SAN FRANCISCO-This city’s tallest residential development gets under way today next to the entrance to the Bay Bridge. Located at First and Harrison streets, One Rincon Hill is designed as a 709-unit luxury condominium complex with two towers, one 45 stories and the other 55 stories.

The $270-million first phase will consist of the taller of the two towers and the parking podium for the whole project. Construction financing is being provided by Union Labor Life Insurance Co. and Bank of America. Completion is scheduled for December 2007.

Each tower will have a 9,800-sf footprint and about eight units per floor. The concrete and glass towers will stand 115 feet apart and provide views from most floors given its location atop Rincon Hill.

The parking garage will be inside a podium structure that will be edged with townhouse units and topped with a pool and landscaping. Other amenities include a health club, hospitality room and concierge. Units will range from 600 sf to 1,800 sf and are expected to sell for between $900 and $1,000 per sf.

The developer is Urban West Associates of La Jolla. The equity partner is CB Richard Ellis Strategic Partners Fund. The architect is Solomon Cordwell Buenz & Assoc.

The development proposal was approved by the city Planning Commission in August. Urban West principal Michael Kriozere could not be reached Monday afternoon for comment. His other projects include One Embarcadero South in San Francisco and City Front Terrace in San Diego.

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