(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
SAN FRANCISCO-A local San Francisco Bay Area partnership led by Avant Housing LLC, a joint venture between AGI Capital Group, TMG Partners and CalPERS, with Essex Property Trust and BRIDGE Housing, was selected to enter into an exclusive right to negotiate with the Successor Agency to the San Francisco Redevelopment Agency with the intent to build a 41-story, 563-unit urban-infill apartment development on Transbay Block 9 in San Francisco’s SoMa District, according to a prepared release. Already co-developing 463-units in two buildings just down the Street at 900 Folsom, Avant Housing and Essex Property Trust will lead the development of the project and BRIDGE Housing will co-develop the affordable units.
Transbay Block 9 is a 31,000-square-foot parcel on Folsom Street between First and Essex streets, anchoring the Western edge of the Transbay Project Area which includes the $4.2 billion Transbay Terminal project, the first phase of which is under construction. The project will include a 400-foot tower and a shorter podium building.
The yet-to-be-named 600,000-square-foot mixed-use development will provide transit-oriented market-rate housing, including 450 residences: a mix of studios; one-, and two- bedroom homes; and, penthouses. Also included will be 113 below market-rate homes, below ground parking spaces, as well as amenities such as elevated gardens and a green house. The team’s goal is to commence construction in Q1 2014, with occupancy in Q1 2016.
Avant Housing’s selection comes about a year after Golub & Co. and Mercy Housing were chosen to develop two other parcels, Transbay District blocks 6 and 7, according to the release. While previous Transbay parcels have been awarded to out-of-town developers, this is the first time a local development team has been selected.
Also included in the development is more than 6,000 square feet of retail space on the ground floor along Folsom Street, which is being redesigned as a pedestrian-oriented boulevard with cafes and stores that spill out onto 25-foot-wide sidewalks and a public park with indoor and outdoor space and that will connect Folsom to Clementina Street and the proposed Oscar Park.
Oscar Park is a set of open space improvements under the bus ramp to the transit center and the Interstate 80 off-ramp.
Skidmore, Owings & Merrill LLP is the lead architect under the creative direction of design partner Craig Hartman, and managing director Carrie Byles, while Anne Fougeron of Fougeron Architecture will design the affordable housing component.
Check back later today for more on this development, with thoughts from developers involved.