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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.”

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