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San Francisco Headlines

April 12, 2019

Headlines by Alek Keytiyev San Francisco Realtor

WHAT YOU MAY HAVE MISSED THIS WEEK:

Salesforce Transit center on track for potential June reopening

Number of newly proposed development plans on the rise

Plans for 25-story apartment building in SoMa announced

Theater site development in Excelsior slated for approval


COMMUNITY

 

Salesforce Transit Center on Track for a Potential June Reopening

"While an official re-opening date for San Francisco’s fractured Salesforce Transit Center has yet to be released by the Transbay Joint Powers Authority (TJPA), the contractor performing the fix is on track to finish at the end of May. At the same time, a comprehensive inspection of the entire structure, which has yet to raise any new red flags or concerns, is nearing completion and the results are slated to be presented to an independent review panel next month as well. And as such, assuming the building is given a clean bill of health, the Salesforce Transit Center could potentially re-open in June, with an early re-activation of the rooftop park now looking a lot less plausible." 

CONTINUE READING ON SOCKETSITE


DEVELOPMENT PIPELINE

 

Pace of Newly Proposed Development on the Rise in San Francisco

"Having totaled a seven-year low last year, the number of newly proposed plans for major developments in San Francisco totaled 17 in the first quarter of this year, that’s up from 10 in the first quarter of 2018 and slightly above average for first quarter activity as measured since 2010. And despite having dropped to a seven-year low in 2018, keep in mind that the overall pipeline of apartments and condos under development in San Francisco had still ticked up to a record 70,960 at the end of last year, which was 5,710 more units than at the end of 2017 with over 8,000 units under construction (versus an average of around 5,600 units under construction at any given time over the past 10 years)." 

CONTINUE READING ON SOCKETSITE

Even Bigger Plans for Prominent SoMa Gas Station Site   "...A third parcel, 181 Stillman Street, upon which a little commercial building currently sits, has now been rolled into the project site as well. And as newly rendered by BDE Architects [above], and now formally proposed, the 25-story development would rise up to 260 feet in height, with 353 apartments (a mix of 47 studios, 164 one-bedrooms and 142 twos) over 5,700 square feet of replacement PDR space and off-street parking for 34 cars and 166 bikes. If approved and the ground is broken, the 598 Bryant Street project would take around two years to complete."    CONTINUE READING ON     S  OCKETSITE

Even Bigger Plans for Prominent SoMa Gas Station Site

"...A third parcel, 181 Stillman Street, upon which a little commercial building currently sits, has now been rolled into the project site as well. And as newly rendered by BDE Architects [above], and now formally proposed, the 25-story development would rise up to 260 feet in height, with 353 apartments (a mix of 47 studios, 164 one-bedrooms and 142 twos) over 5,700 square feet of replacement PDR space and off-street parking for 34 cars and 166 bikes. If approved and the ground is broken, the 598 Bryant Street project would take around two years to complete." 

CONTINUE READING ON SOCKETSITE

Redevelopment of Theater Site Slated for Approval   "...Having preliminary cleared a key environmental hurdle, the refined plans to raze the rustic Main Street Theater and develop apartments on its Excelsior District site at 915 Cayuga Avenue, which extends to Alemany Boulevard, behind the Little Bear School campus at 65 Ocean Avenue, a parcel which is being redeveloped as well, are one step closer to becoming reality...While half the units are still slated to be offered at below market rates (BMR), as a concession to the City in exchange for rezoning the theater parcel to allow for the development and density as proposed…"    CONTINUE READING ON     S  OCKETSITE

Redevelopment of Theater Site Slated for Approval

"...Having preliminary cleared a key environmental hurdle, the refined plans to raze the rustic Main Street Theater and develop apartments on its Excelsior District site at 915 Cayuga Avenue, which extends to Alemany Boulevard, behind the Little Bear School campus at 65 Ocean Avenue, a parcel which is being redeveloped as well, are one step closer to becoming reality...While half the units are still slated to be offered at below market rates (BMR), as a concession to the City in exchange for rezoning the theater parcel to allow for the development and density as proposed…" 

CONTINUE READING ON SOCKETSITE

Supervisors Reverse Approval of Western SoMa Development

"While approved by Planning at the end of last year, an appeal aiming to block the plans for a seven-story development to rise on the northwest corner of Folsom and Russ Streets, upon the Fondue Cowboy and Deli Board site, has been upheld by San Francisco’s Board of Supervisors and the project’s approval has been reversed. As designed, the 1052-1060 Folsom Street development, which includes the parcel at 190-194 Russ, would yield 63 condos over a garage for 17 cars and 2,800 square feet of new restaurant/retail space on the corner. But at seven stories in height, it would also cast new late afternoon shadows on Victoria Manolo Draves Park across the street, shadows which are specifically governed by Proposition K (a.k.a. San Francisco’s “Sunlight Ordinance”)." 

CONTINUE READING ON SOCKETSITE


MISCELLANEOUS

 

San Francisco is now the world’s most expensive city to build, study says

"The City by the Bay has dethroned the Big Apple as the world’s priciest place for new construction. This year, San Francisco removes New York from the top spot, having increased by 5 percent in the last year, according to a new report by consulting company Turner & Townsend. The study examined the average building costs in six different types of construction: apartment highrises, prestige office blocks, large warehouse distribution centers, general hospitals, primary and secondary schools and shopping centers and malls." 

CONTINUE READING ON BUSINESS TIMES


April 5, 2019

Headlines by Alek Keytiyev San Francisco Realtor

WHAT YOU MAY HAVE MISSED THIS WEEK:

Slack expands in SF as IPO wave fuels office deals

California's transit-housing bill clears first hurdle

Plans for 44-unit development on Geary in the works

50-unit development on Brannan Street closer to reality

Change in plans for Van Ness Corridor site


COMMUNITY

 

Slack expands in SF as IPO wave fuels office deals

"A wave of San Francisco tech companies set to go public is fueling a continued boom in the local office market. Slack, the maker of workplace messaging software, has signed a 205,000-square-foot lease at 45 Fremont St., according to brokerages CBRE and Cushman & Wakefield. The fast-growing company filed earlier this year to go public, joining more than a half-dozen local tech companies aiming to debut on the stock market this year." 

CONTINUE READING ON THE CHRONICLE 

California’s transit-housing bill pushing for taller, denser growth clears first hurdle

"State Sen. Scott Wiener’s effort to boost housing density near public transit in California has officially progressed farther than last year when his similar bill was killed in a different State Senate Committee. Wiener and his allies will be able to keep negotiating details of the bill with detractors after the State Senate Committee on housing voted to advance the bill, Senate Bill 50, in a 9-to-1 vote Tuesday." 

CONTINUE READING ON CURBED


DEVELOPMENT PIPELINE

 

New Plans for Prominent Van Ness Corridor Site Closer to Reality

"...Plans to raze the former KRON TV building at 1001 Van Ness Avenue and develop a 14-story building, with 239 condos over 5,000 square feet of retail space fronting Van Ness, were approved two years ago but never broke ground... Instead, Oryx Partners is now planning to build a residential care facility on the Cathedral Hill site, with 247 assisted living units for seniors over 8,200 square feet of ground floor retail space, the new plans for which are working their way through planning. We’ll keep you posted and plugged-in.And as newly rendered below by Handle Architects, the refined plans for the development, which now include a formal entry plaza, a series of flats and the entrance to a 46-car garage along Myrtle Street, are slated to be approved by San Francisco’s Planning Commission on Thursday of this week." 

CONTINUE READING ON SOCKETSITE

Bonus Plans for Building Up Geary Boulevard

"Plans to level the Firestone Complete Auto Care shop at 2800 Geary Boulevard have been drafted. And as envisioned, a six-story building could rise on the Laurel Heights/Lone Mountain parcel, with 44 residential units (a mix of 23 one-bedrooms, 10 twos and 11 threes) over 2,500 square feet of ground floor retail space and a garage for 22 cars with its entrance off Wood. At the same time, plans to level the 3-story medical office building at 3330 Geary Boulevard, between Commonwealth and Parker Avenues, across from Mel’s Drive-In, and develop a six-story building with 41 residential units (a mix of 16 one-bedrooms, 19 twos and 6 threes) are moving forward as well." 

CONTINUE READING ON SOCKETSITE

Showplace Development Closer to Reality

"Plans to raze the two-story Art Deco building at 828 Brannan Street, which was built for the Schweitzer Wholesale Meat Company back in 1936, have been in the works for a few years... And if approved and the ground is broken, the seven-story building would rise up to 68 feet in height upon the Showplace Square site, with 50 residential units over 2,100 square feet of new retail space fronting Brannan and a basement garage for 22 cars and 36 bikes. Secured parking for another 18 bikes would be provided on the ground floor as well." 

CONTINUE READING ON SOCKETSITE

Opposed Mission District Development Slated for Approval

"While opposed by a number of neighborhood factions, two new buildings could rise up to 78 feet in height upon the Mission District parking lot parcels across from the Armory on 14th Street. As designed by BAR Architects for Manouch Moshayedi/MX3 Ventures, a seven-story building on the southern parcel fronting 14th Street would yield 56 apartments (a mix of 23 one-bedrooms, 31 twos and 2 threes) over 5,600 square feet of ground floor retail space, secured parking for 57 bikes, and a basement garage for a total of 42 cars." 

CONTINUE READING ON SOCKETSITE

Detailed Plans for a Key Central SoMa Site and a Non-Tower Design

"Up-zoned for development up to 200 feet in height, assuming the adoption of San Francisco’s Central SoMa Plan is upheld, detailed plans for redeveloping the nearly one acre parcel at 490 Brannan Street, at the corner of Fourth and upon which a Wells Fargo, Starbucks and 116-space parking lot currently sit, have been drafted and submitted to Planning for their preliminary thoughts on the project and approach as proposed. And as designed by Pfau Long Architecture for Strada Investment Group, which holds an option to purchase the site, the development as envisioned would only rise to a height of 160 feet but still yield nearly 340,000 square feet of office space; 17,000 square feet of Production, Distribution and Repair (PDR) space on the ground floor; 3,800 square feet of retail fronting Fourth Street; a basement garage for 49 cars and 272 bikes; and 6,500 square feet of required public open space." 

CONTINUE READING ON SOCKETSITE


March 29, 2019

Headlines by Alek Keytiyev - San Francisco Realtor.jpg

WHAT YOU MAY HAVE MISSED THIS WEEK:

SoMa's 5M megaproject could break ground by year's end

Lyft shares surge 20% in trading debut

Mortgage rates see biggest weekly drop in a decade

Bay Area employment up to another record high

Central subway delays may push final date into 2020


COMMUNITY

 

Lawmakers push estate tax, rent control for California

"California Democratic lawmakers hailing from San Francisco unveiled two bids to assail income inequality in the state, including one that would cut the estates of the state’s wealthiest residents and put their money toward “alleviating socio-economic inequality” and one that would cap how much landlords can raise rent. San Francisco-based Assembly member David Chiu introduced a new bill earlier this month aimed at limiting annual rent hikes across the state." 

CONTINUE READING ON CURBED

Initiative to Acquire and Transform Alcatraz Is Back

"Having failed back in 2008, a ballot initiative which aims to transform Alcatraz Island into a “Global Peace and Creative Art Center” has been re-drafted and is positioning to qualify for this November’s election. If adopted, the measure would make it the official, but non-binding, policy of the City and County of San Francisco “to support and facilitate the acquisition of Alcatraz Island” for the express purpose of transforming the island into the aforementioned peace and arts center." 

CONTINUE READING ON SOCKETSITE


DEVELOPMENT PIPELINE

 

With lawsuit resolved, SoMa's 5M megaproject could break ground by year's end

"A multibillion dollar development at Fifth and Mission streets could break ground by the end of the year after a lawsuit that stalled the project for years has been resolved. A panel of judges rejected an appeal neighbors filed against the 5M project more than three years ago... Property owner Brookfield Properties can start work on a 652,000-square-foot office tower at Fifth and Howard streets and a 288-unit apartment building on Mission Street, a First District Court of Appeal ruled on Monday. The project is approved for 400 market-rate condos, 211 market-rate rental apartments and 91 units targeting middle-income households earning between 100 percent and 150 percent of area median income, the Chronicle reported." 

CONTINUE READING ON BUSINESS TIMES


MISCELLANEOUS

 

Lyft pops 20% in trading debut

"Lyft stock started trading on the public market Friday at $87.24 per share, more than 20 percent above the stock’s IPO price of $72. The offering marks the first debut from a heavyweight class of tech companies going public in 2019." 

CONTINUE READING ON CNBC 

Mortgage rates see biggest weekly drop in a decade

"Homebuyers got a big boost to their purchasing power this week thanks to falling mortgage rates.The average rate on the 30-year fixed-rate mortgage fell to 4.06 percent with an average 0.5 point for the week ending Thursday, down from last week when it averaged 4.28 percent, according to Freddie Mac. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.40 percent." 

CONTINUE READING ON CNBC 

Bay Area Employment Inches Up to Another Record High

"With 2018 having ended the year with Bay Area employment at an all-time high, the number of people living in San Francisco with a paycheck has since inched up 700 to a record 574,900 while the unemployment rate in the city, which ended the year at a record low of 2.1 percent, inched up to 2.4 percent as the labor force increased by 2,500 to 589,100. And as such, there are now 138,200 more people living in San Francisco with paychecks than there were at the start of 2010 and 20,200 more than at the same time last year, but the rate of change has slowed down over the past quarter." 

CONTINUE READING ON SOCKETSITE 

Central Subway possibly delayed again

"...The ongoing 1.7-mile Central Subway extension is already more than a year late—it was originally scheduled for “substantial completion” in February of 2018—but now a federal monitor’s report warns that new delays may push the final target date into 2020." 

CONTINUE READING ON CURBED


March 22, 2019

San Francisco Headlines by Alek Keytiyev Realtor

WHAT YOU MAY HAVE MISSED THIS WEEK:

30-acre Presidio rehabilitation proposal submitted 

Evergreen Market on the market for $3.5MM; zoned for up to 65ft 

Bonus plans for 30-unit development in Hayes Valley

Housing production slows, despite backlog of approved projects

Number of homes for sale in SF ticks up


COMMUNITY

 

Proposal submitted to rehabilitate 30-acre Presidio site

"The Presidio Trust has received a proposal to rehabilitate historic Fort Winfield Scott, a 30-acre site at the foot of the Golden Gate Bridge. The proposal, which can be found on the Presidio Trust website, will transform Fort Winfield Scott into a “Campus for Change” addressing the significant environmental and social changes in the area. " 

CONTINUE READING ON THE EXAMINER 

Evergreen Could Soon Be Evergone in the Misison

"The Evergreen Market building at 2539 Mission Street is on the market with a $3.5 million price tag, not including its rear parking lot which fronts Capp Street and for which another $2.5 million is being sought... And as noted in the marketing materials for the property, the market building’s nearly 4,000-square-foot parcel is zoned for development up to 65 feet in height while the 4,000-square-foot parking lot is zoned for development up to 40 feet along Capp." 

CONTINUE READING ON SOCKETSITE


DEVELOPMENT PIPELINE

 

City moving ahead with contested transformation of India Basin

"...Mayor London Breed announced a $25 million donation on Tuesday that will help pay for environmental remediation at the India Basin shoreline...The money will help initiate the planned transformation of the decrepit shoreline into India Basin Park, which includes new piers and 14 acres of public open space along the waterfront. The park was approved in August as part of the India Basin Project, which includes 1,575 housing units and 200,000 square feet of commercial space, spearheaded by Build LLC." 

CONTINUE READING ON EXAMINER

Bonus Plans for Building Up Hayes Valley

"...The little four-unit building at 630 Octavia Street and its adjacent parcel, which is currently used as a parking lot, recently traded hands for what would appear to be a total contract price of $4.6 million...preliminary plans to merge the two lots, level the existing building, and construct a new 7-story building upon the combined lot, with 30 units of housing over a ground floor commercial space and a garage for 15 cars, have been drafted. But exactly how the additional height would be achieved has yet to be revealed. As newly massed by Elevation Architects, the proposed development would, in fact, rise to a height of 74 feet, with 35,300 square feet of residential space wrapped around a central courtyard and over a 5,500-square-foot, at grade, garage and 1,100-square-foot retail space." 

CONTINUE READING ON SOCKETSITE

Housing production slows sharply despite growing backlog of approved projects

"Housing production in San Francisco slowed across the board in 2018, with production levels dropping by nearly 41 percent from the previous year for market-rate and by 56 percent for affordable housing. In total, more than 2,600 market-rate units and 645 affordable units were added to The City’s housing stock, according to the latest Housing Inventory report, which is expected to be presented to the San Francisco Planning Commission Thursday... 'People aren’t taking risks right now,' said Jonathan Moftakhar, a realtor with Vanguard Properties, blaming in part 'unpredictability in city policy that ultimately leads to the swings in production.'" 

CONTINUE READING ON EXAMINER


MISCELLANEOUS

 

Pace of Home Sales in the U.S. Jumps, but Down Year-Over-Year

"The seasonally adjusted pace of existing-home sales across the U.S. jumped nearly 12 percent last month to an annual rate of 5.51 million transactions but remains 1.8 percent below the pace of sales as measured at the same time last year, according to the National Association of Realtors. At the same time, the inventory of existing homes on the market ticked up another 2.5 percent to 1.63 million homes, which is 3.2 percent higher versus the same time last year (versus 10 percent higher in San Francisco)." 

CONTINUE READING ON SOCKETSITE

These Projects Bring New Design Approaches To The Bay Area

"Certain Bay Area projects have the potential to reshape their communities, bringing in needed spaces and services. Here are a few projects, ranging from those that have just opened their doors to some that are still on the drawing board, that have taken innovative approaches to design and are bringing new advances to the area." 

CONTINUE READING ON BISNOW

Number of Homes for Sale in San Francisco Ticks Up

"The net number of homes listed for sale in San Francisco ticked up 5 percent over the past week to 645, which is 10 percent more than at the same time last year, 59 percent higher than at the same time in 2015 (405) and another 7-year seasonal high. At the same time, the percentage of listings in San Francisco which have undergone at least one price reduction is now running a little over 14 percent, which is one (1) percentage point higher than at the same time last year." 

CONTINUE READING ON SOCKETSITE


March 15, 2019

Headlines by Alek Keytiyev San Francisco Realtor

WHAT YOU MAY HAVE MISSED THIS WEEK:

Transit-housing bill SB 50 gets revisions

Plan to stabilize sinking Millennium Tower closer to reality

New housing units down 42% year-over-year

SF rents declared highest worldwide

Benchmark mortgage rate drops to lowest rate in 13 months


COMMUNITY

 

Sen. Scott Wiener makes sweeping revisions to transit-housing bill

"Change is coming to SB 50, the major transit-housing bill that could radically alter zoning standards across California by zapping “hyper-low-density zoning” near major transit hubs out of existence, resulting in more housing development near bus and rail lines. On Tuesday, Sen. Scott Wiener, the SF-based lawmaker who composed the bill, announced a series of amendments to his work. The new version of the bill (available in full here) makes a few key changes ahead of upcoming Committee on Housing hearings." 

CONTINUE READING ON CURBED 

Plan to Stabilize the Sinking Millennium Tower Closer to Reality

"With the initial round of testing having proven successful, the plans to permanently stabilize the sinking Millennium Tower by adding a series of 52 new piles around the tower’s perimeter have been further refined, building permits for the fix have been requested, and a final round of pre-fix testing is about to get underway... And while the stabilization project is currently expected to take around two years to complete, the perimeter approach will minimize the impact on the building’s residents and garage, neither of which will need to be vacated for the project to proceed." 

CONTINUE READING ON SOCKETSITE


DEVELOPMENT PIPELINE

 

The Latest Inventory of San Francisco’s Housing Stock and Development

"Including finished new construction projects and conversions, 2,579 net-new units of housing were added to San Francisco’s stock of housing in 2018, down 42 percent from 4,441 in 2017 and 3.6 percent below the 10-year average of 2,676 net new units but 12 above the 20-year average of closer to 2,300 per year, figures which are slated to be presented to San Francisco’s Planning Commission next week. At the same time, plans for roughly 6,100 units of new housing were authorized by the City over the past year, down 9 percent from 6,700 in 2017 but still twice the 20-year average of roughly 3,000 units, leading to San Francisco’s record housing pipeline, and bump in actual building, as we first reported last month." 

CONTINUE READING ON SOCKETSITE


MISCELLANEOUS

 

San Francisco rents declared highest worldwide—again

"...SF-based rental site Zumper has, once again, declared San Francisco rents the highest worldwide, publishing its results with the headline, 'San Francisco is the most expensive city in the world...SF comes in No. 1 on the list with an average of $3,690 per month, followed at No. 2 by New York City’s $2,870 per month. The highest rents outside of the U.S. in Zumper’s analysis are in Hong Kong, which came in at No. 4 with $2,350 per month. The highest in Europe goes to fourth-place London at $1,967 per month.'" 

CONTINUE READING ON CURBED 

Benchmark Mortgage Rate Drops, Odds of an Easing Up

"Having ticked up 6 basis points last week, the average rate for a benchmark 30-year mortgage has since dropped 10 basis points to 4.31 percent, which is 13 basis points below its mark at the same time last year, down 63 basis points since hitting a 7-year high this past November, and the lowest 30-year rate in 13 months, according to Freddie Mac’s latest Mortgage Market Survey data." 

CONTINUE READING ON SOCKETSITE 

Drought Monitor declares California drought-free

"The most recent drought map, released Thursday, declares the entire state of California drought-free for the first time since 2011." 

CONTINUE READING ON CURBED


 

Prepared by: VANGUARD PROPERTIES - FORWARD THINKING REAL ESTATE