SAN FRANCISCO | 8 10th Street (NEMA) | 352 FT | 37 FLOORS - Page 3

Jerry of San Fran · #41 Posted **Jun 30, 2007, 7:10 AM**

As you may already know, the Fox Plaza was bought by Archstone about 1 year ago. Subsequently the first 12 stories (office portion of the building) was sold to another company as Archstone is a rental property investor (the way I understand it). A few weeks ago Archstone was bought by a larger corporation, therefore the Fox Plaza apartments are now owned by another company. We do not know if the Archstone name will remain.

I have heard rumor that the lowrise part of the building may be sole or developed. That section (2 stories) has been grandfathered when the property was build to guarantee a highrise. The lease signed has always made it clear that we do not have a right to the view in the event a structure is build. It is possible that the property know as the Fox Plaza could be owned by three different entities in time!

I have always liked the architecture of the building while most people have expressed a great dislike of the building.

In this thread someone mentioned that the Fox Plaza was to be remodeled. The apartments are in the process of being remolded as tenants move out, but the building as such will not change as far as I know. The public areas have changed byond recognition. Originally the whole structure was coordinated by the architec, but no more.

BTinSF · #42 Posted **Jun 30, 2007, 7:46 AM**

^^^Archstone is what is called a Real Estate Investment Trust or REIT. These trade publically on the stock market, Archstone under the symbol ASN. See http://finance.yahoo.com/q/pr?s=ASN

Archstone is being bought by a consortium of Tishman-Speyer (which is building 555 Mission) and Lehman Brothers, a Wall Street investment bank (although the deal is still pending and, as the article below suggests, there is some doubt about it):

Quote:

Archstone-Smith buyout a gigantic gamble: Barron's
Sunday June 10, 4:55 pm ET

NEW YORK (Reuters) - The buyout of real estate investment trust Archstone-Smith (NYSE:ASN) is a "gigantic gamble," with interest costs for financing the deal likely to exceed operating income, the financial newspaper Barron's said in its June 11 edition.

In May, Archstone-Smith, which owns a portfolio of apartments in markets like New York, Southern California and the San Francisco Bay area, agreed to be acquired by Tishman Speyer and investment bank Lehman Brothers Holdings Inc. (NYSE:LEH).

Barron's said the buyout group is paying $60.75 a share for Archstone, or nearly $16 billion, and the company also has $6 billion of debt.

It said the buyers will borrow $17.1 billion to purchase the company and put up $5.1 billion of equity. But Barron's said the interest tab on the $17 billion of debt could top $1 billion, exceeding net operating income this year, which may total $800 million. A sale of assets might not cover the shortfall, the article said.

"Given the financial underpinnings of the Archstone buyout, investors in the company's shares may soon go from hoping for a higher bid to simply wishing the current deal gets done," Barron's said.

Barron's said Archstone shares, which traded at $51 before the deal, traded at $60.50 on Friday as investors bet there might be a higher bid.

Source: http://biz.yahoo.com/rb/070610/archstonesmith_barrons.html?.v=1

Generally, REITs engage mainly in managing rental property but they can also do development (as AvalonBay has quite often in the Bay Area) and/or sell off assets. Since Archstone is focused on residential property, it makes sense for them to sell commercial assets like the non-residential part of Fox Plaza. But if a second tower is to be built on the present site, it seems to me likely Archstone would develop it if it is to be residential or Tishman-Speyer if it is to be an office building.

Jerry of San Fran · #43 Posted **Jun 30, 2007, 8:40 AM**

BTinSF - Thanks for the information. There are a lot of rumors circulating in the building among the tenants at the Fox Plaza based on false assumptions.

I'd like to post some pictures of the Argenta from the Fox Plaza, but am not sure that I understand how to include them in my message.

roadwarrior · #44 Posted **Jun 30, 2007, 6:31 PM**

I'd like to see a 2nd tower at Fox Plaza constructed. All of these projects will add new life to the neighborhood.

Jerry, you'll need to save the picture to a webpage and link the URL to Skyscraperpage. They recommend getting an account on Flickr to do so. In my opinion, I wish they'd have the functionality to upload pictures directly, but who am I to argue?

Jerry of San Fran · #45 Posted **Jul 7, 2007, 11:57 PM**

Notices were mailed to all within 150" of the Market/10th Sts.development this week. There is an appeal being made. Unfortunately there are no details in the notice. The hearing will happen at the July 11th of the city planning commission. If anyone is interested I may be able to get the notice for more details.

FourOneFive · #46 Posted **Jul 9, 2007, 5:26 AM**

Quote:

Originally Posted by Jerry of San Fran

Notices were mailed to all within 150" of the Market/10th Sts.development this week. There is an appeal being made. Unfortunately there are no details in the notice. The hearing will happen at the July 11th of the city planning commission. If anyone is interested I may be able to get the notice for more details.

are you sure about this? i always thought an appeal of an earlier planning commission decision can only be made to the board of supervisors. also, the planning commission only meets on thursdays, and july 11th is a wednesday. could someone be pulling your leg?

FourOneFive · #47 Posted **Jul 9, 2007, 5:33 AM**

nevermind. i checked the board of appeals.

13) APPEAL NO. 07-052

JAZZIE COLLINS, Appellant(s)
vs.
PLANNING COMMISSION, Respondent

Motion Holder(s): TENTH & MARKET LLC

1407-1435 Market Street.

Protesting the adoption of findings on April 5, 2007, related to the approval of a Planning Code § 309 determination of compliance and request for exceptions for the construction of a residential project containing approximately 719 dwelling units, approximately 19,000sf of retail space, and a garage with a capacity of up to 593 parking spaces.

MOTION NO. 17414.

FOR HEARING TODAY.

BTinSF · #48 Posted **Jul 9, 2007, 8:24 AM**

Quote:

Originally Posted by roadwarrior

I'd like to see a 2nd tower at Fox Plaza constructed. All of these projects will add new life to the neighborhood.

You're getting your wish, sort of: See http://forum.skyscraperpage.com/showthread.php?t=133567

roadwarrior · #49 Posted **Jul 9, 2007, 5:37 PM**

Quote:

Originally Posted by BTinSF

You're getting your wish, sort of: See http://forum.skyscraperpage.com/showthread.php?t=133567

Yeah, it beats what is there now, but I was hoping that it would be of similar scale to Fox Plaza, not the proposed 12-story addition. Oh well.

roadwarrior · #50 Posted **Jul 11, 2007, 6:08 PM**

Does anyone know how the meeting went regarding the protest by the NIMBY? I hope that they didn't cave into her ridiculous complaint. I'd hate to see the momentum of progress in the area stalled by yet another piece of red tape.

BTinSF · #51 Posted **Aug 24, 2007, 11:47 PM**

Still nada (in spite of the building proceeding across 10th St @ 1390 Mission):

I took the pics

Reminiscence · #52 Posted **Aug 25, 2007, 5:57 AM**

Well, at least it good to see the building that was being torn down is all cleared out. Last time I saw this site, it was still in the demolition phase. I'd like to say this is progress, but I'll hold off on that until I see more action.

BTinSF · #53 Posted **Aug 26, 2007, 8:35 AM**

According to Socketsite, there's NIMBY mischief afoot:

"Fox Plaza Guy" (perhaps afraid of losing some of his view) says:

Quote:

Have you ever tried standing on this corner when the wind is blowing? I'm a 190# guy and got blown right into traffic the other day by a gust of wind at the crosswalk. As it stands, this development will only cause the wind buffeting to be worse. This development is so wrong as envisioned! It needs to be smaller or its going to be a disaster.

The developer received several exceptions and variances for this project. There is expected to be a contingent of neighborhood residents at the Board's meeting next week (8/29) to opppose this project as envisioned and appeal the exceptions and variances granted to the developer. The meeting is at 5PM Wednesday 8/29 in City Hall, 4th floor. In order to get the developer to revise the plan, we need 4 out of 5 commissioners to support the appeal, so please come!

Support the development, but just not as it is planned. It is dangerous for the pedestrians in the neighborhood.

Pretty ironic considering which building it is that causes the street-level wind. And there's no certainty another tall building will make it worse--another such building could actually be designed to mitigate local winds though I have no idea if that was part of the design consideration at Heller Manus.

And "anonarch" goes on:

Quote:

I would oppose this project just for being ugly. Is this project trying to be a retro 60's Florida High Rise, or if one is critical of this bad architecture, should I then assume that I will be told that I am a "Victorian" lover? Why must the choices we are given in the city be so extreme? Super ugly super tall high rise condos of poor design, OR, keeping the old existing urban fabric without any changes? Both of these choices are not acceptable, and I wish some of the new urban in-fill projects could be of different massing and scale. One Rincon may have won the SFCurbed contest for the ugliest building in S.F., but I would give this sad project the ugly prize if it is built.

Source of both quotes: http://www.socketsite.com/archives/2007/...h_and_market_development_details_an.html

viewguysf · #54 Posted **Aug 27, 2007, 4:50 AM**

Quote:

Originally Posted by BTinSF

Pretty ironic considering which building it is that causes the street-level wind. And there's no certainty another tall building will make it worse--another such building could actually be designed to mitigate local winds though I have no idea if that was part of the design consideration at Heller Manus.

Yes, BT, no kidding! It has long been said that Fox Plaza exacerbated the windy conditions on its block of Market Street because of the angle at which it was built. The poor street trees in front of the Furniture Mart have never been able to make it as a result, among other things.

It's a travesty that Fox Plaza was ever built--a building with extremely cheap interior appointments replacing what many considered to have been the world's finest theater that contained 17 types of marble and many other treasures. Delve into this website to learn more: http://www.historigraphics.com/fox/default.html

sfcity1 · #55 Posted **Aug 27, 2007, 9:26 AM**

Quote:

Originally Posted by viewguysf

Yes, BT, no kidding! It has long been said that Fox Plaza exacerbated the windy conditions on its block of Market Street because of the angle at which it was built. The poor street trees in front of the Furniture Mart have never been able to make it as a result, among other things.

It's a travesty that Fox Plaza was ever built--a building with extremely cheap interior appointments replacing what many considered to have been the world's finest theater that contained 17 types of marble and many other treasures. Delve into this website to learn more: http://www.historigraphics.com/fox/default.html

Fox Plaza is a complete Eyesore. One of the greatest disasters in SF skyscraper developent. How dis they get away with that?

FourOneFive · #56 Posted **Aug 31, 2007, 12:58 AM**

i don't know if anyone caught the Board of Appeals meeting on Wednesday, but the board upheld the decision by the Planning Commission by a 3-2 vote and the 10th and Market project can now move forward!

take that sue hestor!

BTinSF · #57 Posted **Aug 31, 2007, 10:54 PM**

A new neighbor for the 10th and Market project (besides 1540-1590 Mission across the street): 55 9th St: http://forum.skyscraperpage.com/showthread.php?p=3042604#post3042604

Jerry of San Fran · #58 Posted **Oct 4, 2007, 11:05 PM**

I was by the site of the Market and 10th St. project today (Oct. 4th) and see a very large sign advertising "Monthly Parking". It does not look like a building will be going up on that corner soon.

FourOneFive · #59 Posted **Oct 22, 2007, 4:54 AM**

Quote:

Originally Posted by Jerry of San Fran

I was by the site of the Market and 10th St. project today (Oct. 4th) and see a very large sign advertising "Monthly Parking". It does not look like a building will be going up on that corner soon.

Has work begun on turning this lot into a parking lot?

nequidnimis · #60 Posted **Oct 22, 2007, 6:26 AM**

Quote:

Originally Posted by sfcity1

Fox Plaza is a complete Eyesore. One of the greatest disasters in SF skyscraper developent. How dis they get away with that?

I'll excerpt this from the 631 Folsom thread:

Quote:

Sure the design is not great, but it serves a common good in an effort to provide housing for the middle class.