Million-Plus Pads Still Fare Well
Sales of homes priced in the $1 million to $3 million range continue to surge and one such development, Mira, will be located in the Transbay neighborhood with access to the new Salesforce Transit Center.
SAN FRANCISCO—Sales of homes priced above $1 million–and especially those above $3 million–continue to fare better than last year. The exception was Marin County with a decline in sales of homes priced between $2 million and $3 million, down by 7% year over year.
Inventory finally improved, up by 2%, after 16 consecutive months of year-over-year declines. Most Bay Area counties had inventory levels improve in July, according to the latest study by Pacific Union International.
One of those upper-tier properties, Mira, the newest community of condominium residences developed by Tishman Speyer, is soon to be poised for residents. The site was previously known as Block One of the Transbay redevelopment plan.
Located one block from the Embarcadero at 280 Spear St. at the corner of Spear and Folsom, Mira is in the Transbay neighborhood where SoMa meets the Embarcadero. Mira will have access to the waterfront, the new Salesforce Park and Transit Center, and retailers, restaurants, transportation options, along with sports and entertainment venues.
The 40-story development will have a mix of 392 one-, two- and three-bedroom condominiums, townhouses and penthouses. Mira’s sales gallery will open this fall, with occupancy slated for fall 2019. Sales will be represented by Polaris Pacific.
“With construction of Mira well underway, we’re getting closer each day to delivering this new community for the benefit of the flourishing Transbay neighborhood,” says Carl Shannon, senior managing director at Tishman Speyer.
When completed, Mira will have amenities such as a courtyard, rooftop deck, private dining room, club lounge, a fitness center, children’s playroom, business and conference center, dog washing station, valet parking for 340 cars with electric vehicle charging stations, parking for 150 bicycles, and more than 10,000 square feet of retail at the street level.
The project is designed by architecture practice Studio Gang and will feature a tower with large bay windows spiraling up the facade to offer views of the Bay, the Bay Bridge and the city skyline.
“It’s a privilege to be able to contribute such a beautiful and original piece of architecture to the San Francisco skyline,” Shannon tells GlobeSt.com. “Studio Gang has outdone itself with this project, and we’re working hard to see their vision through and bring these much-needed homes to market. We can’t wait to see how it fits into the surrounding neighborhood.”