SAN FRANCISCO—Early yesterday morning, we reported thatEquity Residential's 340 Fremont, the new modernlandmark 40-story tower here in the Rincon Hill district of SanFrancisco, had officially moved dirt. In an update of that story, at thegroundbreaking ceremony, San Francisco Mayor Ed Lee noted that “Weare seeing new housing construction all around us because there isa renewed investor confidence in our City.”
According to Mayor Lee, “we need to make sure San Franciscoremains a City for everyone.” With that in mind, Lee noted that “Ihave set forth a new goal to complete at least 30,000 new andrehabilitated homes by 2020.” He added that Equity Residential ishelping reach that goal.
Jim Kelly, first vice president of developmentfor Equity Residential, said that “We brought together a smart andtalented team of local partners, which has resulted in aninnovative approach to a high-rise, urban living environment thatwill be distinctively San Francisco. From the spectacular views; toonsite amenities including a club house, expansive outdoorcourtyards and kitchens, and of course a fitness center featuringhigh-end equipment; to the more unexpected extras such as a loungeand demonstration kitchen; a dog spa; and bike facilities with arepair room. 340 Fremont will clearly offer an unparalleled,for-lease living environment inSOMA.”
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