One Cool Thing
San Francisco Headlines
May 3, 2019
April 26, 2019
WHAT YOU MAY HAVE MISSED THIS WEEK:
Mayor Breed plans to activate shuttered development sites
Terrace Bar opens and is now highest-floor outdoor bar in SF
Mission Bay nearly built out with Mission Rock project pending
Plans for 21-unit apartment development in Bayview drafted
Study finds 51% of SF homebuyers in 2018 worked in software
Plans to Activate Shuttered Development Sites in San Francisco
"Having noticed that buildings which have been shuttered, pending the approval, financing or market conditions for redevelopment, often sit vacant 'for months or years, during which [time] the streetscape surrounding the building becomes less inviting and a target for vandalism,' as was the case at 1066 Market Street... Mayor Breed is championing a proposed amendment to San Francisco’s Planning Code which aims to encourage the activation of said sites."
40th Floor Terrace Bar Opens Tonight At Loews Regency Hotel
"A new almost-rooftop cocktail bar with sweeping views of downtown and the Bay is opening tonight, Thursday, at the Loews Regency Hotel at Sansome and California. And it's now the highest-floor outdoor bar in SF. The twin-towered hotel, formerly known as the Mandarin Oriental until 2015, occupies the top 11 floors of what's also an office building, and it used to have a Champagne bar on this 40th floor "Sky Deck" between the hotel's 48-story towers. Now it is being rechristened as Spirits in the Sky — with a nod to the 1969 hippie anthem by Norman Greenbaum."
Modern Bayview Infill Development on the Boards
"Plans to raze the dilapidated storage shed which currently spans four underdeveloped Bayview parcels on the corner of 3rd Street and Thornton Avenue have been drafted. As envisioned, the four parcels (5210-5216 3rd Street) would be merged. The corner billboard would be demolished. And a modern five-story development would technically rise up to 40 feet in height, or 50 feet as measured from 3rd Street, upon the slopped site. As designed by Mavrik Studio, the development would yield 21 apartments, a mix of 6 one-bedrooms and 15 twos, with two retail spaces totaling 3,500 square feet fronting 3rd Street, stacked parking for 26 cars, and a 3,100 square foot rooftop terrace for residents."
Mission Bay Is Nearly Built Out, Mission Rock Sits in the Wings
"When San Francisco’s 300-acre Mission Bay neighborhood is “fully developed,” it is slated to encompass 6,500 units of housing; 4.4 million square feet of clinical, office and other commercial space; 419,000 square feet of retail; and over 40 acres of landscaped open space. Of those 6,500 units of housing, roughly 5,800 have already been built, including nearly 1,200 units of below market rate housing, with another 271 affordable units under construction and affordable units on the boards for Blocks 9 and 9A."
New 170-room hotel poised to replace S.F.’s historic Hearst office building
"The San Francisco Planning Commission on Thursday approved remaking the longstanding Hearst building at Third and Market streets into a modern high-end hotel. Hearst Corp., the building’s owner, and developer JMA Ventures plan to transform the 13-story office building at 5 Third St. into a 170-unit hotel with a new rooftop bar, event and spaces, while preserving the historic lobby design."
Who’s Really Buying Property in San Francisco?
"...Fully 51 percent of them worked in software. They bought in specific, desirable neighborhoods closer to San Francisco’s tech companies, as well as the highways and train lines that lead south into Silicon Valley. They were less likely to buy in the foggy Sunset, which is the worst commute to tech businesses."
April 19, 2019
WHAT YOU MAY HAVE MISSED THIS WEEK:
Leasing activity announced for Salesforce Transit Center
400-foot Mira tower has topped out
Plans for Recology site redevelopment advance
260-foot micro room hotel closer to reality
Inventory levels slip 5 percent over the past month with sales activity outpacing new listings
What’s Opening in San Francisco’s New Transit Center (And When)
"With the fix of San Francisco’s fractured Salesforce Transit Center on track to be completed by the end of next month, we turn our attention to a full accounting of all leasing activity – and the master timeline – for the center’s thirty-six (36) potential retail, restaurant and commercial spaces. As we first reported last year, Eddie Rickenbacker’s, Philz Coffee, Fitness SF and OnSite Dental were the first batch of leases to be signed. And since then, Venga Empanadas, Charleys Cheesteak, Per Diem and Tycoon Thai have all inked leases as well. Leases for Italian, Venezuelan, and Chinese restaurants are under final review, along with leases for a tea shop, café, chocolate shop and hipster barbershop (which will serve cocktails)."
Editorial: Supervisors’ votes mark a dark day for housing in San Francisco
"In case there was a shadow of a doubt that the ideology at work here is less pro-sun than anti-housing, the board this week also passed Supervisor Gordon Mar’s resolution against SB50, a bill to allow higher-density housing near transit. In the space of a single meeting, the supervisors thereby blocked housing in both theory and practice. The proposed South of Market building, assuming a fog-free midsummer’s night, would cast a shadow over up to 18.24 percent of Victoria Manalo Draves Park for as long as 110 minutes. That’s the maximum: The building would throw little to no shade on the park for much of the year, according to an exhaustive analysis, and would reduce annual sun exposure by a grand total of 0.38 percent."
Twisty 400-Foot-Tall Tower has Topped Out
"Having broken ground on the northwest corner of Spear and Folsom back in 2017, construction on the twisty 400-foot-tall tower dubbed MIRA (a.k.a. 280 Spear Street) has officially 'topped out.' And with the installation of the tower’s distinctive façade rapidly progressing... Tishman Speyer is now aiming to have the tower ready for occupancy, and its first move-ins, by the end of this year followed by the adjacent mid-rise buildings and overall development of 392 units on Transbay Block 1."
No Major Red Flags for Proposed Tower of Micro Rooms
"...Plans for a slender 25-story hotel to rise up to 260 feet in height on the 4,000-square-foot parking lot site at 36 Tehama Street have been drafted. And as designed by Handel Architects for J Street Hospitality, the Transbay District tower would be outfitted with 185 “micro guestrooms,” measuring an average of 180 square feet apiece, stacked on a base of floating glass blocks and topped with a lounge and open rooftop bar. To quote Planning’s preliminary assessment of the proposed project, which was just finalized, 'the project is generally consistent with the overarching objectives of the [Transit Center District Plan].'"
Plans for Major Planning Changes and Redevelopment Advance
"As envisioned, over 1,000 units of housing; nearly 400,000 square feet of new office, lab and/or PDR space; 11,000 square feet of retail; and off-street parking for 1,060 cars would rise up to 240 feet in height on Recology’s roughly 6-acre site at 900 7th Street. But as we noted last year, the site, which is bounded by which is bounded by 7th, Berry, De Haro, Carolina and Channel Streets, and sits at the intersection of Lower Potrero Hill, Mission Bay and Showplace Square, is currently limited to development of no higher than 58 feet and isn’t zoned for either residential or general office uses... with all that in mind, Recology is now pushing forward with an environmental study to advance their plans as outlined above."
Number of Homes for Sale in San Francisco Slips
"While the total number of homes currently listed for sale in San Francisco (610) is now running 1 percent higher than at the same time last year (605), and roughly 45 percent higher than in mid-April 2014 (420), inventory levels have atypically slipped 5 percent over the past month with sales activity outpacing new listings."
Benchmark Mortgage Rate Ticks Up, Odds of an Easing Slips
"The average rate for a 30-year mortgage ticked up 5 basis points over the past week to 4.17 percent, which is up 11 basis points since the end of Marchbut remains 30 basis points below the average rate at the same time last year (4.47 percent), according to Freddie Mac’s latest Mortgage Market Survey data."
Salesforce Tower declared ‘best tall building worldwide’
"... it appears that the Pelli-Clarke-Pelli designed edifice is not without admirers:The Council on Tall Buildings and Urban Habitat (CTBUH) awarded San Francisco’s tallest building the “best tall building worldwide” in its most recent round of architectural honors. Chicago-based CTBUH is “an international non-profit organization whose membership includes architects, engineers, planners, construction professionals, and educators” specializing in tall buildings."
Prepared by: VANGUARD PROPERTIES - FORWARD THINKING REAL ESTATE