SAN FRANCISCO | 399 Fremont Street | 400 FT | 42 FLOORS

[peanut gallery]

Nice work, minesweeper. Another good sign for starting by the end of the year.

[1977]

More progress. I hope this one gets rolling soon.

UDR and MetLife to Develop Luxury High-Rise in San Francisco

POSTED ON DECEMBER 6, 2013 BY PUBLISHER IN NEWS RELEASES

On December 5, 2013, the Company [UDR, Inc.] and MetLife announced that they have entered into a joint venture agreement to construct a luxury high-rise residential development in San Francisco. UDR will have a 51 percent ownership interest in the project, and MetLife will own 49 percent.

The development will comprise a 42-story tower and 100 percent of the homes will be market rate. With 447 residential units, the community will cost approximately $317 million to develop and be located at 399 Fremont Street in San Francisco’s Rincon Hill neighborhood, south of Market Street.

The high-rise tower will feature a best-in-market amenity package including a sky lounge and observation deck, pool, fitness center, pet care center and approximately 3,500 square feet of retail space. Home interiors, averaging 820 square feet, will include air-conditioning, hardwood flooring, washers and dryers, stainless steel appliances and luxury bathroom and kitchen finishes. Future residents will be within walking distance of a variety of nightlife destinations, high-end restaurants, the financial district and transportation hubs such as existing BART stations and the forthcoming Transbay Transit Center.

In conjunction with the 399 Fremont joint venture formation, the venture entered into a term sheet for a $174 million non-recourse construction loan with a rate of LIBOR plus a spread of 195 basis points which reduces to LIBOR plus a spread of 175 basis points upon completion of construction. The loan’s term is 48 months plus one 12-month extension. The project is expected to be completed in 2016 and will have a GMAX contract in place prior to commencing construction to mitigate construction cost risk.

Source: http://news.theregistrysf.com/udr-and-metlife-to-develop-luxury-high-rise-in-san-francisco/

[easy as pie]

447 residential units!! yowza, more please

[viewguysf]

Originally Posted by easy as pie

447 residential units!! yowza, more please

We desperately need more middle class housing too, not just high end market rate condos and rentals. I love the design and location of this tower, but we need to realize that the more people see these in the City without any relief for middle class (from lower to upper middle class) residents, the growing backlash is going to be harsher than ever. Fasten your seatbelts and prepare to see some of our favorite projects die.

I witnessed a rally last week and have heard continuous comments from many different types of people lately--the depth of growing resentment regarding prices, economic disparity, availability, and opportunity here is truly shocking. The anti 8 Washington vote was the tip of the iceberg, with "techies", real estate brokers, and many others being vilified, even hated by some. This is certainly not what I want to see in San Francisco and we all need to help change the situation by voting, being aware, and being involved.

[mt_climber13]

Originally Posted by viewguysf

We desperately need more middle class housing too, not just high end market rate condos and rentals. I love the design and location of this tower, but we need to realize that the more people see these in the City without any relief for middle class (from lower to upper middle class) residents, the growing backlash is going to be harsher than ever. Fasten your seatbelts and prepare to see some of our favorite projects die.

I witnessed a rally last week and have heard continuous comments from many different types of people lately--the depth of growing resentment regarding prices, economic disparity, availability, and opportunity here is truly shocking. The anti 8 Washington vote was the tip of the iceberg, with "techies", real estate brokers, and many others being vilified, even hated by some. This is certainly not what I want to see in San Francisco and we all need to help change the situation by voting, being aware, and being involved.

San Francisco only appreciates diversity- when that diversity falls into the narrow categories of what they want to appreciate. Most people are vilified through the eyes of San Fran politics.

Middle class housing can't just be built. With all of the "progressive" regulations, fees, taxes, requirements of labor and unions, it costs a developer $500,000 per unit to build. That's why it is so expensive. It is not going to change because economics doesn't reason with politics. San Fran likes to think of itself as it's own country, but it really has no power up against the political establishments of Sacramento and Washington. It can try to enforce its own utopian vision of equality through legislation all it wants, but federal and state laws override a lot of how far the political philosophy can go. If the city wanted to enforce communism and require all housing be built for a certain type, it would be overturned by fair housing laws.

[BushMan]

Originally Posted by wakamesalad

San Francisco only appreciates diversity- when that diversity falls into the narrow categories of what they want to appreciate. Most people are vilified through the eyes of San Fran politics.

Middle class housing can't just be built. With all of the "progressive" regulations, fees, taxes, requirements of labor and unions, it costs a developer $500,000 per unit to build. That's why it is so expensive. It is not going to change because economics doesn't reason with politics. San Fran likes to think of itself as it's own country, but it really has no power up against the political establishments of Sacramento and Washington. It can try to enforce its own utopian vision of equality through legislation all it wants, but federal and state laws override a lot of how far the political philosophy can go. If the city wanted to enforce communism and require all housing be built for a certain type, it would be overturned by fair housing laws.

THIS^^^^^^^^^^^^!

[viewguysf]

Originally Posted by wakamesalad

San Francisco only appreciates diversity- when that diversity falls into the narrow categories of what they want to appreciate. Most people are vilified through the eyes of San Fran politics.

Middle class housing can't just be built. With all of the "progressive" regulations, fees, taxes, requirements of labor and unions, it costs a developer $500,000 per unit to build. That's why it is so expensive. It is not going to change because economics doesn't reason with politics. San Fran likes to think of itself as it's own country, but it really has no power up against the political establishments of Sacramento and Washington. It can try to enforce its own utopian vision of equality through legislation all it wants, but federal and state laws override a lot of how far the political philosophy can go. If the city wanted to enforce communism and require all housing be built for a certain type, it would be overturned by fair housing laws.

I totally agree with you about the expense here and I define myself as a liberal, not a progressive or ultra liberal. You keep bringing up Sacramento and Washington as if they make a difference regarding housing--they don't really have as much of a negative effect here as you seem to think they do. If you were paying attention to what is really happening on the local political scene, you would notice that the progressives have been steadily loosing power and that more moderate, practical solutions are being sought. The backlash will not only come from the ultra liberal arena, but also from many sectors of society, including conservatives who certainly wouldn't support what you just espoused above. I was pointing out what I have been personally observing. Any of you can look at this however you wish, but don't bury your heads in the sand or think that having rants will solve the situation more than becoming involved, voting, persuading and educating other San Franciscans, etc.

[mt_climber13]

Never said state or the fed had a negative effect on housing? Quite the opposite. The state law that mandates that cities build certain amount of housing units is a good thing IMO and would overrule any vote against development or height in SF.

As long as SF has district supervisors the progressives will always have power. A supervisor from the mission can win with a couple thousand votes, or .25% of the city population, and as one of 11 members, have 9% share of power over what laws get passed. Another example of why democracy usually does not work the way intended. As long as this system is perpetuated the city will be at the behest of minority radical special interests at the expense of the productive citizens that everyone bitches about who actually PAY for the services that everyone loves to pillage. If the city were run and financed solely by the complainers, it would be a complete third world dump full of blight, crime, and suffering, with no industry except bicycle tire repair shops.

Ok sorry for being off topic, but I agree with your point about luxury high rises possibly mobilizing citizens out of fear. But, did you not just say that the progressives are losing power? So what are you worried about?
In all honesty I do see the tide turning and SF is becoming a more competitive, global, moderate business city, and, IMO, will overtake LA in the 21st century as the dominant west coast metropolis.

[JWS]

Originally Posted by viewguysf

We desperately need more middle class housing too, not just high end market rate condos and rentals. I love the design and location of this tower, but we need to realize that the more people see these in the City without any relief for middle class (from lower to upper middle class) residents, the growing backlash is going to be harsher than ever. Fasten your seatbelts and prepare to see some of our favorite projects die.

I witnessed a rally last week and have heard continuous comments from many different types of people lately--the depth of growing resentment regarding prices, economic disparity, availability, and opportunity here is truly shocking. The anti 8 Washington vote was the tip of the iceberg, with "techies", real estate brokers, and many others being vilified, even hated by some. This is certainly not what I want to see in San Francisco and we all need to help change the situation by voting, being aware, and being involved.

While the protesters have no idea what they are talking about, especially since "middle class" housing cannot be built as the market will continue to dictate that new construction be the "highest/best property", and thus the most expensive, I agree with you about the backlash, however misguided. However, I think the projects that will die will not be the ones in Transbay/Rincon Hill. You will see the biggest battles take place in areas that have wealthy residents losing views, and neighborhoods that are undergoing gentrification and have tensions relating to that issue...neither of which currently take place in Transbay/RH/Mission Bay districts.

I think the projects that will get shot down are:
- Mexican Museum Tower (such a pity)
- 75 Howard
- Warriors Arena will be a huge battle but I think will ultimately pass
- The proposed Mission Street BART building

It continues to infuriate me that the planning and ballot processes are structured in a way that uninformed citizens can shoot down whatever they don't like out of fear, but that's the way it is, I guess.

[viewguysf]

Originally Posted by JWS

It continues to infuriate me that the planning and ballot processes are structured in a way that uninformed citizens can shoot down whatever they don't like out of fear, but that's the way it is, I guess.

Well, what are we going to do about it? Just throw in the towel? Everyone needs to vote each and every time as well as educate and motivate others. It may take time, but perseverance can pay off.

[minesweeper]

Back on topic, as this one gears up, it looks like Swinerton will be the general contractor.

A recent blog post from them gives an estimated completion date of April 2016: http://www.swinerton.com/blog/swinerton-builds-tomorrow/new-client-new-high-rise-new-technology

[Reminiscence]

I walked by this one today, though I didn't take any pictures of it. They had the lanes around the site closed off and some bulldozers/small machinery on site. I'm imagining that they're getting ready to start preparation for excavating?

[timbad]

Originally Posted by Reminiscence

I walked by this one today, though I didn't take any pictures of it. They had the lanes around the site closed off and some bulldozers/small machinery on site. I'm imagining that they're getting ready to start preparation for excavating?

accompanying image:

[biggerhigherfaster]

Originally Posted by timbad

accompanying image:

I've always wondered: what is that giant concrete window-less building behind the above construction site?

[tech12]

Originally Posted by biggerhigherfaster

I've always wondered: what is that giant concrete window-less building behind the above construction site?

It's an emergency bunker for when the nukes/aliens/zombies arrive. But until then it acts as a PG&E substation.

[timbad]

socketsite read us again

[Reminiscence]

Originally Posted by timbad

socketsite read us again

Hey now, I reported this

I'm glad they're finally going forward with this, and the rendering in that picture looks even better than before. Probably just the angle I'm seeing it from. I'm sure I missed this somewhere, but is it still "The Californian"?

[rriojas71]

Glad to see this one is finally moving forward... I love the re-design and have been really excited about this project going up. This is going to accompany ORH to create a nice cluster to the southern skyline.

[peanut gallery]

Finally. It seems like a lifetime ago they demolished the old buildings on this site. You have to go several pages (and years) back for that milestone.

Originally Posted by Reminiscence

I'm sure I missed this somewhere, but is it still "The Californian"?

I don't think so. I seem to recall reading somewhere that they dropped that name. I know it hasn't been mentioned in a very long time.

[simms3_redux]

You saw it here first!

They are going full steam ahead now. Drills on-site working and excavators and tall chain link barrier fence.