X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-Noteware Development and the Goldman Sachs Urban Investment Group are gearing up to break ground for their second housing project in San Francisco’s Bayview-Hunters Point neighborhood. The $146-million, 388-unit project is slated for 5.75 acres of a former Coca-Cola plant.

Located at 5800 Third St., the development site sits at the Carroll Station stop on the Third Street light rail line. In addition to the housing units, the phased project includes 11,000 sf of retail fronting Third Street.

Approximately 12% (47) of the housing units will be affordable to persons with moderate incomes per the City’s affordable housing guidelines. The remaining 291 units will be sold at market rates. Prices for the market rate units have not yet been set, but will likely start in the mid-$500,000s. Prices for the affordable units will likely start in the mid-$200,000s.

Houston-based Noteware and Goldman Sachs UIG acquired the entitled development site from a joint venture of Lennar Corp. and Levin Menzies & Associates. Construction is slated to get under way this year.

Noteware and Goldman’s first Bayview-Hunters Point project is under construction on a piece of a former Monster Park parking lot on Jamestown Avenue. The $50-million, 198-unit condominium project will be available for occupancy in January 2008. Three-quarters of the units in the Jamestown project are two-bedroom units designed for families and 24 units are designated as affordable.

“The market for this type of housing is strong and growing–especially in the Bayview which has the highest rate of homeownership of any San Francisco neighborhood,” says Alicia Glen, managing director of Goldman Sachs’ UIG, which is part of the merchant banking division of the Goldman Sachs Group.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.