By Jeff Hamann
Wood Partners has acquired a development site and broken ground on a new housing development in San Francisco’s Potrero Hill district. Called Alta Potrero Hill, the apartment community will total 172 units. According to public records, Wood paid just below $850,000 for the site. The seller, Ronaldo Cianciarulo, had acquired the parcel in 2006 for $6 million and had planned to build a similar development, named Potrero Flats, which never came to fruition.
Located at 1301 16th St., the seven-story development will replace a disused warehouse. Roughly 40 percent of the building will consist of two-bedroom apartments or higher, with an overall average unit size of 800 square feet. Of the 172 units, 29 will be available to future residents at below-market rate pricing. Parking for 65 percent of residents will be included on-site, and bicycle parking will be provided for each apartment. The property will feature 8,000 square feet of rooftop deck space and 6,700 square feet of first floor retail. Also included in the building’s plans is production, distribution and repair space.
“The Showplace Square District and Potrero Hill align perfectly with our approach to building communities that aim to complement and enhance surrounding neighborhoods,” said Brian Pianca, development director for Wood Partners, in a prepared statement. “We’re excited to bring Alta Potrero Hill to San Francisco and add to our growing Bay Area portfolio.”
Late last year, plans for a 127-unit SoMa apartment community were approved by San Francisco’s planning commission one mile to the north, paving the way for even more residential development in the near future.
Image courtesy of Wood Partners