According to the Urban Realty Company, the developer for the proposed CityPlace Mall on Market Street between 5th and 6th, the answer is "Yes". The project has been in the design and review phase for a few years now. If approved in the current iteration, CityPlace will add approximately 250,000 square feet of 'value' based' retail along a dreary stretch of Market Street that most people wouldn't consider strolling down at any time of day or night, retail or not.
In general, I'm a pro-development type of guy but I'm not confident this mall will succeed. With potential tenants being 'value based' (think Ross Stores and the like) and the retail sector suffering, I don't see what value this adds to the neighborhood. Target will open The Metreon soon and additional retail square footage seems superfluous. Maybe I'm short sighted.
Neighborhood residents have the most to gain. Anything that can be done to change the scene along Market Street there can and should move forward. In lieu of a Ross, how about a grocery store that could serve the areas new residents in buildings like SOMAGrand and Argenta ? The typical Safeway occupies about 45,000 square feet so there would still be plenty of room
for designer outlet stores.
In the mean time, I'll see you at The Westfield Center. An excellent example of historic rehabilitation, adaptive and mixed-use development that is home to Spanish designer knock-off value retailer Zara. So there.
Tuesday, December 8, 2009
Tuesday, December 1, 2009
Holy Healthcare Batman! $2.6 Billion in Hospital Construction Under Way in SF
As the national debate on health care rages on, San Francisco's medical institutions have other fish to fry. In order to be in compliance with state seismic safety laws, UCSF Hospitals and San Francisco General Hospital have embarked on ambitious building campaigns. They are building earthquake-safe facilities and providing the City and region with new physical infrastructure that will be perfectly situated to take advantage of the pharmaceutical and bio-tech investment and research happening here.
A quick glance at the action:
UCSF Osher Center for Integrative Medicine. Scheduled for completion in late 2010. The 48,000 square foot facility is located at the corner of Post and Divisadero Streets and its substantial steel frame is already in place. The Osher Center will house research, education and clinical programs and is estimated to an approximately $400 million price tag.
UCSF Mission Bay Children's Hospital. The first phase of a three hospital project, Children's will house 183 beds and is budgeted at $1.6 billion. Site work is under way on the corner of Third and 17th Streets and a complete facility will arrive by 2014. This hospital will allow UCSF to continue being one of the top ranked children's hospitals in the country (currently ranked 7th). Hospitals specializing in cancer and women's care will follow on the same site.
San Francisco General Hospital. After San Francisco voters passed a bond initiative to the tune of $887 million, plans for the new hospital on the current Potrero Avenue campus moved forward. The new and improved 450,000 square foot, 284 bed hospital should be ready for staff and patients in 2015 and will be a welcome improvement over the current hodge-podge of buildings. Many of my doctor friends have told me that if you suffer a traumatic injury and are still conscious, tell the EMT's to take you to General.
With General's construction financed by bonds, UCSF is relying on donations, bequests and grants to fund its construction costs.
Now all we need is a seismically sound Veterinary Hospital for Cat Woman and The Penguin.
A quick glance at the action:
UCSF Osher Center for Integrative Medicine. Scheduled for completion in late 2010. The 48,000 square foot facility is located at the corner of Post and Divisadero Streets and its substantial steel frame is already in place. The Osher Center will house research, education and clinical programs and is estimated to an approximately $400 million price tag.
UCSF Mission Bay Children's Hospital. The first phase of a three hospital project, Children's will house 183 beds and is budgeted at $1.6 billion. Site work is under way on the corner of Third and 17th Streets and a complete facility will arrive by 2014. This hospital will allow UCSF to continue being one of the top ranked children's hospitals in the country (currently ranked 7th). Hospitals specializing in cancer and women's care will follow on the same site.
San Francisco General Hospital. After San Francisco voters passed a bond initiative to the tune of $887 million, plans for the new hospital on the current Potrero Avenue campus moved forward. The new and improved 450,000 square foot, 284 bed hospital should be ready for staff and patients in 2015 and will be a welcome improvement over the current hodge-podge of buildings. Many of my doctor friends have told me that if you suffer a traumatic injury and are still conscious, tell the EMT's to take you to General.
With General's construction financed by bonds, UCSF is relying on donations, bequests and grants to fund its construction costs.
Now all we need is a seismically sound Veterinary Hospital for Cat Woman and The Penguin.
Monday, November 23, 2009
Five Things To Be Thankful For This Thanksgiving 2009
Chances are that if you are reading this you likely have your basic needs as a human being covered. Food, shelter and enough money to have some control of your life and take care of your loved ones. Something to be thankful for, indeed. My list of five things to be thankful for this Thanksgiving could be interpreted as shallow. But lets face it: I'm a real estate agent and I write about real estate, and we are fortunate here in San Francisco as far as that topic is concerned. Don't believe me ? Read on...
1.) Extended and expanded federal home buyer tax credits for 2010.
Its estimated that 40% of new home buyers in 2009 moved forward with their transactions because of the state and federal tax credits that were offered. I don't know what the percentage of buyers in San Francisco is that would make that claim, but increased transaction volume bodes well for the market and boosts confidence on a national, state and local level.
2.) Inventory is down and there's not much in the pipeline.
I've said it before, but it bears repeating: Only one high rise development will open for sales Downtown in 2010. One Hawthorne will add 165 units to Downtown inventory amidst a market that will have absorbed almost all other units.
The Infinity, Arterra, BLU, and One Rincon are all starting to scrape the barrel with approximately 140 units available amongst the four.
3.) Mortgage money is still cheap.
The process of getting a mortgage may be more onerous than it once was, and it certainly takes longer for transactions to close due to a finicky and seemingly arbitrary underwriting process, but interest rates are still REALLY low. All the folks buying in 2009 know that and I'm confident we will have good rates available in the near future.
4.) Low inventory + demand = a more balanced market.
Buyers had it made in '09. If you had good credit and a reasonable down payment the world was your oyster in terms of purchasing a condominium Downtown. Sellers of both new and resale properties got realistic and starting making deals happen that established a new 'normal' for value based on the pros and con's of the property itself and not the dream of quick and easy equity. With inventory drying up, I predict a more balanced market between sellers and buyers than was possible in '09.
5.) You. Are. Here.
I don't want to put down other cities because that would be rude. But let's be real. Whether you own or rent, want to buy or sell, you probably live in San Francisco. It can be a maddening, annoying, frustrating place. Yet at the end of the day we live in a city that people from all over the world come to visit for just a few days and then go back to their dreary 'burgs, 'hams and 'villes. Remember that when you dig into that turkey, tofurkey or whatever else you'll be feasting on this Thursday.
1.) Extended and expanded federal home buyer tax credits for 2010.
Its estimated that 40% of new home buyers in 2009 moved forward with their transactions because of the state and federal tax credits that were offered. I don't know what the percentage of buyers in San Francisco is that would make that claim, but increased transaction volume bodes well for the market and boosts confidence on a national, state and local level.
2.) Inventory is down and there's not much in the pipeline.
I've said it before, but it bears repeating: Only one high rise development will open for sales Downtown in 2010. One Hawthorne will add 165 units to Downtown inventory amidst a market that will have absorbed almost all other units.
The Infinity, Arterra, BLU, and One Rincon are all starting to scrape the barrel with approximately 140 units available amongst the four.
3.) Mortgage money is still cheap.
The process of getting a mortgage may be more onerous than it once was, and it certainly takes longer for transactions to close due to a finicky and seemingly arbitrary underwriting process, but interest rates are still REALLY low. All the folks buying in 2009 know that and I'm confident we will have good rates available in the near future.
4.) Low inventory + demand = a more balanced market.
Buyers had it made in '09. If you had good credit and a reasonable down payment the world was your oyster in terms of purchasing a condominium Downtown. Sellers of both new and resale properties got realistic and starting making deals happen that established a new 'normal' for value based on the pros and con's of the property itself and not the dream of quick and easy equity. With inventory drying up, I predict a more balanced market between sellers and buyers than was possible in '09.
5.) You. Are. Here.
I don't want to put down other cities because that would be rude. But let's be real. Whether you own or rent, want to buy or sell, you probably live in San Francisco. It can be a maddening, annoying, frustrating place. Yet at the end of the day we live in a city that people from all over the world come to visit for just a few days and then go back to their dreary 'burgs, 'hams and 'villes. Remember that when you dig into that turkey, tofurkey or whatever else you'll be feasting on this Thursday.
Tuesday, November 17, 2009
Ye Olde San Francisco: Adaptive Reuse at 25 Hotaling
The nine units at 25 Hotaling represent a completely different take on how to live Downtown then you will typically see me writing about. Located in Jackson Square, this former warehouse built sometime in the 1850's has been thoughtfully updated into duplex and flat style condominiums. With no on-site parking available and fairly modest square footage, these units are ideal pied a terres for financial district types who want to walk to the office and don't require a full service environment.
My favorite part of the development is the setting: The scale of the neighborhood is true to the mid nineteenth century, human sized streets and wonderful old buildings with heavy Italianate moldings and trims. Without trying to be cliche, it feels like an old European quarter with stylish bars and restaurants nestled among art and design shops.
If you haven't strolled though Jackson Square, I highly recommend it. Its a lot cleaner and fancier than it was in the 1850's and its probably the best place in San Francisco to get a sense of what the city was like when it was still called Yerba Buena.
If you would like to schedule a tour at 25 Hotaling, drop me line. One olde timey whiskey, included.
My favorite part of the development is the setting: The scale of the neighborhood is true to the mid nineteenth century, human sized streets and wonderful old buildings with heavy Italianate moldings and trims. Without trying to be cliche, it feels like an old European quarter with stylish bars and restaurants nestled among art and design shops.
If you haven't strolled though Jackson Square, I highly recommend it. Its a lot cleaner and fancier than it was in the 1850's and its probably the best place in San Francisco to get a sense of what the city was like when it was still called Yerba Buena.
If you would like to schedule a tour at 25 Hotaling, drop me line. One olde timey whiskey, included.
Tuesday, November 10, 2009
Downtown Inventory Sampler: What's That Sucking Sound ???
It was August 25th when we last visited our ten pet developments. Summer was winding down and resale inventory was low, due to a busy summer buying season this year. Properties that did not sell were taken off the market and sellers who had waited to list were preparing to put their properties up for sale for the beginning of the fourth quarter. Typically, the last active time of year for sales before the holidays and winter rain.
The Fall inventory bump materialized as expected and resale absorption was very respectable. The numbers indicate that sellers got more realistic about price and buyers found the confidence to move forward. The difference between then and now ? 200 Brannan had seven active listings on August 25th, today they have one. The Metropolitan had eleven, now six. That sucking sound I referred to above ? That's new and resale inventory being Hoovered away...
The Beacon
One studio, five 1-bedroom, two 2-bedrooms. Available units: 8. Total units: 595.
The Metropolitan
Three 1-bedrooms, two 2-bedrooms and one 3-bedroom. Available units: 6. Total units: 342.
Watermark
No resale activity. Total units: 136.
200 Brannan
One 2-bedroom. Available units: 1. Total units: 191.
The Brannan
One 1-bedroom, Four 2-bedrooms. Available units: 5. Total units: 339.
The Potrero
One studio, One 1-bedroom. Available units: 2. Total units: 155
The Hayes
No resale inventory. Total units: 128
Arterra *
One 2-bedroom. Available units: 1. Total units: 269.
The Infinity *
One 1-bedroom, one 2-bedroom. Available units: 2. Total units: 650.
One Rincon Hill *
Two 1-bedrooms and Two 2-bedrooms. Available units: 4. Total units overall: 376.
* New inventory still available from the developer.
The Fall inventory bump materialized as expected and resale absorption was very respectable. The numbers indicate that sellers got more realistic about price and buyers found the confidence to move forward. The difference between then and now ? 200 Brannan had seven active listings on August 25th, today they have one. The Metropolitan had eleven, now six. That sucking sound I referred to above ? That's new and resale inventory being Hoovered away...
The Beacon
One studio, five 1-bedroom, two 2-bedrooms. Available units: 8. Total units: 595.
The Metropolitan
Three 1-bedrooms, two 2-bedrooms and one 3-bedroom. Available units: 6. Total units: 342.
Watermark
No resale activity. Total units: 136.
200 Brannan
One 2-bedroom. Available units: 1. Total units: 191.
The Brannan
One 1-bedroom, Four 2-bedrooms. Available units: 5. Total units: 339.
The Potrero
One studio, One 1-bedroom. Available units: 2. Total units: 155
The Hayes
No resale inventory. Total units: 128
Arterra *
One 2-bedroom. Available units: 1. Total units: 269.
The Infinity *
One 1-bedroom, one 2-bedroom. Available units: 2. Total units: 650.
One Rincon Hill *
Two 1-bedrooms and Two 2-bedrooms. Available units: 4. Total units overall: 376.
* New inventory still available from the developer.
Monday, November 2, 2009
The Bay Bridge is Back In Business, Whether You Like it or Not.
It was like one of those dreams where you recognize the setting, but something isn't normal. I slowly realized that what was missing was the dull roar of the Bay Bridge. Its a unique sound that is a combination of wind noise, tire thuds reverberating off the lower deck pavement to the bottom of the upper deck, and the structural creaks and groans of the 72 year old bridge itself.
The structure went quiet last week after being closed due pieces falling off and striking cars on the upper deck. Luckily, no one was hurt and the bridge reopened yesterday after inspections and repairs. It had not been closed that long since the 1989 earthquake, when it was out of commission for almost a month.
San Francisco has changed a lot since then, and seeing the effects of the closing was fascinating. Downtown parking lots were almost empty and street parking plentiful. Walking along The Embarcadero, one felt like they were in an alternate universe version of San Francisco without the constant aural reminder of thousands of vehicles moving overhead. The neighborhood felt oddly serene for an urban center.
The visual impact was stunning as well. No steady stream of headlights careening westward and no red tail lights retreating east. For those with views of the bridge it was a unique experience to have what is normally the site of constant activity rendered little more than an elaborate water sculpture.
That's all over now and Downtown parking lot owners can breathe a sigh of relief. Albeit one with a little more particulate matter in it.
Looking for a home with Bay Bridge views ? Let the span of my experience help.
The structure went quiet last week after being closed due pieces falling off and striking cars on the upper deck. Luckily, no one was hurt and the bridge reopened yesterday after inspections and repairs. It had not been closed that long since the 1989 earthquake, when it was out of commission for almost a month.
San Francisco has changed a lot since then, and seeing the effects of the closing was fascinating. Downtown parking lots were almost empty and street parking plentiful. Walking along The Embarcadero, one felt like they were in an alternate universe version of San Francisco without the constant aural reminder of thousands of vehicles moving overhead. The neighborhood felt oddly serene for an urban center.
The visual impact was stunning as well. No steady stream of headlights careening westward and no red tail lights retreating east. For those with views of the bridge it was a unique experience to have what is normally the site of constant activity rendered little more than an elaborate water sculpture.
That's all over now and Downtown parking lot owners can breathe a sigh of relief. Albeit one with a little more particulate matter in it.
Looking for a home with Bay Bridge views ? Let the span of my experience help.
Tuesday, October 27, 2009
53rd Floor Designer Show Homes at One Rincon Hill: Fancy, Frivolous, For Sale!
If you want to see how a bland builder box can be transformed into a comfortable custom condominium, you should pay a visit to One Rincon Hill and drop 20 clams on a ticket to the "Design Above All" show homes. The designers started with the standard floor plans and finishes in the four units on the 53rd floor and created bespoke interiors for each; tailored to four imaginary clients with different tastes and priorities.
Some designers tweaked the floor plans slightly to improve flow or change the use of a room, while others took it further and painted the kitchen and bath cabinetry and replaced the the standard granite counter tops with a more neutral selection. Like most show homes, these were a bit too crammed with furniture and accessories (with the exception of the Google Guy's 01 stack pad) but did present how one can create a warm and unique environment that feels like a home 600 feet above Rincon Hill.
Although most Downtown dwelling San Franciscans are not going to spend $100,000 on furnishings and custom work, these events are brilliant for picking up decorating ideas and inspiration. My favorite ? The sofa upholstered with cork.
Not to be upstaged, Millennium Tower is hosting "Icons of Design" for the next four weekends, showcasing the work of 25 Bay Area designers on their 52nd floor.
It looks like this high rise living concept is catching on in San Francisco...
Some designers tweaked the floor plans slightly to improve flow or change the use of a room, while others took it further and painted the kitchen and bath cabinetry and replaced the the standard granite counter tops with a more neutral selection. Like most show homes, these were a bit too crammed with furniture and accessories (with the exception of the Google Guy's 01 stack pad) but did present how one can create a warm and unique environment that feels like a home 600 feet above Rincon Hill.
Although most Downtown dwelling San Franciscans are not going to spend $100,000 on furnishings and custom work, these events are brilliant for picking up decorating ideas and inspiration. My favorite ? The sofa upholstered with cork.
Not to be upstaged, Millennium Tower is hosting "Icons of Design" for the next four weekends, showcasing the work of 25 Bay Area designers on their 52nd floor.
It looks like this high rise living concept is catching on in San Francisco...
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