SAN FRANCISCO—Essex Property Trust, Palo Alto, has purchase a land parcel at Folsom and First Streets with plans to build a 43-story residential building in proximity to Transbay Terminal. The firm will pay $43.6 million for the property.
The site is located in the Transbay Center District Plan which has six million square feet of office space under construction or planned, thereby increasing the high quality and high paying jobs in the area. Upon completion in 2017, the Transbay Terminal will become the major transportation hub in downtown San Francisco, connecting BART, Caltrans and nine other transit systems and has been referred to as the Grand Central Station of the West. The parcel is fully entitled and construction will commence in October 2015 with a projected opening in the Fall of 2018.
The company plans to develop a forty-two story apartment community comprising 545 homes and 5,900 square feet of ground floor retail space. Each home will have luxury finishes and floor to ceiling windows. Amenities at the community will include a spa, two outdoor entertainment areas, a fitness center, community room and garden area. Block 9 scores 96 out of 100 on walkscore.com.
Essex has entered into a co-investment partnership with an institutional investor for the development of the community, and will have a 50% interest in the venture.
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