A recent press release from the real-estate private equity firm Ascentris announced the closing of the current property at 321 Florida Street in San Francisco, with groundbreaking for new construction on the site expected to begin in November of this year. The property was first reported on by SF YIMBY in 2020, with further permit activity as recent as this past August, but this is the first information we have received about a specific start date for the construction.
Also included in the press release were details of DM Development’s role as a major partner in the project, making it the first joint project between the two companies. Furthermore, the two developers were able to secure a 61.7 million dollar loan from PNC Bank for the construction of the site, ensuring financing ahead of the projected groundbreaking and raising confidence in the project’s future.
The planned project will include a total of 152 apartments, including a mix of studios, single bedrooms, and two bedrooms. 15 of the units are expected to be affordable housing, ranging from very low-income to moderate-income households. This number of units will make it one of the largest residential projects to break ground in San Francisco’s past few years of development.
321 Florida Street Perspective Rendering, image by Handel Architects
The building follows an amenity-rich design, including a variety of shared tenant spaces on site. Some expected amenities include hot and cold plunges, coworking space, fitness centers, a rooftop terrace, and a residential theater.
Handel Architects is responsible for the original 2021-approved designs. Although the total unit count and interior layout have been modified since then, exterior renderings should still be accurate to the planned project. Illustrations taken from Handel Architect’s website show a patina metal cladding above board-formed concrete pilasters and floor-to-ceiling windows.
321 Florida Street Street-view Rendering, image by Handel Architects
Currently, the roughly half-acre property is occupied by a surface parking lot along Florida Street between 16th Street and 17th Street. The area is highly walkable, and future residents would be a block away from Franklin Square and the grocery store-anchored big-box Potrero Center shopping mall.
321 Florida Street, via Google Street View
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Great spot. Got the 22 and 9 nearby, and the 17th St bike lane.
Huge improvement over that surface parking lot.
It’s crazy how many reports there are on this site, but almost none of them are getting built.