CATEGORY ARCHIVE: Commercial
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 (15) | (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is currently on the market in San Francisco, down 248,159 square feet over the past 30 days but once again driven by withdrawn listings rather than absorption (negative 89,527 square feet).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 (12) | (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 (37) | (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 (20) | (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 (44) | (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."
∙ 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]
Posted by socketadmin at 4:00 PM | Permalink | Comments (12) | (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 (7) | (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 (19) | (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 (6) | (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 (9) | (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 (40) | (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 (30) | (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 (46) | (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 (32) | (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 (3) | (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)
