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SAN FRANCISCO-The newly formed San Francisco division of Seattle-based Intracorp has acquired a 25,851-sf parcel at 55 Page St. in the established Hayes Valley neighborhood here for development of an already entitled 128 condominium project. The seller, Wilfred Hsu’s real estate firm Group Azure, is a partner in the $60-million development. JP Morgan is an equity partner. Richard Johnson and Ed Suharski of Grubb & Ellis brokered the transaction.

The development site sits on Gough and Franklin streets, one block from the newly reconstructed Octavia Boulevard and across the street from the well-reviewed Zuni Café. The plan is for a new eight-story building with studio, one- and two-bedroom units above street-level retail that incorporates two walls of an old brick stable building that sits on a portion of the site. An historic two-story building on the site also will be preserved and have ground floor retail, second-floor condominiums and on the rooftop penthouses with with big decks.

Intracorp San Francisco’s head of development Robert Hertzfeld tells GlobeSt.com site work such as development and excavation likely will get underway sometime between now and the end of the year. The demolition and shoring and excavation permits are already in hand and a foundation permit will be applied for this week, he says. Final negotiations are underway with several potential lenders for the project, he adds.

Hertzfeld, who just prior to joining Intracorp was running the Watermark condominium tower development for Lend Lease, says the Page Street project will take 16 months to complete once construction is underway, which is expected to be early next year. Condominium presales likely will begin in February, he says. The units are expected to sell for an average of about $800 per sf and be largely sold out before construction is complete.

“What drew us to site is that it is definitely the first and maybe the only new construction site in recent memory in Hayes Valley, which is a very pedestrian-oriented, established neighborhood with great shopping and restaurants,” says Hertzfeld. Indeed, The New York Times recently wrote an article on the neighborhood that talks about what has happened there with Octavia Boulevard, a wide street with lots of greenspace that replaced an elevated freeway.

Intracorp has developed over 6,000 high-density residential units in urban infill locations. The company was the first to develop high-density housing in the downtowns of both Seattle and San Diego.

The project at 55 Page Street will be Intracorp’s first in San Francisco, though it will be followed very closely by another condominium project in the master planned Mission Bay area of San Francisco. That project will rise on a one-acre site at 5th and Berry and include 268 one- and two-bedroom flats and two-bedroom townhomes in a four, six and 14-story building on top of a three-story podium.

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