SAN FRANCISCO-Shorenstein Properties hopes to add to its Mid-Market investments with a proposed 12-story apartment tower at 1066 Market St.
According to a report from the San Francisco Business Times, the 301-unit development would be the first project by the newly-formed Shorenstein Residential. The website describes the new entity as a family investment vehicle that is separate from the CRE funds operated by the San Francisco company.
The $86 million project, which is being designed by Bernardo Fort-Brescia of Arquitectonica, would feature a 12-story towerfronting Market Street, but much of the 300,000-square-foot complex would spread out on surface parking lot on the Tenderloin side of Market Street.
Shorenstein has owned the property for years, primarily using the lot to for theater parking. The family had contemplated developing the property in conjunction with the former Hollywood Billiards property at 1028 Market St.
Shorenstein is also in the midst of redeveloping a 300,000 square foot building at One 10th St., that is expected to be leased to Twitter, which occupies the majority of the adjacent SF Mart building at 1355 Market St.
Click San Francisco Business Times to read the full story.
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