(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
SAN FRANCISCO-Earlier today, GlobeSt.com reported that 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 to build a 41-story, 563-unit urban-infill apartment development on Transbay Block 9 in San Francisco’s SoMa District. According to Eric Tao, development principal at Avant Housing, the team competed against “two other very capable and accomplished development teams for this coveted parcel and we hope our standout design for the skyline will be a worthy addition to the Transbay Terminal Project Area.”
Tao points out that “As developers–and more importantly as San Franciscans–we are deeply connected to the unique pulse of this area, so we were mindful to incorporate distinct elements into the design.” He explains that “The entire Transbay development, including our project, is a combination of towers and low-rise residential buildings, so wanted the design to connect the high-rise to low-rise and reflect the harmonious diversity the city is known for. The components of the buildings are scaled to reflect the low and mid-rise buildings surrounding it.
He adds that “The tower will use a mix of materials and will even have green planted façade elements throughout and its setting will provide impressive views of the Bay.”
Block 9′s location straddles the Rincon Hill and Transbay neighborhoods. Future residents will have easy access to the city’s financial and cultural core, with restaurants, shopping, parks and transportation options all around, according to a prepared statement. “The historic Ferry Building and its popular farmers’ markets, Union Square shopping, AT&T Park and a proposed new arena for the NBA’s Warriors along the waterfront are all within walking distance,” says the release.
Adjacent to the Transbay Terminal and future Caltrains connections, the site is a short walk to the Montgomery St. BART Station and on many MUNI bus routes. A block away is convenient access to major freeways connecting east to Oakland across the Bay Bridge and south via Hwy. 101 and I-280 to San Francisco International Airport, the Peninsula, Silicon Valley and beyond.
“We are very pleased to have been selected by the City of San Francisco as the qualified development team to develop at this ground zero location in the Transbay Redevelopment area,” says John Eudy, executive vice president and head of development for Essex Property Trust. “Essex and Avant housing have teamed up to develop three other housing communities in the past and we look forward to another successful transaction.“
“San Francisco has a huge need for housing across the economic spectrum, and we look forward to the day when 113 working families will be able to move into this development,” says Cynthia A. Parker, BRIDGE Housing president & CEO.