Hayes Valley Development Sold, New Condos Coming In 2015
The approved David Baker-designed development to rise on the northeast corner of Fulton and Gough has just been sold to the newly formed 7X7 Development group which plans to break ground on the Hayes Valley project this summer, adjacent to the new Don Fisher Clubhouse.
The 69 condos within the 388 Fulton Street development should be ready for occupancy in the fall of 2015, as will the 1,800 square foot retail space on the ground floor. And as plugged-in people might recall, this is the development which San Francisco's Planning Department had requested be redesigned in white, a request which was overruled.
Law Would Ban Full-Time Airbnb Rentals, Require Registration
Supervisor David Chiu is slated to introduce new legislation this afternoon which would lift the outright ban on short-term rentals in San Francisco but establish a new set of rules by which airbnb hosts and others would have to adhere.
In multiunit buildings, the legislation would allow short-term rentals only in apartments where someone lives 75 percent of the year, effectively banning a unit from becoming a full-time vacation rental. It would require anyone renting out their place to pay hotel taxes, hold liability insurance and register with the city every two years.
If people fail to play by the rules and are reported to the city, the proposal would force websites to ban those renters. It also requires these "hosting platforms" to tell users of city laws and to collect and remit the city's 14 percent hotel tax.
As proposed, the new law wouldn’t apply to single-family homes and would not supersede the terms of an existing lease (i.e., illegally subletting would still be grounds for eviction).
Modern Noe Valley SteelHouses Hit The Market
Two free standing houses on one lot, the modern and efficient SteelHouse1 and Steelhouse2 at 1318-1320 Church Street have just hit the market listed as condos, separated by a common courtyard and priced at $1,750,000 apiece.
Designed by Zack/de Vito Architecture, the front three-bedroom building is sheathed in corten steel which is slowly settling into its rust color patina; the rear three-bedroom is equally modern; and the interiors of both are open and loaded with custom steel, glass and wood detailing:
(Continue reading: "Modern Noe Valley SteelHouses Hit The Market")
April 14, 2014
Site Prep For Big Potrero Development And Park Is Underway
Formerly known as Daggett Place or 1000 16th Street, permits for the 493-unit development to rise on the vacant lots bordered by 16th, 7th, and Hubbell Streets have been issued and site prep is now underway for "EQR Potrero" which is technically across 16th Street from Potrero Hill.
The development includes 453 residential apartments (20 percent of which will be Below Market Rate), 39 commercial units (with over 10,000 square feet of pedestrian oriented retail space), and a one-acre urban park and public open space (click rendering to enlarge):
(Continue reading: "Site Prep For Big Potrero Development And Park Is Underway")
Cole Valley "Lange House" And Lot Sell For $3.15 Million
Having been listed for $3.4 million, the sale of the nearly 3,000 square foot "Lange House" at the corner of Carl and Stanyan which was designed by August Nordin and built for family of dairy farmers whose cows once roamed around Haight-Ashbury has closed escrow with a reported contract price of $3,150,000, including the adjoining undeveloped lot fronting Stanyan Street.
Downsized Affordable Housing Development On Mission Returns
In 2012, the Mayor's Office of Housing withdrew their financial support for the development of a 13-story building on the parking lot at 1036 Mission between 6th and 7th Streets, a site zoned for building up to 120 feet in height.
The approved project would have provided 100 apartments for low-income families and the formerly homeless. And to some, the move by the Mayor's Office seemed to suggest a position that SoMa real estate had become too valuable for any more low income projects.
In two weeks, the Tenderloin Neighborhood Development Corporation (TNDC) will return to the Planning Commission seeking approvals for a scaled-down project on the site, rising 9 stories with 83 apartments for households earning up to 55 percent of the Area Median Income and 1,000 square feet of retail space on the ground floor of the development.
Correction: While the TNDC had proposed to partner with the developer of 399 Fremont Street to finance the development of 1036 Mission Street and satisfy the affordable housing requirement for the Fremont Street tower off-site as originally reported, that proposal has been deemed "unworkable."
The downsized 1036 Mission Street development will, in fact, be financed by San Francisco's Mayor’s Office of Housing along with the State of California’s Housing and Community Development Department as the TNDC has successfully secured "some of the last remaining funds from the voter-approved Proposition 1C," according to Katie Lamont, the TNDC's Director of Housing Development.
April 11, 2014
The Cube House Is Now Noe's Third Most Expensive Home
Having been listed for $4.5 million, the sale of the Edmonds + Lee Architects designed Cube House at 4318 26th Street has just closed escrow with a reported contact price of $5,250,000.
The contract price for the Cube House ties it with 651 29th Street for the third most expensive home sale in the history of Noe Valley, behind 526 Duncan (the "T House") at $6.1 million and last month's sale of 625 Duncan for a record setting $7 million.
Office Rents In San Francisco Approaching Dot-Com High
The average asking rent for office space in San Francisco has ticked up to $56 per square foot on an annual basis, 21.5 percent more expensive than at the same time last year.
The least expensive area for office space in the city remains around Mid-Market (Yerba Buena) with an average asking rent of $49.90 per square foot, while the most expensive area is around the Ball Park (and Caltrain) with an average asking rent of $58.50, all according to Cassidy Turley
Cassidy Turley is expecting average office rents to approach $60 per square foot by the end of 2014, a mark only observed in San Francisco once before - during the "tech boom" of 2000. As plugged-in people know, employment in San Francisco is within reach of its all-time high as well.
Transbay Tower To Become "Salesforce Tower" With Monster Lease
Salesforce.com will lease just over half of the 1,070-foot-tall Transbay Tower rising at 415 Mission Street, adding 714,000 square feet of space to their collective San Francisco "campus."
The 61-story building will be renamed "Salesforce Tower" and be ready for occupancy in 2017, at which point Salesforce will control over 2 million square feet of office space in the city.
"Salesforce Tower represents an incredible milestone in our company’s history—it will be the heart of our global headquarters in San Francisco," said Marc Benioff, the company chairman and CEO. "We founded salesforce.com in San Francisco 15 years ago and this expansion of our urban campus represents our commitment to growing in the city."
Salesforce is paying $560 million for its 15-1/2 year lease and naming rights, with plans to move into the tower in early 2018. Salesforce will effectively occupy the bottom 30 floors of the tower along with the very top floor.
Proposed "Housing Balance" Ordinance Could Be Out Of Whack
Introduced by Supervisor Kim and co-sponsored by Supervisors Avalos, Campos and Mar, a proposed "Housing Balance" ordinance would require new developments of ten or more housing units to obtain special permission from the Planning Commission if the development would cause the overall ratio of affordable housing in Supervisorial District 6 to fall below 30 percent, as measured by the ratio of units constructed since 1993.
According to Kim, "Nothing in this legislation discourages development," but according to prominent developer Oz Erickson, chairman of the Emerald Fund, "the economics of trying to provide this ratio will eliminate the possibility of building any market rate housing."
Supervisorial District 6 includes Mid-Market, South of Market, Mission Bay, the Tenderloin and Treasure Island, and within which there are over 17,000 units of housing in the development pipeline, over a third of all the housing in the works in San Francisco.