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SAN FRANCISCO-Catellus Development Corp. and AEW Capital Management LP have entered a joint venture on behalf of an institutional client to develop a $295 million, mixed-use project at Mission Bay in San Francisco.

The project will include 595 residential units, 83,000 sf of retail space, 45,000 sf of office space, and more than 940 parking stalls. Construction began this month on the project, and the initial phase is scheduled for completion in fall of 2003.

AEW’s institutional client plans to contribute 71.5% of the equity capital required to develop the project. Catellus will cover the remaining percentage. The joint venture will ground lease the 4.9-acre site, located on King Street between Third and Fourth Streets in San Francisco, from Catellus at an initial value of $42.7 million based on $50,000 per residential unit, $65 per office/retail rentable sf, and $5,000 per parking stall, annually.

“We are extremely pleased to be partnering with AEW to develop the site and believe their commitment demonstrates both the quality and long-term investment value of this key project,” says Nelson Rising, CEO of Catellus. “It will be the first truly mixed-use building developed at Mission Bay.”

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