Posts

Apple announces second campus, promises to bring 20,000 jobs

Part of $350 billion U.S. investment, it may set off Amazon #HQ2-like scramble among cities

On the heels of the frenzied competition between cities for Amazon’s HQ2, Apple announced earlier todaythat it will also be building a second headquarters somewhere in the U.S.—setting off similar excitement among cities and local leaders.

According to a report in the Associated Press, Apple will be building a second headquarters over the next five years that will employ an estimated 20,000 workers, all part of a $350 billion commitment to the U.S. economy. The company plans to announce the location of the second headquarters by the end of the year.

Read more from Curbed SF

Developers in contract to buy Oakland tower site

Two developers are in contract to buy a tower site next to Oakland’s 19th Street BART station, potentially kickstarting construction.

Danville-based Behring Cos. has an option to buy the land at 1900 Broadway, according to an agreement filed in November. The deal hasn’t closed.

John Herr, executive vice president at Lincoln Property Co., said at a Bisnow event on Wednesday that the company is partnering with Behring on the project. It would be Lincon’s first project in Oakland, and the company would join a wave of new developers that are fueling the city’s biggest development boom in decades.

Read more from San Francisco Business Times

Presidio Terrace: South Bay couple sues to win back street

Jilted investors trying to crowdfund legal fees

Tina Lam and Michael Cheng, the South Bay couple who bought the privately owned Presidio Terrace street for a mere $90,100 in 2015 and then saw the legal sale overturned by the San Francisco Board of Supervisors, are now suing the city in Superior Court to undo that decision.

The San Francisco Chronicle’s Matier and Ross report that Lam and Cheng’s attorneys are arguing that the board overstepped its authority. The suit comes as no surprise, since Cheng telegraphed his intentions to sue by taking the unusual step of opening a GoFundMe page to finance the action.

According to Cheng’s “Presidio Terrace defense fund” campaign, he and Lam feel slighted and singled out by San Francisco lawmakers, particularly Supervisor Mark Farrell, whose district includes Presidio Terrace.

Read more from Curbed SF

Why Zillow says San Jose is the nation’s hottest housing market in 2018

Driven by quickly rising home prices and a tech job market that continues to draw more workers, the online real estate database Zillow has projected San Jose to be the nation’s hottest housing market in 2018 with San Francisco fifth in its top 10 list.

California, North Carolina and Texas each have two cities in Zillow’s top 10, which is based on a mix of six variables:

  • Its own home value and rent index forecasts for the year,
  • Income growth estimates,
  • Population growth,
  • Unemployment rates,
  • Job openings per person.
Read more from Silicon Valley Business Journal

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

Rents in San Francisco and Oakland down at the End of 2017

Continuing the trend we first noticed forming at the end of 2016, asking rents for apartments in San Francisco and Oakland ended the year lower than at the start of 2017.

In fact, based on a comparison of nearly 2,400 listings, the weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments such as Avalon’s new complex in Dogpatch, is currently running around $4,000 a month, which is around 4 percent lower versus the same time last year and roughly 10 percent below a peak in the fourth quarter of 2015.

And the average asking rent for a one-bedroom apartment in San Francisco is currently running around $3,400 a month having crossed the $3,600 mark in 2015.

Read more from SocketSite

Haight neighbors claim 100 percent affordable housing project at McDonald’s is too tall

The rent is too damn high, and to correct this, every San Franciscan is clamoring for The City to build affordable housing — and a lot of it. But one pocket of our sleepy little town is drumming up opposition to a plan for affordable housing at the site of the McDonald’s restaurant on Stanyan Street.

The problem? It’s too tall, they say.

The Haight Ashbury Neighborhood Council — or HANC, as they’re called — penned a public letter in late December laying out its support for the project, in general, but voiced concern that a 65-foot, 7-story-tall development would “substantially change the character of the area,” due to its “height and bulk.”

Read more from the San Francisco Examiner

Google Proposes One Million Square Foot Project in Sunnyvale for 4,500 Employees

The second half of 2017 brought some much-desired attention to San Jose, the self-proclaimed capital of Silicon Valley. It all started when Trammell Crow announced that its Diridon Station project was tied to Google, and the subsequent negotiations the Mountain View tech giant started with San Jose’s elders to expand even further in the city. A slew of activity emerged in the city from hotels to office buildings to apartment complexes trading hands and institutional investors really zeroing in on the opportunity this could bring. The 86-acre, 4 million square foot approval Apple received from the city of San Jose in 2016 was not even mentioned in the news—the excitement seemed to be all about Google.

Yet Google’s ambitions are much broader than just one city. In late December, Google initiated plans with the city of Sunnyvale for a roughly 1.042 million square foot office project on approximately 40.5 acres of land it owns in the Moffett Park district. The ten parcels that Google owns are bounded by Caribbean Drive, Mathilda Avenue, Bordeaux Drive and Borregas Avenue. There are thirteen single story buildings on the property today totaling 801,670 square feet, and they include a combination of warehouse, light manufacturing, R&D and office uses, according to a letter submitted to the city by Google’s Senior Director of Design and Construction, Joe Van Belleghem.

Read more from The Registry