August 8th, 2008
San Francisco Development Update: City seeks partner for 1st & Folsom
The San Francisco Redevelopment Agency will be seeking help in taking what is now barren land and construction storage at 1st & Folsom, and turning it into a “retail mecca” under a residential tower.
As reported by J.K. Dineen of the San Francisco Business Times in this weeks edition, the plan calls for a 550 foot tower, townhouses, retail, and some infrastructure updates such as wider sidewalks. This block is part of a group of parcels that has given the City an incredible opportunity to restructure and redesign a good portion of the city-center.
If you have a chance to walk this area, you will notice that the development that has sprouted along Mission Street has not quite reached this far South. This parcel is situated behind the Novogradac building at 246 First Street, and Just East of the building now owned and occupied by the Emerald Fund at 532 Folsom Street. It is also only a few blocks South of the Foundry Square developments, the future Transbay development, the future 350 Mission development, and the almost completed 555 Mission development. Placing a large number of future residential units this close to future office projects keeps with the planning departments strategy of minimizing commute distances.
Although normally we do not cover residential issues on this blog, I find that projects like these directly affect my clients strategies when planning office relocations. Proximity to housing and transportation are two of the major factors discussed early in the leasing process.
Thanks for visiting,
Tom Poser, Jones Lang LaSalle, San Francisco
www.sanfranciscotenantrep.com
