^^^Well, there is the whole planning/environmental review/entitlement/approval process that takes a few centuries in SF. :) Tishman Speyer has some other land working its way through entitlements, I believe (worth somewhere between 900,000-1,000,000 SF). There's also TMG's proposal at First, and that land on Townsend just traded hands yesterday, pre-entitled and zoned for around 300,000 SF. There's also the question of rent growth...I wouldn't be surprised if we're getting to a point where land valuations have to come down on office entitled parcels in order for office developers to make something pencil out if they plan for anything less than "build to core" 10+ year holds. As far into this cycle as we are, you can't underwrite 5%+ rent growths for that much longer going forward, LoL.
The city also has that RFP out for the latest TB block to go on the market, and it has gone down the office route instead of multifamily. I think developers/lenders should be wary of Prop M coming up...we're pretty fast approaching it. |
Here's the official press release:
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350 Bush (which is small in the grand scheme of things...) and 500 Townsend (also small at 300,000 SF). Maybe a couple others. But entitlements expire and even fully entitled sites need all of the stars to align to actually see development. An entitled site like 350 Bush likely won't be developed before an as of yet entitled site south of Market. Why would anyone want to move to that section of the North FiDi before moving to something in the hot new transit-connected mixed-use district that is Transbay or something in SoMa?
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I rode by yesterday, there is structural steel above ground level...ALREADY, and the crane job is just massive. I will go by today to grab pics because this thing is going to shoot up so fast we will miss it if we don't pay attention.
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https://farm3.staticflickr.com/2921/...72f9fc0f_b.jpg |
Damn, beat me to it! :) I've been traveling, so I'll eventually get around to uploading lol
Thanks! |
SFHog has some new photos showing the below-grade steel as well:
http://www.sfhog.com/linkedin-towers...-street-level/ |
Funny how this was waiting for a crane for so long, then--bam--steel! Were they dragging their feet a little to hedge their bet until a tenant was signed on? Or perhaps other circumstances played a part.
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This one is FAST:
http://i916.photobucket.com/albums/a...psde1d2aa8.jpg Huge jib on that crane! http://i916.photobucket.com/albums/a...ps5a05ccf1.jpg http://i916.photobucket.com/albums/a...psa67bc5db.jpg |
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south up Second
https://farm3.staticflickr.com/2901/...7be1081d_b.jpg west up Howard https://farm6.staticflickr.com/5561/...c804a9f7_b.jpg |
Wow, this one is hauling ass. It looks like they added about 8 floors in 5 weeks. Even though this one started about six months after 350 Mission, it's essentially caught up with it in height. With only about 12 (smaller) floors left to go, this could be topped out by the end of August. Thanks for the photos, timbad!
Here's some new info about the $1 million worth of public art to be displayed in the public lobby: http://commissions.sfplanning.org/cp...d%20Street.pdf |
It's not a very good photo, but the top of this building is now visible from Market & Montgomery:
http://i.imgur.com/xUmmMU7.jpg |
Taken July 15
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One thing I've been looking forward to with the completion of this tower is that it will cover the ugly side of One Hawthorne when looking west. Mission accomplished:
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Fireproofing on lower floors, so we'll likely see its skin soon, too; up to floor 16:
http://i916.photobucket.com/albums/a...ps859901b1.jpg |
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