Rare Condo Development Hits the Market
Since 2010, only 20,000 new housing units have been added in San Francisco while 140,000 new jobs have been created, creating an obvious shortage in the face of intense and growing demand.
SAN FRANCISCO—One Oak is a site in the Hayes Valley neighborhood that is fully entitled for a 40-story 318-unit luxury condominium tower. JLL’s capital markets group has been engaged to market the project with pricing possibly as high as $100 million, GlobeSt.com learns. Rob Hielscher, John Manning, Michel Seifer and Erik Hanson are leading the JLL team marketing efforts.
“One Oak presents a rare opportunity to acquire and develop the only fully entitled zoned high-rise site in the fashionable Hayes Valley neighborhood, which will offer residents incredible, largely unobstructed city and Bay views in every direction,” said Lou Vasquez of San Francisco-based BUILD.
San Francisco’s housing market continues to experience a housing shortage, with insufficient supply in the face of intense and growing demand. Since 2010, only 20,000 new housing units have been added in the city while 140,000 new jobs have been created. Residential demand pushed median housing prices up 23% year-over-year in April, with population growth in San Francisco continuing its upward trajectory, spurred largely by the sustained growth of technology companies and ancillary businesses in the city. At the upper end of the market, where luxury high-rise condominium projects can take years to gain entitlements, the demand-supply imbalance is particularly tight.
“One Oak will fill a void in the market at a central transit-friendly and amenity-rich location, allowing its developer to deliver a unique residential experience at a time when no other comparable projects will be delivered to the market,” said Hielscher.
One Oak was designed by architects Snøhetta and Solomon Cordwell Buenz, in collaboration with local developer BUILD and investment firm GTIS Partners LP. One Oak will provide residents with a 24/7 live-work-play environment, featuring a fitness center, a wellness center with plunge pools, sauna, a yoga-meditation room and spa services as well as a resident lounge and game room, expansive terraces and co-working space. The building will offer valet parking for 136 vehicles and 318 bikes. One Oak’s unit mix will appeal to buyers of various generations and price points, including studios, one- and two-bedroom units and several three-bedroom penthouses.
The building height will be 400 feet at its location at the intersection of Market Street, Van Ness Avenue and Oak Street. This address will have access to dining and boutique shopping of Hayes Valley, and the numerous cultural attractions of the Civic Center Arts District, including the San Francisco Opera and Ballet, SF Symphony, SF Jazz and the Conservatory of Music. The site is served by light rail and the new Bus Rapid Transit along Van Ness, giving residents access to downtown, the Mission District and the resurgent Mid-Market office district.
Hayes Valley’s gentrification came about after the Central Freeway section of Highway 101, which used to run right through the neighborhood, was damaged and then demolished following the Loma Prieta Earthquake in 1989. Octavia Boulevard was then rebuilt to terminate in a neighborhood green, which houses public art, frequent festivals and a play space for children. Housing options include plenty of contemporary lofts and condos as well as townhouses in a smorgasbord of architectural styles, according to Paragon Real Estate Group. Today, Hayes Valley draws visitors and residents both in terms of nightlife and shopping, inviting theater, ballet, symphony and opera-goers for pre- and post-show drinks and food, GlobeSt.com learns.