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SF Planning To Consider Proposed Mixed-Use Development At Market And Duboce

Developers of a proposed eight-story, mixed-use building at the intersection of Market and Duboce streets are seeking approval today for plans to utilize the state’s density bonus by including on-site affordable housing units.

The project at 1965 Market St., as proposed by Keller Grover Properties, LLC, would utilize the California State Density Bonus Law to exceed the site’s 50-foot height limit.

The project sponsor is the law firm housed in the building currently on site.

Read more from Hoodline

Rent-control expansion fails in Sacramento

San Franciscans swarm state capital to boost, decry rent-control law

Hundreds of San Francisco and Bay Area residents trekked to Sacramento Thursday morning, waiting in lines that stretched out of the State Capitol building, to tell the California State Assembly whether they oppose or support AB 1506, a bill that would give cities the opportunity to create new rent-controlled housing.

The bill ultimately failed to pass the Housing and Community Development Committee, falling one vote short of the necessary threshold to move forward. However, backers of the bill, which would repeal the 1995 Costa-Hawkins Act, promised to revive it.

Tenants groups like Alliance of Californians for Community Empowerment (ACCE) and the SF Tenants Union boarded buses before sunrise at Civic Center in order to make it to Sacramento for the 9 a.m. hearing. While lawmakers calmly listened inside, shouting matches broke out in the hallway outside as hundreds of Californians, both pro and con, waited their turn to speak.

Read more from Curbed SF

Sen. Scott Wiener explains plan for taller, denser housing near transit

New bill would allow mid-rise development at transit hubs

In 2017, Senator Scott Wiener rewrote the rules on housing development for California cities with SB 35, a law that mandates municipalities to build more to keep up with demand or risk temporarily losing control of much of their entitlements process.

Now Wiener is backing another new housing bill and hoping for the same success; SB 827 would all but require that new housing near major transit hubs (as defined by the California Public Resources Code) be mid-rise construction of at least four stories.

In a Medium post published Tuesday, Wiener defended the bill from criticism and laid out what it will and will not do.

Read more from Curbed SF

 

Proposed California rent control expansion returns

After nearly a year on the shelf, repeal of 1995 Costa-Hawkins Act to have first public hearing Thursday

In February of 2017, San Francisco Assemblymember David Chiu and two other California lawmakers introduced AB 1506, a bill that would repeal the 1995 Costa-Hawkins Act, a California law that stops cities from imposing rent control on new construction.

That was almost the end of the story for AB 1506, as California landlords reacted with such umbrage that the bill’s principal author, Assemblymember Richard Bloom of Santa Monica, put it on hold for a year.

Legislation that isn’t moving forward has a shorter shelf life than farmers market produce most of the time, so it seemed the rent control expansion might die a quiet death on the back burner. But the proposal has, improbably, survived. And it’s slated for its first public hearing in Sacramento on Thursday, January 11.

The bill is the sole agenda item for the Assembly’s Housing and Community Development Committee this week. AB 1506 still has the exact airtight, no-frills wording as when lawmakers first introduced it last year:

“The Costa-Hawkins Rental Housing Act prescribes statewide limits on the application of local rent control with regard to certain properties. This bill would repeal that act.”

Read more from Curbed SF

Bill could add millions of new homes next to California’s public transit stations

California State Senator Scott Wiener proposed a trio of new housing bills on Thursday, including one that would make it easier to build taller projects near public transit.

Wiener (D-San Francisco)’s SB 827 calls for the statewide removal of single-family home and parking requirements for projects within a half-mile of transit hubs like BART, Muni and Caltrain stations.

The bill would mandate height limits of at least 45 feet to 85 feet for new projects, depending on how close they are to transit. Cities would be able to raise height limits beyond those minimums, and developers could also build smaller projects within the areas if they chose.

Read more from San Francisco Business Times

Will 2018 Be Another Good Year For Silicon Valley Multifamily?

Silicon Valley’s multifamily market will continue to benefit from strong job growth that is propping up demand for housing as we enter 2018. The ongoing supply/demand imbalance throughout the region will continue to drive both ground-up development and renovation in old properties.

Silicon Valley is an ideal market for investment and redevelopment because the housing stock is 50 to 60 years old and can benefit from modernization, according to Calvera Partners Managing Principal Brian Chuck. Additionally, Silicon Valley offers good market dynamics, including a strong employment base with a highly educated workforce, barriers to entry and mass transit infrastructure, he said.

Read more from Bisnow

Exclusive Research Reveals Stable Outlook for the Multifamily Sector

Capital is continuing to flow to the multifamily sector. Despite concerns that the real estate cycle is peaking—and with high levels of multifamily construction in some metros—fundamentals have steadily improved and investment sales remain robust. Exclusive research conducted by NREI indicates that the market is likely to stay that course for at least another 12 months.

Apartments remain a favored property type among commercial real estate investors. When asked to rate the attractiveness of the different core property types on a scale of 1 to 10, survey respondents scored multifamily the highest at 7.9, but the score on industrial properties continues to gain ground. It now stands at 7.5. Hotels and office assets both scored at 5.9, while retail’s score has crashed to 4.5.

Read more from National Real Estate Investor

BART, Concord eye vacant site for affordable housing

BART may partner with the city to bring much-needed affordable rental housing to a vacant property a few blocks from the downtown station.

The transit agency owns a 9-acre parcel between Monument Boulevard and San Miguel Road that sits just south of the Concord skate park. Although a canal runs through the property, city staffers believe at least part of it could be developed.

BART works with local communities to develop high-density housing at its stations. Such mixed-use developments are under construction at the Walnut Creek, MacArthur and Coliseum stations, however the Concord project would be the first built on an off-site BART property, according to spokesman Jim Allison.

Read more from East Bay Times

Historic former Valencia Street bank sold

The onetime Hibernia Bank turned Social Security office at 1098 Valencia Street went up for sale in October asking $9.9 million. It didn’t take long for someone to take a run on the offer. Realtor Jordan Geller confirms the sale, telling Curbed SF the final price came out to more than $11.89 million

The building will continue to serve as the local Social Security office until July of 2022. Soon thereafter, the federal government has no option to renew its lease, presumably opening up the historically significant 1924 building and its more recent, attached neighboring building to lucrative development opportunities.

Read more from Curbed SF

These 5 Trends Will Impact San Francisco CRE In 2018

While San Francisco is a top market for the tech industry and is fetching some of the nation’s highest office rents, it also has been a region with high housing costs, a lack of available space and a stifling regulatory environment. While San Francisco will remain on the top of many investors’ lists for buying and selling assets, many challenges will remain.

Check out the top five issues that will impact San Francisco CRE in 2018.

Read more from National Real Estate Investor