Proposed San Francisco ballot measure would set aside 6M SF in office for central SoMa

A proposed San Francisco ballot measure could fast-track approvals of 6M SF of office in Central SoMa, but there is a catch. New office projects would have to contribute to affordable housing projects or pay additional fees, the San Francisco Business Times reports. Under the proposed measure, the area would not fall under Prop M, which caps new office space in the city at 950K SF each year. Office projects would have to add to affordable housing either by dedicating land, buying existing affordable housing or pay an affordable housing fee within 30 days of approval or a 25% larger fee for affordable housing. The ballot measure is being submitted by TODCO Executive Director John Elberling in partnership with SPUR as a way to promote more affordable housing.

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Mountain View approves North Bayshore Plan with about 10,000 housing units

The Mountain View City Council unanimously approved the North Bayshore Precise Plan late Tuesday. The decision opens the door to Google and other developers to build nearly 10,000 housing units, 3.6M SF of office and a mix of parks, retail and other businesses, the Mercury News reports. The plan will transform the area, which includes Google’s headquarters, into a high-density mixed-use district. The area plan will create three new neighborhoods called Joaquin, Shorebird and Pear with about 150 acres dedicated to a mix of single-family homes and apartments. Of the 9,850 units allowed, 70% will target studio or one-bedroom apartments. About 20% of the apartments will be affordable. Commercial buildings will be up to eight stories while residential units will be up to 15 stories.

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Development of red-tagged West Oakland warehouse moves forward

A San Francisco developer’s plans to develop a blighted warehouse in West Oakland into 102 live/work units are moving forward, with the goal of offering most of the previous tenants a place to live in the new building.

The project at 1919 Market Street has been through many hurdles since developer oWow, run by Danny Haber, purchased it in June 2016; it’s slated to finish construction in 2018. Before the purchase, it was red-tagged by the city, causing the previous tenants to be displaced. Haber later had it partially demolished.

The warehouse has been a point of controversy for years — both before Haber bought it and afterward. Before Haber came in, the warehouse was pervaded with code violations. Haber said his team attempted to work with the city to fix the problems over time and keep the tenants living there, but city inspectors deemed the building uninhabitable and red-tagged it.

Read more from East Bay Times

What is Ed Lee’s legacy for the San Francisco skyline and population?

Edwin Mah Lee, San Francisco’s 43rd mayor and the third to die in office, leaves behind a city in transition. The second-tallest skyscraper west of the Mississippi River is rising in South of Market, a few blocks away from where another monolith tilts slowly into the muck. In Mission Bay, a derelict ghost town a decade ago, an 18,000-person basketball arena is under construction in what’s now a dense forest of hospitals, university classrooms, and research facilities. More people than ever before live and work in San Francisco, where the homeless population is resiliently constant, tent cities are taking over sidewalks in front of million-dollar condos, and where income inequality tests the limits of metaphor.

Read more from Curbed

6 CRE Trends to Watch in 2018 (And How They Impact Your Prospects)

What does the commercial real estate industry look like in 2018? How will today’s emerging market dynamics affect the business in the long run? The commercial real estate industry saw incredible growth in 2016 and 2017 and CRE professionals and investors are anticipating.

Let’s take a look at 6 CRE trends to watch in 2018 and how they will impact your prospects.another great year for the industry.

Read more from ProspectNow

Real Estate Economists Staying Positive but Reining in Optimism

After predicting an uptick in U.S. economic growth and interest rates six months ago, real estate economists have tempered their forecasts, moving closer to the predictions of one year ago. While the April 2017 optimism could be attributed to proposals to reform the tax code, reduce regulatory burdens, and invest in infrastructure, little progress has been made on tax reform and infrastructure and the economy seems to be back to business as usual after the global financial crisis.

As a result, real estate economists now have lower expectations about economic growth, employment growth, and interest rates than they had in the spring. Key real estate metrics, such as NCREIF Property Index (NPI) returns and transaction volumes, which showed little change six months ago, have moved slightly lower in this survey. While expectations have moderated, forecasters predict that the current expansion is poised to set an all-time longevity record and real estate will clearly benefit.

Read more from Urban Land Magazine

Bay Area Industry Sentiment Study: Still Strong

In The Registry’s second edition of the commercial real estate industry survey conducted in partnership with Wendel, Rosen, Black & Dean LLP, they explored some of the same questions that they had about the state of the market in the Bay Area earlier in the year.

Read more from The Registry

 

3 Factors Real Estate Professionals are Overlooking

University of Southern California Lusk Center for Real Estate released Tuesday a discussion with Chairman Emile Haddad on what he believes are game changers for the industry.

According to Haddad, technology advances and demographic shifts are generally ignored, but he believes those factors are among the most important for real estate professionals to consider.

Read more from DS News

13-Unit Multifamily Complex in Berkeley Sold for $4.025 Million by NAI Northern California

BERKELEY, CA – APRIL 2016 – NAI Northern California, a member of the world’s premier managed network of commercial real estate firms, is pleased to announce the sale of 2607 Ellsworth, a 13-unit multifamily complex located in Berkeley, California. Shivu Srinivasan, Senior Investment Advisor, and Grant Chappell, Senior Vice President for NAI, represented both parties in the transaction.

 Located four blocks south of the UC Berkeley campus, 2607 Ellsworth offers a strong mix of two bedroom/bathroom units with a penthouse unit featuring two rooftop decks.  Ample retail and entertainment options and close proximity to public transportation coupled with a stable student rental market resulted in significant investor interest for the complex.

 “With below market rents and spacious units, this complex offers a buyer considerable rental upside,” commented Shivu Srinivasan, Senior Investment Advisor for NAI.  “We received multiple offers and were able to close within 45 days with very short contingencies.”

The complex sold for $310K per unit and $361 per sf, a premium for the downtown Berkeley market.

About NAI Northern California

NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions.

NAI Northern California Completes $1.925M Land Sale in Berkeley

BERKELEY, CA – APRIL 2016 – NAI Northern California is pleased to announce the recent completion of a $1.925 million sale of a .33-acre commercial land parcel near downtown Berkeley.

A developer group from San Francisco and the South Bay purchased the land, located on 1740 San Pablo Road on the northwest corner of Delaware Street and San Pablo Road in downtown Berkeley.

Mary Alam, Vice President at NAI Northern California’s San Francisco office, represented both buyer and seller in the transaction.  “This was an excellent opportunity for the buyer to purchase a quality site in downtown Berkeley,” said Alam, adding, “the proximity to UC Berkeley, prime retail such as Whole Foods, and overall key demographics make this acquisition a valuable development play for the buyers.”

With a potential residential development of up to 44 units, this recent sale is the latest of several transactions NAI has represented in the Berkeley market demonstrating a clear and continuing demand for multi-family opportunities.

“The acquisition of this parcel was very complex and time-consuming; however Mary’s dedication and commitment to the purchase and sale greatly simplified the process,” noted NAI’s President James Kilpatrick.  “Mary has once again shown her superior skills in providing value to her clients.”  Alam specializes in leased investments with a focus on retail, office and redevelopment opportunities.

About NAI Northern California

NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors and financial institutions.