A new residential community is set to debut later this year in San Francisco after a joint venture recently held a groundbreaking for a new development in the Lake Merced area. The joint venture, consisting of Maracor Development and Comstock Homes, is building a suburban-style residential project known as Summit 800 in a submarket that has not seen new housing for quite some time. The development will cater to homebuyers interested in new projects in the San Francisco Bay Area.
Located in the city’s Sunset District, Summit 800 is unique due to its suburban sensibilities, and should it prove a success upon opening in the fourth quarter of this year, this type of endeavor could be replicated in other areas of the country that are in need of new housing stock.
The 182 homes will be built on a site owned by equity partner Real Capital Solutions. The 7.7-acre lot was acquired by the company earlier this year. According to the San Francisco Business Times, U.S. Bank is providing financing for the project, while marketing duties will be handled by Polaris Pacific.
The groundbreaking ceremony was held in the presence of feng shui consultant Deborah Gee, who conducted a traditional feng shui blessing of the site. The ceremony is set to bring success to both the community and its residents. The ancient Chinese tradition of feng shui deals with restoring energy and encouraging positivity, prosperity and synergy.
The team of developers was obviously set to hammer home the idea of positive energy for the project, as special attention was also given to trees at the site. Set to be removed during the construction process, the trees were also blessed in the traditional feng shui manner in order to ensure that the area’s energy will not be disrupted. The ceremony strengthens the sense of care that the developers are displaying in relation to their newest and most intriguing venture.
For more market data from the San Francisco Bay Area, click here.