Joint Venture to Develop Mixed-Use Community for the San Francisco Transbay Project
San Francisco—A joint venture, including Avant Housing LLC, AGI Capital Group, TMG Partners, CalPERS, Essex Property Trust and BRIDGE Housing, was selected to negotiate with the Successor Agency to the San Francisco Redevelopment Agency to build a mixed-used development on Transbay Block 9 in San Francisco’s SoMa District. Avant Housing and Essex Property trust will lead the development, with BRIDGE Housing co-developing the affordable units.
The project will be a 41-story, 563-unit development. The Transbay Project Area includes the $4.2 billion Terminal project, which includes a 400-foot tower and a podium building.
Once completed, the property will feature 600,000 square feet, with a mixture of 450 studios, one- and two-bedroom units and penthouses. Additionally, there will be 113 affordable units.
“As developers—and more importantly, as San Franciscans—we are deeply connected to the unique pulse of this area, so we were mindful to incorporate distinct elements into the design,” Eric Tao, development principal at Avant Housing, says. “The entire Transbay development, including our project, is a combination of towers and low-rise residential buildings, so we wanted the design to connect the high-rise to low-rise and reflect the harmonious diversity the city is known for.”
Amenities will include underground parking spaces, elevated gardens and a greenhouse. Additionally, the community will feature 6,000 square feet of retail space.
The community is located near transportation, restaurants, shopping and parks. Also within walking distance are the Ferry Building with its farmers’ markets, Union Square shopping, AT&T Park and a proposed new arena for the NBA’s Warriors.
Construction is going to start at the beginning of 2014, and the community is expected to begin occupancy in early 2016.Tags: Mergers and Joint Ventures, mixed-use, New Development