View Single Post
  #1  
Old Posted Nov 27, 2014, 5:30 AM
simms3_redux's Avatar
simms3_redux simms3_redux is offline
She needs her space
 
Join Date: Sep 2005
Location: San Francisco
Posts: 2,452
SAN FRANCISCO | 1500-1580 Mission St. | 400 & 258 FT | 40 & 17 FLOORS

Address: 1500-1580 Mission Street parcel with frontage on 11th Street, as well.

San Francisco's Board of Supervisors has approved a plan for the City of San Francisco to buy the land (currently occupied by Goodwill of SF) and build a 463,000 SF office building that will rise 17 stories and 258 feet along 11th Street in the city's Mid-Market neighborhood.

The costs to the city are as follows:

$30,296,640 for the half of the land/Goodwill site in which the city's office tower will be constructed
$25,884,132 for predevelopment costs (design/fees/contingency already incurred by the developer, which is Related Group of California)
$270,510,181 outlined in the Construction Management Agreement for estimated costs to build (recently ballooned by 30% as construction costs in general have risen)

Total: $326,690,953

The City will relocate the Departments of Public Works, Building Inspection and Planning, and Retirement and Health Services System to this building from other locations scattered around the city. City representatives say that considering their current costs to lease, inflation/rent increases, expansion costs, relocation costs, and the costs to develop this tower, it's essentially a wash for the taxpayers, but that having these 3 agencies side by side in a convenient parked/transit-connected central location will be easier and more user friendly for taxpayers.

Timing is early 2018 for the big move, with a construction start likely in the 2nd half of 2015.

To help finance the development, the City is selling 30 Van Ness, which currently houses a couple of the departments listed above in 180,000 SF. The sale will open ANOTHER Mid-Market site up for development as it is zoned for 400 ft, but occupied by a 5 story building with a Walgreens on the ground floor. The sale is slated to occur in 2015, but will be structured with a sale-lease-back to the City through 2018.

The City is also seeking to issue $375M in mortgage revenue bonds to help finance the development.


IN ADDITION TO THE CITY'S tower, the master developer, Related California, has plans for a 565 unit apartment tower to rise up to 400 ft on the other half of the site. Average size would be 728 sf/unit, and 20% (113 units) would be affordable/below market rate. Related plans for the development to be "competitively amenitized" with doorman, fitness center, pool, terraces, rooftop access, and other amenities as dictated by market condition.

Related is paying ~$65M overall for the site, of which $30.3M is coming from the City of San Francisco for its portion of the site. The site is 2.3 acres, so the pricetag comes to $26-28M/acre depending on final price.

Other Notes

Development would include and incorporate the existing/historic Coca Cola Bottling Plant Clock Tower building.

Development would include subterranean garage with 300 spaces allocated to residential and up to 150 for the city office tower.


RENDERINGS


source


source


source

Older massing rendering with a few other mid-market buildings/proposals:


source


SOME LINKS

City Plans to Pay $253 Million for Office Development

City's Budget for Mid-Market Office Building Jumps to $327 Million

First Peek at Plans for 1500 Mission Street Tower Development

Goodwill Site Under Contract

Buyers Shell Out Top Dollar for San Francisco Land Sites