Posted Jun 5, 2009, 2:59 PM
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Join Date: Jun 2006
Location: San Francisco & Tucson
Posts: 24,071
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Quote:
Friday, June 5, 2009
Golden Gate University eyes new highrise
Will 850-foot tower make the grade?
San Francisco Business Times - by J.K. Dineen
Golden Gate University is pushing to have its main campus at 536 Mission St. rezoned for an 850-foot tower as part of San Francisco’s new Transbay neighborhood, a move that could create a fight with a neighboring property owner over which parcel will be designated for the taller skyscraper.
Bob Hite, vice president of business affairs and CFO for Golden Gate University, said the university started discussing a plan to sell its 33,000-square-foot property at Mission and First streets to a highrise developer about a year ago. The site now holds Golden Gate’s main building, and he said the university would only be interested if it could either be part of a new mixed-use development on the site or move to another location in downtown San Francisco. Golden Gate has hired land use attorney Pam Duffy of Coblentz, Patch, Duffy & Bass LLP and has put together a task force to look at potential deals.
Buzz about Golden Gate University’s interest in finding a developer for its site increased after a May 26 Planning Department Transbay forum during which a new zoning map was unveiled, showing an 850-foot proposed height at 536 Mission St. While planner Joshua Switzky said previous versions of the map had also designated the parcel for higher than 800 feet, Hite said the new zoning was news to Golden Gate University officials.
“The first we knew of the 850-foot heights was at last week’s meeting,” said Hite. “This is a change, and we think a very good change.”
If approved, Golden Gate’s rezoning would be part of a highrise cluster around a 1,000-foot Transbay Tower that would include six skyscrapers over 600 feet and allow for another 5.8 million square feet of new office space, 1,350 housing units and 1,350 hotel rooms. Fees from the development would help raise between $700 million and $850 million to help pay for a $2 billion transit center. However, with construction costs still relatively high and housing prices and office rents in decline it is unlikely that any of these towers will be built in the next five years, according to experts.
A fight for height
The latest zoning proposal pits Golden Gate University against neighboring developer David Choo, who owns seven parcels in and around First and Mission streets. The latest Transbay plan calls for two tall towers — one 700 feet and one 850 feet — on the block that includes both Choo’s property and the Golden Gate University property. Choo has been trying to sell his parcels as a unified site that alone could accommodate the two towers, one 700 feet and one 850 feet.
Thus, if a tower is designated for the Golden Gate University property, it could reduce the Choo property to just one tower of either 700 feet or 850 feet. In 2006, Choo filed an application to build as many as five towers on his property, but over the past 18 months has been trying to sell a number of San Francisco building sites as his commercial mortgage lending business, California Mortgage & Realty, has suffered severe losses. One of his funds, CMR Mortgage Fund II, filed for Chapter 11 bankruptcy on March 31.
Hite said he and Golden Gate President Dan Angel met with Planning Director John Rahaim and other planners and made a case for 536 Mission St.
“We shared with them our belief that we think our site should be designated the higher site,” he said.
HellerManus Architects principal Jeffrey Heller, who has been working with Choo on schemes for First and Mission and is designing another tower in the Transbay district, said the taller tower belongs on the Choo site because it is closer to the proposed Transbay Tower.
“The urban design plans and protocols for the Transbay planning area all say the tall buildings should be clustered around the Transbay Tower to create a hill and I believe that is an absolutely essential piece of how they finally set the heights in the area,” he said. “I think it’s important that the planning effort refocuses on this because I think it’s getting vague and watered down by a variety of claims for height.”
Students first
Golden Gate University has 5,000 students and offers graduate and undergraduate degrees in law, accounting, business administration, finance, communications and other areas
It has been in the Mission Street building since 1968. Hite emphasized that they need to stay in the greater financial district because most students walk to class from jobs at downtown accounting and law firms.
“The only way this would make sense to us is if it helped us financially and operationally,” said Hite. “We would not do it for the money if it would screw up our educational mission.”
Duffy, the land use attorney, said, “Like most property owners in the area, Golden Gate University is interested in what happens in the community around them and how it might effect them.
“They are one of the major downtown institutions and a significant employer with a significant student body,” said Duffy.
Hite said Golden Gate would be willing to move into the bottom six or seven floors of a mixed-use tower, but acknowledged that any development would be years away.
“I think we have a lot of time on our hands,” he said.
[email protected] / (415) 288-4971
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Source: http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2009/06/08/story1.html
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