SAN FRANCISCO | 550 Howard Street (Transbay Parcel F) | 806 FT | 61 FLOORS

[Zapatan]

Originally Posted by Iceman12

Anyone have an update on this project? All of the equipment has been moved off the lot.

Maybe they were just soil testing.

[memester]

Originally Posted by Zapatan

Maybe they were just soil testing.

Given there is approximately 12,000,000 sq. ft of leasable space now available, a 31% drop in asking rents and limited hotel demand, this project will be asking for lots of extensions before it ever breaks ground.

[BobbyMucho]

Originally Posted by memester

Given there is approximately 12,000,000 sq. ft of leasable space now available, a 31% drop in asking rents and limited hotel demand, this project will be asking for lots of extensions before it ever breaks ground.

I imagine the target dates and timelines for a project of this scale, we'd be looking at 4-5 years down the road for open doors regardless and that we'll likely see a marginal rebound in commercial leases and returns by then.

[timbad]

Socketsite with an update on the strategy for accomplishing the affordable housing component of the project, in the hopes of getting it going a little quicker (or at least more reliably)

F4 Transbay Partners is now seeking approval to pay an enhanced in lieu fee of around $45 million to the City’s Office of Community Investment and Infrastructure (OCII) to fund the development of affordable housing in the District rather than include any affordable housing for the tower either on or off-site, a proposal which is slated to be conditionally approved by the Commissioners of the OCII this afternoon.

At the same time, building permits for the Parcel F tower have been requested and are close to being approved.

[tall/awkward]

Yes, it sounds like there may yet be some hope for this one. At SF Planning's Project Applications page, there are a few renderings I haven't seen before. Alas, I've no luck with posting pics, maybe someone else will? Some of the renderings feature Oceanwide Center. My favorite is on page 50 of Plans - Set 1. Look under 542-550 Howard:

https://sfplanning.org/page/public-n...t-applications

[timbad]

Originally Posted by tall/awkward

Yes, it sounds like there may yet be some hope for this one. At SF Planning's Project Applications page, there are a few renderings I haven't seen before. Alas, I've no luck with posting pics, maybe someone else will? ... My favorite is on page 50 of Plans - Set 1. ...

I had to cheat a bit, but here is the one on page 50, I think:



here is the schematic of the ground floor, since we were discussing car access a while back. this doesn't look toooo bad, with pedestrian space preserved completely from the west, and not too impinged on from the east on the alley side.



the curb cut on Howard is unfortunate, but that stretch was already compromised by the ramp down to the underground parking independent of this project.



Howard side

[gillynova]

I forgot to upload these too. Some are oldies but nice to see them again:

[timbad]

Originally Posted by gillynova

I forgot to upload these too. Some are oldies ...

most of those are also included in the planning doc that tall/awkward cited, but for the ones that are not, if they are not your own images, you are supposed to cite the source.

separately, I was going to point out in case not clear to anyone that, in this image from the doc, I think the brick building with the green awning, and the one behind it with the red sign are to be demolished when the train tracks are eventually tunneled into the transit center, so the approach from this side will be much more open, through some sort of greenspace.



and a reminder that we have already recently lost a couple buildings on that side, removed when the current transit center was built. this is looking back the other way on Howard in 2011. the little blue building and the larger yellow brick building on the right are gone now, and are approximately where the bus bridge passes over

[BobbyMucho]

Originally Posted by timbad

I think the brick building with the green awning, and the one behind it with the red sign are to be demolished when the train tracks are eventually tunneled into the transit center, so the approach from this side will be much more open, through some sort of greenspace.

I remember seeing the open space in some of the earlier renderings but assumed that was left open to show the full transit center design.

I can't imagine they're going to flatted that end of the block for the tunnel??

Ref:


And another example that treats Parcel F similarly:



I didn't get a chance to look through the plans to see if there was any additional info and there's nothing mentioned on the project page via Pelli Clarke Pelli.

[tall/awkward]

Thanks for posting the pics, people!

Now that Oceanwide is stalled, I'm really rooting for this one to happen...

[slock]

timbad is right. Almost all of those buildings will be demolished. You'd have to dig through the TJPA website and the EIR documents for the particulars, but it's because the track throat will be constructed via cut and cover.

It's sad to lose them.

[iamfishhead]

Originally Posted by slock

timbad is right. Almost all of those buildings will be demolished. You'd have to dig through the TJPA website and the EIR documents for the particulars, but it's because the track throat will be constructed via cut and cover.

It's sad to lose them.

Most of the rest of the buildings around there are protected historically. If I recall, those are some of the few that aren't.

[homebucket]

Bumpity bump.





https://sfyimby.com/2021/12/number-5...francisco.html

[deanstirrat]

https://therealdeal.com/sanfrancisco...tower-in-dtsf/

Sounds like they still don't have the money and its unclear if they are going to get it...

[Pedestrian]

Originally Posted by deanstirrat

https://therealdeal.com/sanfrancisco...tower-in-dtsf/

Sounds like they still don't have the money and its unclear if they are going to get it...

I read it just the opposite. It’s obvious the project isn’t going to be built by 2023 so if that was a requirement of the original land purchase, the developers owed damages. It’s also probably true that lenders wouldn’t lend for the project with uncertainty as to the amount and timing of those damages. So now the certainty exists. I don’t see much question that that development group, including Hines and Goldman Sachs can get the money and proceed when they think the timing is right. The only thing we won’t know until shovels hit dirt is their thinking on the timing.

[deanstirrat]

Wasn't this project supposed to begin construction by the end of the year? I know funding wasn't secured at the time, but I haven't seen any updates since April.

[memester]

Originally Posted by deanstirrat

Wasn't this project supposed to begin construction by the end of the year? I know funding wasn't secured at the time, but I haven't seen any updates since April.

I believe Hines recently requested an entitlement extension with a 2025/26 start date. With the amount of empty office space in SF and the new cost of money, this could be delayed longer.

[Zapatan]

Originally Posted by memester

I believe Hines recently requested an entitlement extension with a 2025/26 start date. With the amount of empty office space in SF and the new cost of money, this could be delayed longer.

That sounds overly pessimistic but sadly you may be right.

By "new cost of money" I'm assuming you're referring to inflation, in this case all other costs associated like rent / loans etc. would also be adjusted.




.

[gillynova]

Parcel F's area:

[timbad]

this was from the transit center thread in Summer 2018:

Originally Posted by timbad

I think right now I am most intrigued by the possibilities of the approach from the SW (especially since the plaza next to SF Tower turned into such a dud), where there is open space connected to the future retail (and Parcel F seemed to want to contribute to it).



I was having fantasies of turning the alley here into something livelier as well

since we have been talking about the transformation of the NE corner of 2nd and Howard in this thread, I thought I would also mention that some of the buildings along the alley (Natoma), 'behind' the ones already noted that have been demolished, have also been removed - this is what Natoma looked like in Feb 2011, from roughly a similar angle to the first pic above





... and sort of matching the second:



here a more full-on view of the buildings that are gone, looking south across where the western end of the transit center is now