewulski design for a new Museum of Performance & Design on that corner looks familiar, it should.
Of course that's assuming you’re familiar with Mark Dziewulski Architect's proposal for the Triangle Performing Arts Center in Sacramento.
UPDATE: And perhaps the most prescient comment from a plethora of plugged-in readers, "It won't be built. Diller Scofidio & Renfro won the competition [for the new San Francisco Museum of Performance & Design]."
UPDATE: Or not. According to our conversation with D. Donald Spradlin, Director of External Affairs for the Museum of Performance & Design, four firms remain on the short-list (down from the 17 that responded), the subcommittee responsible for recommending one of the four to the Museum Board has yet to make its pitch, and the Board’s final vote won’t occur until September 11th. Also noted, an option for the site has been secured and the target opening date is 2012.
Our apologies for any confusion and our thanks to the good natured Mr. Spradlin ("...it’s great to see the museum generating so much interest!"). Of course that's not to say Diller Scofidio & Renfro won't be the eventual winner, but they aren't yet.
∙ Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]
∙ Rendering Reveal: SF's New Museum of Performance & Design [Curbed]
∙ Mark Dziewulski Architect: Triangle Performing Arts Center, Sacramento [dzarchitect.com]
Posted by socketadmin at 1:00 AM | Permalink | Comments (46) | (email story)
July 18, 2008
Google Misses Earnings But Extends Their Hills Plaza Lease
Google might have missed their earnings yesterday, but they also renewed their Hills Plaza lease (through 2015). They’re obviously not going anywhere, but might this be a hint as to plans for local headcount growth (or not) over the next several (if not seven) years?
∙ Google Declines as Profit Trails Analysts' Estimates [Bloomberg]
∙ Google signs to stay in Hills Plaza to 2015 [Business Times]
Posted by socketadmin at 9:15 AM | Permalink | Comments (8) | (email story)
July 14, 2008
350 Mission Street Scoop: A Plugged-In Tipster Delivers The Rendering
A plugged-in tipster delivers a rendering of the SOM/Craig Hartman design to compliment the scoop on 350 Mission Street, a 27-story green tower that’s in the works for the corner of Mission and Fremont. We’re loving the openness of the triple-height lobby.
And once again, it’s something to keep in mind (both pro and con) for those plugged-in readers who plan to live (or at least buy) across the street.
∙ Speaking Of Green, Commercial, And New Towers: 350 Mission Street [SocketSite]
∙ Millennium Tower San Francisco (301 Mission): Sales Update/Facts [SocketSite]
Posted by socketadmin at 5:00 PM | Permalink | Comments (16) | (email story)
July 11, 2008
Speaking Of Green, Commercial, And New Towers: 350 Mission Street
And speaking of Green, commercial and new development (although this time on this side of the bay), from J.K. Dineen:
In the latest sign that Mission Street continues to thrive despite the economic downturn, GLL Development & Management is pushing forward with a 27-story tower at 350 Mission St, a super green design that could be the first San Francisco skyscraper to use non-biodegradable materials like plastic bottles and Styrofoam in some places instead of concrete.
Now don't be shy, who has the renderings and would like to share? You know we'd do the same for you.
UPDATE (7/14): 350 Mission Street Scoop: A Plugged-In Tipster Delivers The Rendering.
∙ S.F. tower developer GLL goes to green extreme [San Francisco Business Times]
∙ Green Building Over In Oakland And Over BART (1100 Broadway) [SocketSite]
Posted by socketadmin at 6:30 AM | Permalink | Comments (5) | (email story)
July 10, 2008
Green Building Over In Oakland And Over BART (1100 Broadway)
It’s across the bay (Oakland) and it's not residential (commercial), but we’re suckers for Green buildings (no, not the color) and interesting "animations.”
When complete, 1100 Broadway will rise 20-stories over the 12th Street/City Center Bart Station, will renovate and incorporate the historic Key System Building next door (without looking like a schlocky addition), and will provide 310,000 square feet of office space along with 10,000 square feet of ground floor retail.
∙ 1100 Broadway [1100broadway.com]
Posted by socketadmin at 9:00 AM | Permalink | Comments (8) | (email story)
June 27, 2008
Incentives In San Francisco: They’re Not Just For Condos Anymore
According to J.K. Dineen, half a million square feet of unneeded office space in San Francisco has returned to the market over the past few months. And if you’re trying to time the market with respect to a move, the next 18-24 might be a good time to act.
While many landlords still resist lowering asking rates, concessions in free rent and tenant improvements are becoming more and more generous. Three- and four-year deals that landlords would have rejected a year ago were widespread. In fact the average lease term in the second quarter was 49 months, some 10 months shorter than average deals seen in 2006 and 2007, according to Colliers.
And once again, while an oft reported industry metric (in this case average base rent) might suggest one thing about the market, the actual trend in effective rents might suggest another.
∙ Office space floods onto San Francisco market [Business Times]
Posted by socketadmin at 11:00 AM | Permalink | Comments (6) | (email story)
June 20, 2008
From Sand Hill To San Francisco: The Reverse VC Commute Continues
“Menlo Park-based Sequoia Capital, one of Silicon Valley's most successful venture capital firms, has agreed to lease the top floor of the office tower Tishman Speyer is building at 555 Mission St.….If completed, the deal would be the third major tenant Tishman has landed at 555 Mission St. at a time when the city's commercial real estate market has cooled considerably.”
“Sequoia would be the latest in a growing list of Sand Hill Road venture capital firms establishing presences in San Francisco or moving here altogether. In 2007, investor Sandy Robertson moved his $5 billion private equity group Francisco Partners to the Letterman Digital Arts Center in the Presidio. At 1650 Owens St. in Mission Bay, developer Alexandria Real Estate Equities has signed deals with four VCs, including Versant Ventures, Novo Ventures and Arch Venture Partners.”
UPDATE: From a plugged-in reader: "Sequoia's office in SF may validate the recent rumor of their extension into starting a "hedge fund like entity" in the group."
∙ Tishman Speyer tags Sequoia Capital for 555 Mission [Business Times]
∙ A Virtual Tour Of 555 Mission Street (And Downtown San Francisco) [SocketSite]
Posted by socketadmin at 10:15 AM | Permalink | Comments (21) | (email story)
June 17, 2008
535 Mission Update: Parking Lot Closed And About To Break Ground?
From a plugged-in reader:
I was reading the forum over at skyscraperpage.com and it seems that 535 Mission is preparing to break ground. The parking lot is now closed and a few workers were on site. Can anyone confirm? Photo is courtesey of Downtown Dave at Skyscraperpage.com....
In other words, is it about to get even louder inside Salt House at lunch?
UPDATE (6/18): From a seriously plugged-in reader: "The workers onsite are surveyors starting to put up the "grid lines" Should see dirt moving real soon."
∙ Approved For Residential, But Building Commercial (535 Mission) [SocketSite]
Posted by socketadmin at 3:00 PM | Permalink | Comments (11) | (email story)
May 30, 2008
Proposed Piano Parcels (Including 50 First Street) On The Market
We blew it. Early last month a tipster alerted us to the fact that 50 First Street had hit the market and we briefly published the following:
According to a plugged-in tipster, 50 First Street has been put on the market with CBRE. If that location sounds familiar (the corner of First and Mission), it should. Especially if you’re starchitect Renzo Piano as that’s where a clustering of five super thin and up to 1,200-foot towers designed by Mr. Piano had been proposed to be built.
We pulled the post when we realized that 50 First was to the north of Jessie Street (we thought all of the proposed Piano development was to be to the south). But alas, 50 First is in fact one of seven parcels that David Choo had assembled for the proposed Piano project. And all seven parcels have hit the market. From J.K. Dineen this morning:
“A developer who planned to build a cluster of soaring Renzo Piano-designed towers across from the Transbay Terminal is reluctantly selling the property, one of the crown jewels of his real estate business. The [seven-parcel assemblage] could be worth as much as $140 million.”
“The sale comes at a time when the city is rezoning the Transbay district, a highrise zone around the new Transbay and terminal. Under the Planning Department's current thinking, Choo's assembled site, on the northeast corner of First and Mission, would be zoned for heights 150 to 200 feet lower than the Transbay tower itself. Thus if the Transbay tower is 1,000 feet, which is likely at this point, whoever buys the Choo parcel would be allowed to build up to 800 feet.
That is significantly lower than two of the four buildings Choo had hoped to build, 1,200-foot skyscrapers Piano had likened to bamboo shoots.”
That's likely the one-two punch for the Piano project. And apologies to our tipster, we never should have doubted you.
UPDATE: "Property is listed by Eastdil not CBRE."
∙ Prime San Francisco Transbay project on the block [Business Times]
∙ They Just Keep Getting Bigger, And Bigger, And Bigger... [SocketSite]
∙ Transit Center District Plan Workshop: Initial Ideas Tonight (4/30/08) [SocketSite]
Posted by socketadmin at 8:00 AM | Permalink | Comments (12) | (email story)
May 21, 2008
Keller Williams HQ For Sale (1500 Franklin), Franchise To Follow Suit?
The for sale signs have been hung on 1500 Franklin, home to Keller Williams Realty in San Francisco. And if our tipster is correct, the franchise (in San Francisco) is soon to follow suit (if it hasn’t already).
Posted by socketadmin at 2:30 PM | Permalink | Comments (8) | (email story)
May 20, 2008
ReadersReport: First Twelve Floors Of Fox Plaza On The Market?
From a plugged-in tipster:
I have it on by a good source that the Archstone Fox Plaza is on the market again. The new owner evidently does not want the Fox Plaza in its portfolio.
The main lobby has been recently remodeled. The Ruth Asawa fountain sculpture was ripped out and redecorated with black river rock; the oxnyx columns covered with dark wood; a retro 1950s carpet.
The “new owner” reference leads us to believe it’s only the first twelve floors of the 29-story building that’s being shopped (i.e., office not residential), unfortunately no update on the 250 condos on the corner (tipsters?), and we’ll now observe a moment of silence for the Asawa (and note the second reference in as many weeks).
UPDATE: Forget the first twelve floors, according to a plugged-in reader: "the whole building is being quietly offered by archstone-smith. 150M."
∙ Fox Plaza (1390 Market): 250 New Condos In The Works [SocketSite]
∙ Quite Simply, We’re Completely Crushing On This Craftsman On Cole [SocketSite]
Posted by socketadmin at 9:30 AM | Permalink | Comments (1) | (email story)
March 28, 2008
Approved For Residential, But Building Commercial (535 Mission)
Hines had planned to build an office tower, then Monahan Pacific acquired the site and received approval to build high-end condos, and now Beacon Capital Partners is back to offices and moving forward with a 27-story tower at 535 Mission (currently the surface area parking lot next to Salt House).
After delaying construction for about a year, developer Beacon Capital Partners is laying the groundwork to start work this spring. On March 12 the company filed permit applications with the Department of Building Inspections to begin pile testing and shoring on the lot, according to public documents.
The 27-story spec tower, which the Planning Commission gave the OK to last August, totals 290,000 square feet and was designed by HOK.
And according to Simon & Associates, the HOK designed tower will be seeking LEED Gold and should look a little something like the rendering above.
∙ Tishman moves forward with 535 Mission St. [Business Times]
∙ Active Projects: 535 Mission Street [Simon & Associates]
Posted by socketadmin at 8:00 AM | Permalink | Comments (16) | (email story)
March 18, 2008
1575 South Van Ness: NIMBY Neighbors Actually Arguing For Density?
According to a plugged-in tipster, ICI Paints acquired the remaining 17-year lease for 1575 South Van Ness from Hollywood Video's bankruptcy auction (“outbidding the owner and several other bidders”) and was seeking a conditional use permit to establish “a formula retail use paint store (dba ICI Paints) within an NC-3 (Moderate-Scale Neighborhood Commercial) Zoning District.”
The application for the conditional use permit was, however, denied (although "ICI says they'll fight this "to the top""). And once again according to our tipster: “Neighbors wanted a mixed-use building with ground-floor retail, not a single-storey building sitting on only 40% of the property - while the rest is surface parking - on a site zoned for a 50' building.” NIMBY neighbors actually arguing for density? What a concept.
Posted by socketadmin at 9:35 AM | Permalink | Comments (37) | (email story)
March 3, 2008
No Real Story (But We Simply Couldn’t Resist): 2728-2730 21st Street
While Edwardians and Victorians represent one era of San Francisco's past, this definitely represents another.
∙ Listing: 2728-2730 21st Street (Mixed Use) - $1,150,000 [MLS] [Zephyr]
Posted by socketadmin at 2:45 AM | Permalink | Comments (7) | (email story)
February 4, 2008
Forget Bagdad By The Bay, This Is More Like Babylon (By The Bay)
John King has the design scoop on 110 The Embarcadero, a proposed glass and vine covered office building by Pelli Clarke Pelli Architects (design) and Hines (developer):
"The proposed 10-story building would rise from a sliver of land next to the Audiffred Building, a three-story brick landmark from 1889 that houses Boulevard Restaurant. Unlike the Audiffred - a French-flavored confection and downtown's oldest waterfront structure - the look next door would be all clear glass and straight lines."
"Planters contained by a trellis-like mesh would be attached between each floor, and each planter would hold a mix of vines so something is in bloom each month of the year. The vines would be trained to snake around cables that would form a sort of taut net around the glass box, with vertical cables spaced every 5 feet and horizontal ones stretched waist-high across each floor."
Assuming Planning Commission approval this spring, the building could be up, open and growing leaves by the end of 2009.
∙ A beautiful green building for Embarcadero [SFGate]
Posted by socketadmin at 6:57 AM | Permalink | Comments (24) | (email story)
January 10, 2008
Home Depot Bayshore (San Francisco): Let’s Get Ready To Rubble!
It was well over two years ago that we first wrote:
Next week Home Depot is headed back in front of the Planning Commission. Having signed a lease for the old Goodman Lumber location at 491 Bayshore Blvd. over five years ago [now almost eight], the Depot is still seeking approval to begin development.
Proponents point to desperately needed neighborhood jobs and a significant increase in local sales tax revenues, while opponents "view Home Depot as a goliath that would hurt local hardware stores, tarnish quality of life and create a traffic nightmare on Bayshore and adjacent Bernal Heights."
Considering the site used to house Goodman Lumber (which we desperately miss), a Home Depot doesn’t really seem like that much of a stretch to us. And we're damn tired of having to drive down to Colma to ogle the power tools.
And while Supervisor Ammiano vowed “it’s not over yet” when Home Depot received their initial approval, it does appear that progress is inching forward: Home Depot has secured demolition permits for the site and building permits are in the works.
If we’re lucky, a plugged-in tipster will drop us a line (or photo) at the first physical signs of action. And if the stars align, perhaps a reader or two will offer up the inside scoop with regard to overall timing and design.
∙ Home Depot Almost Home? [SocketSite]
∙ Can’t We All Just Get Along? [SocketSite]
∙ Do-it-yourself emporiums making themselves at home [Business Times]
Posted by socketadmin at 2:29 PM | Permalink | Comments (48) | (email story)
December 17, 2007
The SocketSite Scoop On The 52 Condos Rising At 818 Van Ness Ave
818 Van Ness Avenue is an eight (8) story mixed-use condominium project of 52 residential units above two new retail spaces (810 and 826 Van Ness). The design is by Forum Design. The building should be on the market in early 2008. And yes, they're already accounted for in our Complete Inventory Index (Cii).
∙ SocketSite’s Complete Inventory Index (CII): Q3 2007 (SF) [SocketSite]
Posted by socketadmin at 3:15 AM | Permalink | Comments (43) | (email story)
November 19, 2007
The Things You Can See From Those Virtual Views (222 2nd Street)
An eagle eyed reader checks out the virtual views from 555 Mission and notices a plain white box rendered at the corner of 2nd and Howard. And while that corner currently serves as a surface level parking lot, the rendering appears to be a placeholder (and no, not the final design) for Tishman Speyer’s proposed 617,000-square-foot office tower at 222 2nd.
∙ A Virtual Tour Of 555 Mission Street (And Downtown San Francisco) [SocketSite]
Posted by socketadmin at 7:55 AM | Permalink | Comments (2) | (email story)
November 16, 2007
A Virtual Tour Of 555 Mission Street (And Downtown San Francisco)
555 Mission Street (downtown San Francisco between first and second) is a thirty-three story office tower that’s being developed by Tishman Speyer, is “registered for LEED certification,” and should be completed around October 2008.
And if you don't feel like waiting a year to see how the tower will fit into the neighborhood, check out the virtual tour and interactive digital views that include renderings for Millennium Tower, Infinity (both towers), and the first tower of One Rincon Hill.
And no, we wouldn't read too much into any towers that haven't yet been rendered.
∙ 555 Mission Street [555missionst.com] [Virtual Tour] [Interactive Views]
∙ Neighborhood Identity Crisis Alert: Is It FiDi? Transbay? SoMa? [SocketSite]
Posted by socketadmin at 3:54 PM | Permalink | Comments (16) | (email story)
November 13, 2007
Party Live Like A Rock Star (Once Again, Quite Literally)
It’s a boutique mixed use building at 544 Natoma Street that was designed by Sternberg Benjamin Architects in 2002 (and commissioned by Tony Espinoza/Sally Haskovec) to house a digital recording studio (San Francisco Soundworks) and its parade of recording artists (in two three-story residences) above.
The residences (which were offered to those recording for $150 per night) feature big windows, radiant heat, open floor plans and a fireplace that’s reminiscent of another ex-recording studio and residence a little farther to the south.
And while the rock star recording studio is on the market as well, it's going to take a plugged-in reader/tipster to provide any additional details on the offering (beyond "Penthouses starting at $1,350,000").
UPDATE: And yes, a narrated virtual tour that actually works (in terms of both interest and engagement).
∙ Soundworks Residences [544 Natoma]
∙ 610 Rhode Island From The Inside (Literally And Figuratively) [SocketSite]
Posted by socketadmin at 6:49 AM | Permalink | Comments (23) | (email story)
October 5, 2007
Mo' Money Coming To Mission Bay While Mid-Market's On A Mission
While the developers of the 2.7 million-square-foot campus in south Mission Bay have officially expanded their horizons beyond life sciences and will now actively court the darlings of the valley (traditional technology firms, and yes, “web 2.0” start-ups), a mid-Market community benefit district (funded by property owners) has been established in an attempt to reclaim “the south side of Market Street from Fifth Street to Ninth Street, with dips north and south." And if you happen to be walking on the north side of Market? That's Tenderloin community benefit district territory.
∙ Alexandria shifts gears at Mission Bay [Business Times]
∙ Mid-Market combats blight with new district [Business Times]
Posted by socketadmin at 8:09 AM | Permalink | Comments (7) | (email story)
September 28, 2007
Frederick Knows His Piers (A.K.A. Cruise Ships Closer To Pier 27)
According to the San Francisco Business Times, a “blue-ribbon panel on the future of San Francisco's cruise ship industry” (“led by former Port Commissioner Frankie Lee and Chamber of Commerce President Steve Falk”) agrees with what Frederick noted back in April: San Francisco’s new cruise ship terminal will likely dock on Pier 27.
And yes, it’s a definite boost for the proposed development of Piers 27-31 (now in the hands of Shorenstein Properties).
∙ S.F. cruise terminal finds new berth [Business Times]
∙ The Port, The Piers, The Parking And The Terminal [SocketSite (4/07)]
∙ Proposed SF Cruise Ship Terminal Sunk [SocketSite (9/06)]
∙ Pier Wars [SocketSite (10/05)]
Posted by socketadmin at 3:00 AM | Permalink | Comments (5) | (email story)
September 20, 2007
It’s Official: Pelli Clarke Pelli/Hines Win The Transbay Competition
It’s Official, the Pelli Clarke Pelli/Hines team have won the Transbay Terminal and Tower design competition.
But even as they selected the Hines-Pelli team over two rivals, leaders of the Transbay Joint Powers Authority stressed that the proposal now on the table is a starting point, not a fait accompli.Although the authority board was unanimous today in their decision to select the Hines-Pelli team, several members said they expected the tower to eventually include both residential and commercial space. The original tower proposal included only commercial space.
And while nobody should be too surprised, some are sure to de disapointed.
∙ Skyscraper team chosen for giant Transbay Terminal project [SFGate]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite 1/07]
∙ Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod) [SocketSite 9/07]
∙ The SocketSite Scoop: San Francisco’s Transbay Terminal Designs [SocketSite 8/07]
Posted by socketadmin at 1:01 PM | Permalink | Comments (23) | (email story)
September 10, 2007
Hines And Pelli Clarke Pelli Bid The Most (And Get The Transbay Nod)
It's true, the Hines/Pelli Clarke Pelli proposal for "City Park" has won (save an uprising by the Transbay Joint Powers Authority Board, San Francisco's Board of Supervisors, or the Planning Commission) the design competition for San Francisco's new Transbay Terminal and Tower.
The winning Transbay terminal proposal by developer Hines and architect Pelli Clarke Pelli offered $350 million for the tower property, more than twice what the other two teams were willing to pay, according to the nine-person jury appointed by the Transbay Joint Powers Authority.
The astounding offer blew away the team ranked second in the competition, Richard Rogers Partnership and Forest City Enterprises, which offered $145 million for the tower land. The third-place team, Skidmore, Owings & Merrill and Rockefeller Group Development Corp., made a purchase price offer of $118 million.
As previously noted, the proposed “City Park” combines a 'complex' 5.4 acre park elevated above the transit center with a 'simple and calm' 1,200-foot glass wrapped tower housing 1.6 million square feet of commercial office space (and no residential).
∙ Jury picks Hines for Transbay tower [Business Times]
∙ Jury names favorite for Transbay terminal, tower [SFGate]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]
∙ San Francisco’s Transbay Transit Center + Tower: More Proposal Porn [SocketSite]
∙ San Francisco’s Transbay Terminal Design Proposals: Highlights [SocketSite]
Posted by socketadmin at 6:37 PM | Permalink | Comments (49) | (email story)
August 31, 2007
Add Another (Proposed) Tower To The Transbay Mix (181 Fremont)
Another tower, this one a mere 900 feet, has been proposed for the area surrounding San Francisco’s new Transbay Terminal and Tower. And according to J.K. Dineen, the “razor-thin skyscraper” at 181 Fremont “would include 500,000 square feet of office space beneath about 140 residential condominiums.”
The Fremont Street parcel is one of several sites where the city is considering allowing tall towers as a source of tax revenue to help bankroll the $3.4 billion Transbay Terminal and Tower. Under the plan, developers around the transit center and tower -- likely to soar 1,300 feet or more -- could build well above current 300- to 500-foot zoning restrictions in exchange for pumping millions of dollars in additional taxes to help pay for building new infrastructure in the Transbay District as well as the terminal programing itself.
Designed by HellerManus, the proposed tower on Fremont “would have a glass curtain wall and exterior structural system…would seek a gold stamp of approval from the Leadership in Energy and Environmental Design… [and] include a highly efficient sawtooth glazing system that allows daylighting but reduces unwanted heating.”
And yes, as is now de rigeur, the “developer is also looking into solar power [and] wind turbines…”
∙ Another tower added to Transbay [Business Times]
∙ San Francisco’s Transbay Terminal Design Proposals: Highlights [SocketSite]
∙ The SocketSite Scoop: San Francisco’s Transbay Terminal Designs [SocketSite]
Posted by socketadmin at 10:50 AM | Permalink | Comments (29) | (email story)
August 27, 2007
A Greener View In The Works For Some At BLŪ (And Others)
TMG Partners has engaged Skidmore Owings and Merrill (SOM) to bring a completely new skin (likely glass and stone), public plaza (at third and Folsom), and green overhaul (targeting LEED silver) to the ex-AT&T compound at 680 Folsom. And while it might not seem like a typical SocketSite story, think of it in terms of the (positive) impact on BLŪ and others residences right down the block (or in the neighborhood).
∙ TMG to rehab SoMa buildings as offices [SF Business Times]
∙ 631 Folsom: Recently Christened “SF BLŪ” (And Down To 108 Units) [SocketSite]
Posted by socketadmin at 4:00 AM | Permalink | Comments (2) | (email story)
August 6, 2007
The SocketSite Scoop: San Francisco’s Transbay Terminal Designs
Yes, all three proposals include wind turbines on top of their towers; will aim to achieve either Gold or Platinum LEED certification; and plan to rise between 1,100 and 1,350 feet in the air. Other than that, all three aim to redefine "the center of San Francisco" in very different ways. Pictures (and a few details) now, highlights to follow.
From Pelli Clark Pelli Architects/Hines:
Proposed Tower Height: 1,200'
Proposed Tower Use: Commercial (1.6 million square feet; "potential for residential")
Proposed LEED Certification: Gold (possibly Platinum)
From Richard Rogers Partnership/Forest City Enterprises/MacFarlane Partners:
Proposed Tower Height: 1,155' (skyview roof); 1,287' (top of turbine)
Proposed Tower Use: Mixed (600K sq.ft. commercial; 200+ hotel rooms; 200-300 condos)
Proposed LEED Certification: Platinum (tower) / Gold (terminal)
From Skidmore Owings and Merrill/Rockefeller Group Development Corporation:
Proposed Tower Height: 1,200' (occupied floor); 1,375' (top of parapet)
Proposed Tower Use: Mixed (31 floors office; 42 floors residential; 8 floors hotel)
Proposed LEED Certification: Platinum
A few more renderings:
Inside the Pelli Clark Pelli design (bus terminal level):
The Richard Rogers design at dusk:
The Skidmore Owings and Merrill proposed tower plaza and terminal entrance:
Note: Design models for all three proposals will be on display to the public Tuesday, August 7th, 2007 from 8 am to 6 pm in the North Light Court at San Francisco City Hall.
∙ Transbay Design Competition: The Revised Schedule And Unveiling [SocketSite]
∙ Transbay Terminal (And Tower) Design Competition: The Teams [SocketSite]
Posted by socketadmin at 5:22 PM | Permalink | Comments (165) | (email story)
June 12, 2007
An Ode To Offices Or A Rethinking Of Residential?
In February we noted that Miami developer Don Peebles was unloading 250 Brannan, a vacant commercial space which was purchased in March, 2006 for $19.8M and then entitled for 54 uberluxury loft condos. A couple of weeks ago, the deal was done (sale price of $31M) and it will remain office space.
From the Business Times: “Colliers broker Tony Crossley, who represented Peebles, said the city's slow entitlement process gave Peebles a chance to do "reality checks along the way." . . . Crossley doesn't expect to see any more office to residential conversions in this cycle. "I believe residential conversion is over -- we're done," said Crossley.”
∙ JustQuotes: Nope, Not Included In Our "Near-Term Likely" Cii Pipeline [SocketSite]
∙ Peebles unloads SoMa space for $31M [Business Times]
Posted by socketadmin at 3:00 AM | Permalink | Comments (1) | (email story)
May 25, 2007
Another Office To Hotel/Condo Conversion: 140 New Montgomery
A “plugged-in” tipster notes the news that Wilson Meany Sullivan is in contract to purchase the 26-story Pacific Telephone Building at 140 New Montgomery for $345 a square foot with plans to spend an additional $500 a square foot converting it from an office building to “a five-star hotel and condominium tower, with a spa, restaurant and bar.”
Architecture firm Hornberger + Worstell has been hired as project architect, along with historic preservation specialists Page & Turnbull. Plant Construction Co. will be the contractor on the project. Mark Hornberger, a principal with Hornberger + Worstell, said the light gray terra cotta tapered skyscraper is a "wonderful historic landmark property and we want to be very careful about the work we do." He said the building could support about 100 residences and 70 to 80 hotel rooms and would be "more intimate than the St. Regis with an even higher level of service." The deal includes a 441-space, eight-level parking garage on Natoma Street behind the Pacific Telephone Building.
The Jazz Age building was designed by Timothy Pflueger -- who also designed 450 Sutter St., the Pacific Coast Stock Exchange and the I. Magnin building -- and was considered radically contemporary when constructed. The building, with 13-foot terra-cotta eagles perched on its four corners, retains many of its original detailing, including the black marble lobby and bronze elevator doors, wood-paneled board rooms with working fireplaces.
And on a side note, our tipster is led to wonder: “What happened to the word deluxe? Is 'luxe' a level higher, has deluxe become dated - reserved for 'mid-century' descriptions? Did marketers feel a need to invent another word - like world-class (which thru overuse now has no impact?)” [Cue the Jeffersons theme song.]
∙ S.F. tower to become luxe hotel [San Francisco Business Times]
∙ Pacific Telephone Building gets heavy interest from developers [SFGate]
Posted by socketadmin at 10:19 AM | Permalink | Comments (3) | (email story)
May 3, 2007
Seven Hundred Fewer Condos In The San Francisco Pipeline
Speaking of supply and demand, over the past month at least 700 potential condominiums have been pulled from the San Francisco housing pipeline (and our Complete Inventory Index).
The dead projects range from Pulte’s abandonment of plans to raze the San Francisco Tennis Club and build ~500 condos (“Pulte’s decision was driven by ongoing discussions with the Western SoMa Task Force, a neighborhood planning group that is studying rezoning in the area…”), to Ray Tonsing’s decision not to convert 153 Kearny from office space into the approved 45 condominium lofts (think "growing tech companies paying more for downtown space").
And then there’s Urban Realty’s decision to drop 189 potential condominiums from their Mid-Market development on Market Street between fifth and sixth. Now exclusively slated for 265,000 of retail, it’s this property that has been at the center of “Target in the city” rumors for quite some time. Perhaps a plugged-in reader would be willing to share the inside scoop...
∙ SocketSite’s Complete Inventory Index (CII): Q1 2007 [SocketSite]
∙ First Game Pulte (But Many Sets To Go) [SocketSite]
∙ Pulte drops condo plan for S.F. tennis club site [Business Times]
∙ Big Mid-Market project gets housing lopped off [Business Times]
Posted by socketadmin at 10:48 AM | Permalink | Comments (37) | (email story)
May 2, 2007
Mint Plaza: Approved, Moving Forward, And Coming Soon
As we wrote five months ago: “If all goes as proposed, the ‘290-by 54-foot-wide portion of Jessie Street extending between 5th Street and Mint Street’ (off Mission) will be transformed into Mint Plaza – an automobile free pedestrian plaza lined by cafés, restaurants, and bars.”
And as we write today: the plan has been approved, the street should be closed in two weeks, construction should begin by the end of the month, and we (San Francisco that is) should have a new pedestrian plaza by the end of September.
And as you might have already heard, Chez Papa is definitely coming to the plaza (replacing what is now the Mint Lounge at 414 Jessie). And as far as we know (although we're sure some plugged-in reader knows better), the Castillo family (think Limon in the Mission) remains in discussions to open a nuevo-Peruvian place on the plaza as well (418 Jessie).
In related news, the Mint Collection (a.k.a. Mint Lofts) sales office has officially opened its doors to the public.
∙ Mint Plaza (And Livable City) [SocketSite]
∙ Mint Plaza [San Francisco]
∙ The Mint Lofts: The SocketSite Scoop, Update And (Some) Pricing [SocketSite]
Posted by socketadmin at 8:34 AM | Permalink | Comments (12) | (email story)
April 30, 2007
A Reader Reports: Landmark Sarcasm (We Can Only Hope)
A reader photographs and reports:
Your posting "not for the faint of heart" reminded me about the run-down, boarded up theater in North Beach, opposite the beautiful Washington Square park. What an eyesore! Is this another…landmark? I work nearby, and I heard rumors that efforts to make it a Walgreens or Rite Aid failed miserably. So now we're stuck with this!
And we wonder: anybody have the inside scoop on what’s in the works (if anything)?
UPDATE: According to a seriously plugged-in reader, that would be a Rite-Aid, taqueria, formula retail and “[a]s of April 2005, the new owners wanted to tear the 98-year-old (now 100-year-old) place down and build something on the site. Uh. Oh. Stalemate.”
∙ Not For The Faint Of Heart (Or Wallet): Landmark Edition [SocketSite]
Posted by socketadmin at 11:37 AM | Permalink | Comments (7) | (email story)
March 14, 2007
Picture This: One Big One-Bedroom
At first blush, $3,750,000 for a one-bedroom might seem a wee bit over the top. (Yes, even in San Francisco.) But this isn’t just any one bedroom, it’s the 8,200 square foot BIG HOUSE studio. It’s one hell of a live/work space. Or at the very least, a bachelor car collector's dream come true (think indoor parking).
∙ Listing: 1417 15th Street (1/2.5) - $3,750,000 [Zephyr] [Virtual Tour]
∙ BIG HOUSE studio [bighousestudio.com]
Posted by socketadmin at 4:00 AM | Permalink | Comments (9) | (email story)
March 12, 2007
The Modern Makeover And Façade Of 185 Post
And yet another “plugged in” tipster captures 185 Post’s glass wrapped makeover by Brand + Allen Architects taking shape. It's a modern aesthetic without the edginess of the controversial Koolhass design that was once destined for the location.
∙ Ghostly restoration of 1908 building would be the newest thing in town [SFGate]
∙ John King Does Rem Koolhaas [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | Comments (11) | (email story)
March 1, 2007
The Soma Grand: The SocketSite Straight Scoop
The Soma Grand christened their sales office at 1085 Mission with a packed Friends and Family event last night. We were lucky enough to score an invitation. And smart bold enough to ferret out the straight scoop:
∙ While March 7th marks the VIP grand opening, the first official release (and actual taking of deposits) isn’t expected to kickoff until mid-April. (And a blowout "Rincon style" launch party is tentatively planned for May 2nd.)
∙ The first year of twice-monthly housekeeping service is included in the purchase price, but a la carte thereafter. Yoga, car service, and massage (in the "private studio [or] meditation garden") are a la carte from the get go. Monthly HOA fees are expected to run under $600/month.
∙ And while an official price list still hasn’t been released, an insider assures us they’re shooting for an average of $600-$800 a square foot (depending upon unit size/floor).
And of course, the extra special SocketSite scoop for our “plugged in” people: rumor has it the developers are in discussions with Charles Phan (of Slanted Door fame) to develop a new dining concept for the larger of their two ground floor retail spaces.
UPDATE: We’re blaming one too many “Soma Gs” for the fact that we failed to get the scoop on parking. We do know there is room for 504 cars in the Soma Grand garage, but we honestly don’t know how the spaces are being allocated or priced (yet).
UPDATE (3/5): According to the developer, “everyone with a unit should be able to park a car, whether its deeded, assigned, or valet is still in the works.” As always, details when we have them.
∙ It’s All About Service And Style At The Soma Grand (1160 Mission) [SocketSite]
∙ The Soma Grand: Topped Off And VIP Opening March 7 [SocketSite]
∙ The Slanted Door: Biographies [slanteddoor.com]
Posted by socketadmin at 6:10 AM | Permalink | Comments (110) | (email story)
January 10, 2007
From (Proposed) Condos To Kink
Kink.com (a local internet fetish company) has purchased the San Francisco Armory (1800 Mission) for $14.5 million and “intends to use the building for [their] core business of producing adult movies for internet distribution.” So much for those proposed condos.
∙ San Francisco Armory Pictures and Floor Plans [SFArmory.com]
∙ The New Pornographers [7x7 San Francisco]
∙ Mission Armory Redux? [SocketSite]
Posted by socketadmin at 12:00 AM | Permalink | Comments (33) | (email story)
December 21, 2006
They Just Keep Getting Bigger, And Bigger, And Bigger...
J.K. Dineen at the San Francisco Business Times has the scoop on a proposed “1,200-foot tower at First and Mission streets, part of a quartet of astoundingly ambitious buildings being designed by superstar architect Renzo Piano."
The proposed building, which would dwarf any existing buildings on the West Coast, would be part of a 2.9 million-square-foot development that would include 600 condominiums, 470 hotel rooms, and more than 520,000 square feet of office space, according to an application filed Dec. 21 with the city.
The 1,200-foot proposed skyscraper, which would be the third tallest building in the United States, would lag only Chicago's Sears Tower, which is 1,450 feet, and New York's Empire State Building at 1,250 feet. San Francisco's tallest current building is the Transamerica Pyramid, which is 853 feet tall.
For additional perspective, that’s about twice the height of either the Millennium Tower or One Rincon Hill (and 200 feet taller than the proposed Transbay Terminal skyscraper).
∙ Massive new project being proposed for San Francisco [bizjournals]
∙ Millennium Tower San Francisco (301 Mission): Interest List [SocketSite]
∙ The Tallest Residential Tower West Of The Mississippi Los Angeles! [SocketSite]
∙ We're Thinking Gehry (No, Not Geary) [SocketSite]
Posted by socketadmin at 4:20 PM | Permalink | Comments (159) | (email story)
December 18, 2006
Not For The Faint Of Heart (Or Wallet)
The “Italianate Victorian Fixer” at 1232 Treat is not for the faint of heart (or wallet). Seriously. We’re talking about a single family house that's been carved up into five units with two additional units over the carriage house out back (think commercial financing), two protected tenants and two vacancies, and quite a bit of deferred maintenance.
At the same time, we’re talking about an interesting pedigree (built in 1885 by John McCarthy, the masonry contractor who built the Palace Hotel and Mills Building), some beautiful original detailing, and intriguing “bones.”
UPDATE (1/16): The asking price has been reduced to $1,099,000, and as the agent notes, “[t]he property is squarely located *across* the street from Garfield Square Park.” (And a new “soccer field, children's playground and…security cameras installed by the City.”)
∙ Listing: 1232 Treat (7 units) - $1,199,000 [1232treat.net] [Property Statement (pdf)]
Posted by socketadmin at 12:57 AM | Permalink | Comments (4) | (email story)
September 13, 2006
Proposed SF Cruise Ship Terminal Sunk
A couple of important questions now that the Port of San Francisco has pulled the plug on the proposed Cruise Ship Terminal project at Piers 30-32:
1. How will the loss of the proposed retail, restaurants, cinema, and promenades affect property values in nearby developments?
2. How will this affect development of the Brannan Street Wharf (57,000 sqft public park)?
3. How long will it be before a class action suit is filed by owners at the Watermark...
∙ Soaring costs sink cruise ship terminal plan [Examiner]
∙ Bryant Street Pier Overview [bryantstreetpier.com]
∙ A Class Action Suit At The Metropolitan? [SocketSite]
Posted by socketadmin at 11:02 AM | Permalink | Comments (10) | (email story)
July 11, 2006
Going Once, Going Twice…
Somehow we missed it when the price on 1200 Indiana was reduced another $200,000 (so many reductions, so little time…), and now it just might be too late. As Greg & Garrett note, it’s back in contract. [We just hope the new buyers aren’t counting on that $11,500 per month in rent to cover the mortgage, for as we understand it, the current owner is effectively “renting” to himself (i.e., business expense) and might not have negotiated the best of deals.] Now about that housewarming...
∙ 1200 Indiana: Flip Or Folly? [SocketSite]
∙ Add “Dramatic” To The Guide [SocketSite]
∙ 1200 Indiana--Will it Stay in Escrow??? [Greg & Garrett's]
Posted by socketadmin at 2:05 PM | Permalink | Comments (0) | (email story)
May 26, 2006
A Classic Case Of Tower Envy?
All of a sudden the Rincon Hill towers (400/350 feet) just don’t seem quite so tall (or towering). “A 1,000-foot tower, as well as two 800-foot towers, were proposed Thursday for the area around the Transbay Terminal, as The City moves forward with the rebuilding of the aging bus station at First and Mission streets and the development of the surrounding neighborhood.” At one thousand feet, that’s 147 feet taller than the Transamerica Pyramid (853 feet) and 221 feet taller than the Bank of America building (779 feet).
Champions of the proposal cite both the financial (an additional $250 million in revenue to help subsidize the $3.35 billion Transbay Terminal project) and the aesthetic (“The City’s flat undulating skyline would be significantly enhanced by a higher crown to emphasize its core, at the heart of The City’s activity”) impact on the city. (Opponents have yet to rally.)
Which really only leaves one question: will we be getting more comments from pissed off San Franciscans about that “significantly enhanced” line or from indignant New Yorkers who can’t believe “City” was capitalized?
∙ Spoiler Alert: One Rincon Hill Video [SocketSite]
∙ City eyes raising tallest building on the West Coast [Examiner]
∙ S.F. planners have high hopes for new center of downtown [SFGate]
Posted by socketadmin at 7:51 AM | Permalink | Comments (1) | (email story)
May 1, 2006
Commercial Green Building Tour: May 2nd
The San Francisco Department of the Environment is sponsoring a tour of Swinerton Headquarters (260 Townsend), a LEED (Gold) certified building.
The building is equipped with fully digital building management system, advanced lighting system, water-efficient plumbing fixtures, and a cool roof. Materials throughout the building were selected to maximize recycled content with a minimum amount of volatile organic compounds.
The tour will be held from noon to 1pm on May 2nd, $10.98 per person and pre-registration is required (online). More information by calling (415) 355-3718.
∙ San Francisco Department of the Environment [SF Environment]
Posted by socketadmin at 12:01 AM | Permalink | Comments (0) | (email story)
April 19, 2006
Everything’s A Buck Thousand!
Is the market changing and you're unsure how to price a commercial property? Well, you could just list it for $1,000 and then add this clever little addendum: “Listing price is not $1,000 -- IT IS NEGOTIABLE”. Coming soon to a residential listing near you?
∙ Listing: 799 Van Ness (Commercial) [MLS]
∙ Listing: 1415 Van Ness (Commercial) [MLS]
Posted by socketadmin at 9:05 PM | Permalink | Comments (0) | (email story)
March 29, 2006
Adam Grant Condos: 114 Sansome St.
The 14-story Adam Grant building at 114 Sansome is going condo. Class A commercial condo that is. That’s right, you can now own your office space. And for those who might find this old news, we also offer the lineup for their Grand Opening this week:
Welcoming escorts; catering by MeMe Pederson; professional billiards player, Jeanette Lee (aka “the Black Widow”) challenging guests to games; a complementary Cigar Lounge hosted by Sherlock’s Haven; and a full bar + wine tasting bar by Niebaum-Coppola.
Now that’s an opening. And the real question, other than whether or not we’re going invited, is: how long before all the new residential condo buildings are forced to start following suit?
∙ Adam Grant Condos [adamgrantcondos.com]
∙ The Adam Grant Building [emporis]
∙ Miami Investment Group Purchases 114 Sansome St... [grubb-ellis]
Posted by socketadmin at 11:33 AM | Permalink | Comments (0) | (email story)
February 22, 2006
706 Mission Sold And Mission Bay Booming
Add the 10-story office building at 706 Mission St. to the list of “older, smaller office structures snapped up by luxury housing developers” over the past couple of years (others include “the former Chronicle building at 690 Market St.; 333 Grant Ave.; 74 New Montgomery St.; and 201 Sansome St.”). And although it hasn’t been confirmed, “sources with knowledge of the deal said the developer wants to build a mixed-use housing and retail development”.
According to the San Francisco Business Times, while 16 developers made offers on the property, “about half the bidders were interested in converting the building to housing, but perhaps more surprisingly, about half saw its promise as a revamped Class B office building.” And while “the conventional wisdom in real estate circles has been that the conversion market is slowing down” architect Dan Huntsman offers the following: “We are still getting contacted literally every week by people who want to do these projects".
And a little to the South, the Mission Bay area continues to boom with “more than 1,000 residential units completed and 6,000 more slated for completion within the next 36 months”.
∙ Homes are in and retail seems sure to follow [BizJournal]
∙ Building bagged for condos, with more on the way [BizJournal]
Posted by socketadmin at 12:05 PM | Permalink | Comments (0) | (email story)
February 9, 2006
Are Ikkyu’s Days Numbered?
Rumor on the street is that the Japan Center (a “five-acre complex of hotels, shops, theaters, sushi bars and restaurants at Post and Buchanan Streets”) is up for sale. Yes, the entire thing. Can anybody confirm, elucidate, or debunk?
UPDATE: Uhh, guess this kind of confirms it (that's not too embarrassing...).
∙ Japantown Overview [Merchants Association]
∙ Japantown Experience [New Colonist]
Posted by socketadmin at 10:11 AM | Permalink | (email story)
November 9, 2005
Can’t We All Just Get Along?
“Home Depot received official approval to build a store on Bayshore Boulevard, after a narrow vote by the Board of Supervisors ended years of frustrated attempts by the big-box retailer.” That being said, Supervisor Ammiano vowed “It’s not over yet.”
Come on Tom, at least employ a good catch phrase like “I’ll be back” or “If it doesn’t fit, you must acquit.” As far as we’re concerned, “It’s not over yet” is kind of a dud (as is the threat).
∙ Home Depot gets nod to build in The City [Examiner]
∙ Potential Home (Depot) Wreckers [SocketSite]
Posted by socketadmin at 9:26 AM | Permalink | (email story)
October 26, 2005
Potential Home (Depot) Wreckers
The Board of Supervisors is considering an appeal of the Planning Commissions approval for Home Depot's Bayview project.
Specifically, the supervisors were charged with looking at whether the project's environmental impact report -- accepted by the Planning Commission -- was accurate, objective and complete.Paul Maltzer, the Planning Department's environmental review officer, said he is satisfied that the project is environmentally sound and shows no "significant'' problems in such areas as traffic, parking, air pollution and increased demands on city services that should stop it from going forward.
"We've studied this to death, frankly,'' Maltzer told the supervisors.
Despite Maltzer’s expert opinion, Supervisor Ammiano (who represents neighboring Bernal Heights) was quoted as saying, "I see big holes here." We’re not even going there (other than to point out that his quote is not nearly as catchy as “I see dead people”).
∙ Battle over big boxes continues to rage [Chronicle]
∙ Bayview/Bernal Home Depot Update [SocketSite]
Posted by socketadmin at 12:10 AM | Permalink | (email story)
October 18, 2005
A Million Here, A Million There
Two months ago we reported on Yahoo’s Letter of Intent to lease 200,000 square feet of prime San Francisco real estate. It now appears that they’re looking for “as much as a million square feet of new office space in the Bay Area to accommodate its rapid expansion.” Enough space to accommodate up to 4,000 new employees.
Thanks to PaidContent.org for bringing it to our attention.
∙ Yahoo seeks 1 million sq. ft. [BusinessJournal]
∙ Yahoo! Coming To The City (Google To Follow) [SocketSite]
Posted by socketadmin at 10:28 AM | Permalink | (email story)
October 3, 2005
Pier Wars
We’d like to believe that we’re such a force in San Francisco that we were singled out as recipients of a very nice voicemail asking us to take a look at the Stop Pier 39 website. But damn, that message sounded suspiciously like a script. Good thing we're pushovers. From the site:
The waterfront should be more than a playground for tourists — it should be a resource for every San Francisco family. But a powerful group of business interests is trying to stop a vitally needed recreation and open space project at Piers 27-31.Piers 27-31 will create Transit First transportation alternatives, including the purchase of additional historic streetcars. It will provide new pedestrian and bicycle routes and will include the largest free City CarShare pod in San Francisco.
Kind of reminds us of West Coast version of NYC's Chelsea Piers (which rocks, and which we miss). And as we assume that this is just one group of “powerful business interests” pointing fingers at another, we weren’t going to take sides. But what the hell...go Piers 27-31!
∙ Piers 27-31: Overview and Background
Posted by socketadmin at 1:49 PM | Permalink | (email story)
September 19, 2005
Movies In The Marina
Closed since October 2001, the Cinema 21 on Chestnut Street will rise like a phoenix from the flames (and in an entirely new light).
The model — hashed out by the property owner, the Marina Merchants Association and the Neighborhood Theater Foundation — uses ground-floor retail as an engine to partially finance the upper-level theaters. In this case a 9,200-square-foot Walgreens will bring in enough rent that the two theaters are not under as much financial pressure, according to Miller.
Two thumbs up. Way up.
· Cinema 21 “Biography” [Cinema Treasures]
· Show will go on at Marina District theater [Examiner]
Posted by socketadmin at 11:45 AM | Permalink | (email story)
August 30, 2005
Yahoo! Coming To The City (Google To Follow)
Looks like Yahoo! has signed a letter of intent for a 200,000 square feet of office space at 475 Sansome Street (and insiders say that Google is looking for 200,000 square feet of San Francisco space as well). According to Commercial Property News, “the [Yahoo!] lease drops the vacancy rate by 0.4 percent, a moderately paltry change in an office market still recovering from the dot-com crash.”
Regardless, expect major employment growth and associated demand for housing. But then again, all our friends that work for Yahoo!/Google already live in the city, so perhaps just expect less traffic on 101/280.
· Yahoo to Lease 200,000-SF Office in San Francisco [CPN Online]
· Yahoo search leads to San Francisco [MSNBC]
Posted by socketadmin at 12:30 PM | Permalink | (email story)
July 13, 2005
Flipping The Bank Of America Building
Last year, San Francisco’s Bank of America Center was sold to a group of New York investors for $825 million. Now, according to the New York Times, “the 52-story reddish-brown granite tower is said to be going on the market again. This time, the sellers are hoping that the price will reach as high as $1.25 billion.”
· Doing Deals While Wary of Bubbles [NYT]
Posted by socketadmin at 2:00 PM | Permalink | (email story)
