SAN FRANCISCO-Insurance giant MetLife Inc. and partner UDR Inc. are gearing up to build a $317 million high-rise residential development in San Francisco.
MetLife, which will have a 49% share in the project, will invest $300 million in the development, according to the Wall Street Journal. The 42-story building will include 447 residential units when it is completed in 2016. Plans include 3,500 square feet of retail space, MetLife told the Journal on Wednesday.
Robert Merck, MetLife's global head of real estate, told the Journal the firm is expanding its holdings in top real estate markets. MetLife controls $55.1 billion in real-estate assets.
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