SAN FRANCISCO—After a grand opening event drawing hundreds of guests, 1450 Franklin has sold more than three-fourths of its residences in a matter of weeks. Located on Franklin and Bush streets in Lower Pacific Heights, the boutique condominium community has studio, one-, two- and three-bedroom homes offering living spaces with private outdoor space.

“From the central location and phenomenal design to the stunning views, elevated finishes and spacious floor plans, 1450 Franklin is a one-of-a-kind luxury boutique community and, we are proud to say, one of the fastest selling developments in the city,” says Mark Friedberg, the community's sales manager with Polaris Pacific.

The condo property has an attended lobby and rooftop deck overlooking Pacific Heights, with views of the city skyline, downtown and Bay. Floorplans include Bosch appliances and floor-to-ceiling windows. Common areas include an open-air entertaining kitchen, attended lobby and reception lounge, secured vehicle and bicycle parking with storage.

The frenetic sales pace is due to a slower new construction pace, says Erin Kennelly of The Mark Company, leading to a lower inventory.

“The San Francisco Index peaked in August 2015, and year-over-year comparisons started reading negative about a year ago. We had an atypical decline in April, spring is usually strong, and that is why we saw the 10% decrease year-over-year. March was very strong, though, and indications from our sales centers are that May was on track as well. Traffic at various sales centers is strong, and resale inventory remains extremely low. New construction inventory is less than one third of the peak reached during the previous cycle,” Kennelly tells GlobeSt.com. “Also keep in mind that the Index is designed to track a typical new 10th floor 1,000-square-foot unit. Right now, there is fierce competition for buyers between The Harrison, One Mission Bay and Lumina. As a result, the Index is showing declines that may not apply to specific neighborhoods. For example, the average price for condominiums sold in Nob Hill year to date is 4.8% higher than the same period one year ago.”

In terms of rental property development progress, Equity Residential's newest apartment community in the Design District, 855 Brannan, expects move-ins to begin in mid-June, says Jim Kelly, first vice president development with Equity Residential. The mixed-use multifamily community, which broke ground in April 2015, adds 449 new apartments and 16,000 square feet of neighborhood-serving retail on an infill site in a neighborhood under transformation. The Design District is also where the firm recently completed the nearby One Henry Adams apartment community.

855 Brannan was designed by David Baker Architects to complement the existing neighborhood architecture and provide walkability. Built on 4.5 acres, the community features 37,000 square feet of open space that will include a mature redwood grove inspired by the San Francisco firm of CMG Landscape Architecture. To facilitate pedestrian activity, there will be a market and garden between Brannan Street and Bluxome Alley.

And, in keeping with the district's industrial heritage and Equity Residential's focus on sustainability, 10,000 feet of timber from the site's previous building was milled down and reused within the common areas of the community including ceilings, walls, bars and benches. In addition, rooftop photovoltaic solar panels will provide 90% of the apartment community's common area energy needs and the community is registered for LEED Platinum certification.

Upon full completion in October 2017, residents will enjoy a rooftop deck with skyline views, lounge seating, fire pits and stainless steel barbecues. Additionally, residents have an exclusive lounge and demonstration kitchen, a library, a game room, a fitness center with group fitness rooms for classes, plus a dog spa and bike storage. Inside the apartments, many residences will have private balconies and 9-foot ceilings, higher than the industry norm.

Studios start at $3,200, with one bedrooms starting at $3,250, two bedrooms starting at $4,650 and three bedrooms at $6,060.

Balfour Beatty is the general contractor on 855 Brannon.

1450 Franklin was developed by Pacific Heights Franklin Partners II LLC. BLUBOX is the design team behind the community's model homes and offers residents the unique opportunity to enlist in personalized, turnkey interior design services.

The frenetic sales pace is due to a slower new construction pace, says Erin Kennelly of The Mark Company, leading to a lower inventory.

Studios start at $3,200, with one bedrooms starting at $3,250, two bedrooms starting at $4,650 and three bedrooms at $6,060.

Balfour Beatty is the general contractor on 855 Brannon.

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