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New 35 story tower proposed for Mid-Market:

Build, Vanke aim for 35-story residential tower on Mid-Market parking lot in San Francisco

Developer Build is working on a 35-story residential tower on a site that is now a surface parking lot in San Francisco owned by luxury retailer Nordstrom.

The developer submitted a proposal for a highrise designed by Solomon Cordwell Buenz that envisions 454 homes ranging from studios to three-bedrooms at 469 Stevenson St. between 5th and 6th streets.

“We believe there’s a chronic shortage of housing in the city and our business is building that housing,” said Lou Vasquez, head of Build.

Build negotiated an option for the property with Nordstrom, which put the site on the market last year, and signed on Chinese developer Vanke's U.S. division as the equity partner.

The project, which could cost between $200 million and $300 million to build, will be the first partnership for Build and Vanke, which has financed other projects in San Francisco such as Tishman Speyer’s Lumina condo project.

The 29,000-square-foot site, which Nordstrom has long-used for employee parking, is zoned for 336 units, but could go up to 454 using the state’s density bonus by including affordable housing. The total number of affordable units will depend on the income-level of the residents.

Source

SocketSite has a blurb about it as well.