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Lucca Ravioli Co.’s parking lot sold — five-story tower may rise

Lucca Ravioli Company’s parking lot at 22nd and Valencia Street, which went on the market in August, quietly sold in October for around $3 million — and now plans are in the works to develop it into a five-story residential building.

The parking lot’s new owner — M3 LLC — filed a preliminary application with the city in mid-December. The plans for 1120 Valencia Street envision a five-story, 18-unit building with around 1,171 square feet of ground-floor retail and a rooftop deck. Two of the units will be below-market-rate, and the building will include 18 bicycle spaces but no car parking.

The project’s estimated cost is $4.8 million.

The owner of M3 LLC could not be reached for comment, as his or her identity could not be confirmed. Planning documents list the owner’s address as the Garaventa Accountancy Corporation on Church Street.

 

 

Read more on Mission Local 

 

 

City passes plan for new SoMa homes

The San Francisco Board of Supervisors passed a sweeping, years-in-the-making plan to transform Central SoMa, potentially bringing thousands of new homes and tens of thousands of jobs to the area, and ending nearly a decade of wrangling over the ambitious package of zoning changes.

The city defines Central SoMa as the area south of Market Street, north of Townsend, and squeezed between Second and Sixth.

It’s a space that includes the San Francisco Museum of Modern Art (SFMOMA), swaths of low-income housing, nearly 30 landmark buildings, the Flower Mart, and, soon, a stretch of the Central Subway along Fourth Street.

The Central SoMa Plan changes zoning and height limits throughout the neighborhood to encourage more growth, more density, and more diversity of use in future development and redevelopment.

The final passage came as no surprise, after lawmakers unanimously voted in favor of the Central SoMa Plan the first time it came before the board in November.

But the ramifications of the proposal—which took eight years and ran over 1,600 pages in its final form—are so potentially profound as to generate an air of drama about the final vote all on their own.

 

 

Read more on Curbed SF

 

 

A sample of SF waterfront redevelopment concepts

The Port of San Francisco’s “request for interest” for 14 waterfront structures within the Embarcadero Historic District is an outgrowth of a larger effort to update the port’s Waterfront Land Use Plan.

That effort began in 2015 and should move to environmental studies next year. The goal for the requests is to try and begin making plans to revive specific piers, so work could begin soon after an update is approved.

Respondents include restaurateurs seeking space, cultural entrepreneurs, and developers or design firms eager to take part in future projects. The full set of 52 responses can be found at www.sfport.com, but here are six examples that show the range of ideas.

 

Read more on the San Francisco Chronicle

 

 

New 155K SF Affordable Housing Project Planned Near S.F.’s Balboa Park BART Station

A new development that will bring more affordable housing to San Francisco is underway next to the Balboa Park BART station.

The 155K SF transit-oriented development, Balboa Park Upper Yard, will deliver up to 120 units of low- and very-low-income housing in a mixed-use project that will have community-serving space. There will be open space on a connected piece of property owned by BART.

The project from neighborhood nonprofit Mission Housing Development Corp. and developer Related California is in the design phase, and construction could start in late 2019 or early 2020. Mithun is the project architect.

Projects such as this one help Mission Housing better serve residents, particularly low-income Latino residents who have been displaced from one district of San Francisco into another, according to the organization. As it has watched residents pushed out of the city’s District 9 in the Mission District, Mission Housing has been looking at expanding into the Excelsior area in District 11 where those residents are moving, and eventually the entire west side of San Francisco.

“We are thrilled to have been given the opportunity to deliver more high quality, affordable housing to District 11,” Mission Housing Executive Director Sam Moss said in a statement. Mission Housing owns or manages 38 housing properties and is one of the area’s largest nonprofit housing organizations. “The community outreach, planning, design, financing, and construction will lead to delivering the excellent affordable housing and community services hub which the people of San Francisco deserve.”

The creation of 100% affordable housing is the biggest tool available to combat gentrification, Mission Housing officials said. They said the new site is expected to benefit from a piece of legislation now in progress for a citywide neighborhood preference that would make 45% of units specifically designated for families that currently live near the project.

 

Read more on Bisnow San Francisco

 

 

Report: U.S. Commercial Real Estate Pricing Growth Cools in Late 2018

Growth in U.S. commercial property prices decelerated in October to the slowest annual pace in 2018 so far, according to a new report by Real Capital Analytics.

The company’s U.S. National All-Property Index was up 6.4% from a year ago. The pace of annual price growth has been gradually slowing since a 2018 high of 8.4% in February, but in fact, price growth as measured by annual gains has been slowing down for about three years, RCA reports.

Year-over-year gains in 2014 and early 2015 were well over 10% each month for all assets, which represented a strong comeback from the recession, when property prices during much of 2009 contracted by over 20% compared with a year earlier. Since mid-2015, annual gains have slowed considerably.

According to the report, easing growth in major U.S. metros placed the largest drag on national prices, presumably as investors perceive that prices in some major markets have bubble-like aspects. For the purpose of the report, major metros include Boston, Chicago, Los Angeles, New York, San Francisco and Washington, D.C.

Prices in U.S. major metros were growing an average 8.8% year over year at the beginning of 2018, but as of October, that growth was down to 3.1%.

Growth in the non-major metros has also slowed since a high in the summer, though the change is more modest than in the major metros, RCA reports. Prices rose 7.8% year over year in non-major metros in October, down from 8.4% in May.

Apartments are still leading the way in price growth, up 9.6% year over year, but even that property type has seen a slowdown. In April, the annual gain for apartments was 12.4%.

 

Read more on Bisnow

 

 

 

There’s a new plan to stop Millennium Tower sinking — and settle lawsuits

All sides in the Millennium Tower debacle appear to be nearing an agreement on a $100 million-plus fix to stop the 58-story high-rise from sinking further — but at least part of the building’s tilt will probably remain.

“We’re very encouraged by the recent progress that has been made,” said P.J. Johnston, spokesman for Millennium Partners, the luxury condominium’s developer. “We look forward to working with the homeowners and the city to get this all completed as soon as possible.”

Doug Elmets, spokesman for the homeowners association, cautioned that nothing has been submitted to the city yet for review, but that residents are “encouraged by the ongoing progress.”

The latest plan calls for drilling piles into bedrock from the sidewalk on the building’s southwest corner. The proposal would be less extensive and intrusive than the plan floated in April, which called for drilling as many as 300 micro-piles to bedrock through the building’s concrete foundation.

The idea was to stabilize one side of the 58-story structure, then let the other side continue to sink until the building straightened itself. That plan, however, probably would have cost upward of $350 million — as much as it cost to build the tower in the first place.

The new plan by Ronald Hamburger, the structural engineer for the developer, is expected to be considerably less expensive and faster, and without as significant a disruption to the residents.

“Hopefully, it will take out some of the tilt and stop the building from moving entirely,” said one source familiar with the plan, but who wasn’t authorized to speak for the record.

The tower has sunk 18 inches and tilted 14 inches to the west since it opened in April 2009.

The building sits on a 10-foot-thick mat foundation, held in place by 950 reinforced concrete piles sunk 60 to 90 feet deep into clay and mud. They do not, however, reach bedrock.

The repair job is expected to take several months to complete. The timeline for getting started, however, will probably hinge on how fast the parties can get approval of an environmental impact report and the necessary building permits.

Read more on The San Francisco Chronicle

New SF hotels, WeWork-backed waterfront school among ideas for historic piers

Developer Simon Snellgrove has an idea: A new 65-room boutique hotel just south of the Ferry Building.

The problem: Hotels are illegal on Port of San Francisco land unless voters authorize them.

Snellgrove’s concept is one of 52 responses received by the port to revitalize 13 historic waterfront piers that dot the city’s scenic Embarcadero.

For the past three years, the port has sought public uses to bring new life for the piers, some of which were built over a century ago. The projects have big financial hurdles, requiring millions of dollars in renovations to withstand future earthquakes and sea level rise. But previous projects like the renovated Ferry Building and AT&T Park are a testament to the public’s love — and the lucrative business — of waterfront development.

The port received a diverse mix of ideas, including basketball and tennis courts, art galleries, an Italian Innovation Hub, and an International House of Prayer of Children. Boston Properties, the city’s biggest office owner and majority owner of Salesforce Tower, said it was open to operating nonprofit, maker and research space.

 

 

Read more on SFGate

 

 

 

 

‘Monster in the Mission’ housing proposal back in new form, but with same old opposition

The developer behind a long-stalled mixed-use apartment complex above the 16th Street BART Station in the Mission District has a new plan, but so far it is being met with the same staunch opposition as previous iterations.

Maximus Real Estate Partners, which owns the 57,000-square-foot site at the southeast corner of 16th and Mission streets, has filed a revised design that calls for two 10-story market-rate buildings — one on Mission Street and one on 16th Street — totaling 285 units, as well as 46 affordable units arranged in a row of five-story townhomes along Capp Street.

The affordable units would be given to the city, and the rents spun off from that building, roughly $1.15 million a year, could be used to help subsidize rents in other nearby buildings in the rapidly gentrifying area.

The revised project, designed by Skidmore, Owings & Merrill, also scales back some aspects of the project, which critics have long dubbed the “Monster in the Mission.”

The 163-unit mid-rise on Mission Street would be moved back 15 feet to expand the usable space on the BART plaza by 40 percent. The three buildings would each have a district architectural style — one green tile, one red brick and one wood — to break up the massing and better fit into the character of surrounding buildings, project architect Leo Chow said.

 

 

Read more on SFGate

 

 

SF considers ban on rent hikes for widows, widowers

Under existing state law, the death of a loved one may be followed by a mortal rent hike on a rent-controlled home.

On Tuesday, Supervisor Hillary Ronen announced that she will introduce a new law that would extend rent-control protections to bereaved family members—but only if California passes Proposition 10 in November.

Ronen’s office notes in a Tuesday press release:

As Costa Hawkins is currently written, landlords are free to raise the rent on a rent-controlled apartment to an unlimited amount when the “original occupant” no longer lives there.

The San Francisco Rent Ordinance is drafted to mirror that. So, any family members who were not original occupants—no matter how long they’ve lived in the home—are completely unprotected.

Ronen cites examples of Mission District residents who faced rent hikes of 300 to 700 percent after the deaths of their partners. She says that under the new legislation, which will be introduced at today’s Board of Supervisors meeting, the city would “extend the protections on rent-controlled units to spouses and family members” post-mortem.

Note that the announcement promises protections will extend to “nontraditional families” including domestic partners.

Under Ronen’s proposal, bereaved partners would only need to illustrate at least two years of occupancy to dodge a post-funeral rent hike.

 

 

Read more on Curbed SF

 

 

San Francisco startup to build 270-unit ground up development in SoMa as part of co-living push

Starcity, a co-living development startup that is known for building “dorm living for adults,” is planning to erect a 270-unit building dubbed “Minna” in SoMa as part of its latest development push.

It also is eyeing a downtown San Jose property three blocks from Caltrain for more than 750 units.

Starcity’s model of private rooms paired with shared spaces can boost the number of units or rooms in an apartment project threefold, the company said in a statement Wednesday morning. Along with ground-up developments, the company converts and renovates defunct or underused commercial spaces into communal living spaces geared toward a middle-income demographic squeezed by high housing prices.

The San Francisco-based housing developer said Wednesday that 50 percent of the units will be affordable in the project at Minna & 5th Streets. Starcity currently has four San Francisco properties it owns and operates, with nine more in the pipeline.

Read more on San Francisco Business Times