Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-Tishman Speyer expects to start construction here next spring for a luxury high-rise residential development at 300 Spear St. The New York-based company paid $51 million for the 75,300-sf parcel, which is located one block from the waterfront and adjacent to 201 Folsom St., a Tishman-owned property also entitled for a high-rise residential development. Combined, the projects will add more than 1,300 units of for-sale housing to the city at an estimated construction cost of about $700 million.Tishman plans to develop 300 Spear St. first. The site is approved for two towers and two podium buildings. One tower will have 41 floors and the other 36. The podiums will be eight or nine stories tall. The 750,000-sf development will have 640 luxury-view condo units, five levels of underground parking, a health club and street-level retail. 201 Folsom is approved for two similar towers holding 725 units. The plans for both projects were approved in January.Tony Crossley and Frank Wheeler of Colliers International brokered the 300 Spear St. land sale, which closed last month. The seller was a joint venture of the principals of Union Property Capital and a pension fund. Union Capital principal Terry Sternberg tells GlobeSt.com it took Union Capital four years to obtain the necessary entitlements for the project. The completion date for 300 Spear St. is late 2007 or early 2008. Crossley says 300 Spear St. has between it and the water one seven-story building that is unlikely to be redeveloped. “What you get up toward the 20th floor, you have absolutely unobstructed views of the Bay Bridge and Treasure Island.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.