February 28, 2014
Designs For 94 New Dogpatch Dwelling Units Along Third And Illinois
Plans for a six-story residential building to rise at 2051 3rd Street will be presented to San Francisco's Planning Commission next week. The proposed Dogpatch development would raze two mid-block industrial buildings between Mariposa and 18th Streets, merge the parcels, and construct 94 new dwelling units with an underground garage on the site
The development would front both Third (above) and Illinois (below) with a courtyard between.
As proposed, the 94 units would be rentals for at least 30 years with a mix of 35 studios, 21 one-bedrooms, 37 two-bedrooms and 1 three-bedroom. Two of the one-bedrooms would be ground floor "flex spaces" along Illinois:
(Continue reading: "Designs For 94 New Dogpatch Dwelling Units Along Third And Illinois")
Pending Home Sales Drop While Inventory Is On The Rise
While the National Association of Realtor's Pending Home Sales Index edged up 0.1 percent in January, it's down 9.0 percent on a year-over-year basis with a lack of inventory continuing to be fingered for much of the decline.
And while "ongoing disruptive weather patterns" is also sharing the blame for a lack of sales, the pending home sales index for the West is down 17.5 percent year-over-year and our weather has been relatively mild.
Cathedral Hill Demolition Watch: No Rooms At The Inn, Offices Next
Our plugged-in photographer reports the old Jack Tar Hotel's event spaces, garage and hotel rooms have mostly been razed and the wrecking crew is staring to work on the remaining office section of the block (click photo to enlarge).
As the Cathedral Hill site looked last month and two months before that. And of course, the rendering for CPMC's Cathedral Hill Hospital that's going to rise on the site.
Award Winning Gang Hired To Design San Francisco Tower
Award winning Chicago architect Jeanne Gang, the architect of Chicago's undulating 82-story Aqua, has been engaged by Tishman Speyer to design a tower in San Francisco.
While the Chronicle reports that Gang's engagement is "for an as-yet-undisclosed site in the Transbay district," we'd be willing to bet that it's Tishman's site at the corner of Folsom and Spear, which includes the parking lot at 100 Folsom Street and a couple of adjoining parcels across from the Infinity which is zoned for a tower to rise up to 300 feet.
Tishman still needs to acquire an adjacent city-owned parcel in order to proceed with the development, which is likely why they're being tight lipped about the engagement.
UPDATE: For those celebrating Tishman's engagement of Gang but lamenting the idea that she'll be constrained by a site that's zoned for only 300 feet, we're going to hedge our bet above and offer some hope for additional height.
While the developer has yet to be selected, as we first reported in December, the Tishman team did attended the pre-submittal meeting for Transbay Block 8 proposals and was expected to bid for the site's development rights. And if it is Block 8 for which Gang has been engaged, she'll have 550-feet with which to work, assuming that Tishman wins the competitive bid.
UPDATE: Our original bet is in the money as the 100 Folsom Street site has since been confirmed as the location for Gang's design.
Decision To Downsize Mission District Development Reversed
San Francisco’s Board of Appeals has reversed their December decision which had required the previously approved five-story project at 1050 Valencia Street to remove a full floor and three units in order to move forward with development
As we first reported last month which led to the reversal this week:
With San Francisco's Board of Supervisors having narrowly upheld the Planning Department's approval for the five-story development at 1050 Valencia Street to rise, a subsequent appeal of the project's building permits resulted in 5-0 vote by San Francisco's Board of Appeals to issue the permits, but under a couple of conditions, including that the developer only build four stories rather than five as approved.
The problem for the Board of Appeals, they might have overstepped their legal bounds.
Following their public meeting, the Board of Appeals will move behind closed doors this evening to meet with legal counsel in anticipation of having to defend against litigation. The likely action would be based on the California Housing Accountability Act which prevents local agencies from reducing the density of code-complying residential projects.
Apparently counsel was convincing and the developer's argument sound as the Board voted 4-0 to reverse their previous decision and allow 1050 Valencia to rise a full five floors, the height for which the parcel is zoned. That being said, attached to the Board's ruling was a mandate that the project be redesigned with the fifth floor setback from the street.
February 27, 2014
Agents Take Next Step Toward Razing The Elbo Room
As we first reported last month, the owners of 645 Valencia Street which is currently leased to the Elbo Room have filed preliminary plans to raze the Mission district building and construct a five-story condominium development in its place.
While some felt our initial report overstated the seriousness of the plans and owners' intentions, our report was actually understated. As we outlined the following week:
A detailed set of architectural plans has been drafted for the project and the building’s owners have authorized the architects to act as their agents in submitting applications for environmental reviews, a historic resource evaluation, variances and Conditional Use. That's every step required to get the project formally approved.
In fact, a month after the Planning Department provided their feedback on the preliminary plans, the application fee for which was nearly $5,000 alone, a follow-up meeting was scheduled between the Planning Department and architects to discuss next steps and plans for submitting the Environmental Evaluation and Historic Resource report for the project to move forward.
While it has yet to be assigned within the Planning Department, the application for Environmental Evaluation has been submitted for the development, a geotechnical report has been completed for the site, and a Historic Resource Evaluation form has been signed with planning for a full Historic Resource Evaluation Report underway.
Once again, while it's possible that the building's owners will abandon their plans at any stage, the extent of work, forward progress and expense to date would suggest that this is more than simply an exploratory exercise, as some have suggested and (been) played.
Google Owns Over 10% Of Mountain View And Plans To Expand
Including 42 acres upon which Google has proposed to build a 1.2 million square foot Bay View campus (click to enlarge), Google now controls 250 parcels in Mountain View and owns over ten percent of the city’s taxable property, all of which The Verge has mapped.
Google's stated plans for developing nearly four million square feet in Mountain View would provide enough space for an estimated 24,000 people, double its current workforce. And all of which raises some great questions and concerns.
Designs For New Condos On Clement Street Slated To Be Approved
As we first reported back in 2012 with respect to a Clement Street development which was quietly in the works at the time:
While the neighbors and neighborhood groups haven't yet been notified, the owner of the single-story building at 3038 Clement Street is quietly working on plans to raze the "European Food" market and build a four-story, 40-foot tall building with six three-bedroom condos over ground floor retail and parking for six cars on the site between 31st and 32nd Avenues, from which San Francisco's first Fresh & Easy is a fifty-foot walk.
With the design for the project having since been modified to include three two-bedrooms and three three-bedrooms along with parking for ten bikes (in addition to the six cars), this afternoon, San Francisco's Planning Commission is slated to decide whether or not to approve the development as proposed:
(Continue reading: "Designs For New Condos On Clement Street Slated To Be Approved")
Fixed Mortgage Rates Tick Up, Jumbos Remain Relatively Cheap
The average rate for a conforming 30-year mortgage ticked up from 4.33 to 4.37 percent over the past week and is within 21 basis points of the 33-month high rate of 4.58 percent recorded this past August.
The average rate for a 30-year fixed mortgage was 3.51 percent at this time last year while the all-time low of 3.31 percent was recorded in November of 2012.
In terms of the rate for Jumbo loans, Wells Fargo is currently advertising a rate of 4.125 percent for mortgages over $625,500, a discount of 0.375 percentage points as compared to the 4.5 percent rate they're advertising for both regular conforming and super conforming loans over $417,000 in high cost areas like San Francisco.
February 26, 2014
The Modern Maniscalco On 27th Street Fetches $3,775,000
Speaking of Maniscalco designed Noe homes, having been listed for $3,095,000, the sale of 630 27th Street has just closed escrow with a reported contract price of $3,775,000.