The proposal for an eight-story mixed-use building at 955 Post Street is heading to the San Francisco Planning commission today at 1:00 PM. Developers hope to bring sixty-nine new residential units in the Polk Gulch neighborhood, of which seventeen will be sold as affordable housing. 955 Post LLC is responsible for the development.
Singapore’s Ascendas Real Estate Investment Trust, or Ascendas REIT, recently purchased two buildings in San Francisco for $572 million. Alexandria Real Estate Equities (ARE) and TMG Partners are on the other end of the move, parting with their partnered ownership of 505 Brannan Street and 510 Townsend Street in the SoMa neighborhood. This transaction follows the pair’s recent success in selling the 945 Market Street mall to Ikea. The deal marks Ascendas’ introduction to the Bay Area real estate market.
Reporting by the San Francisco Business Times reveals that Oceanwide Holdings have paused construction for the much-anticipated Oceanwide Center at 50 1st Street in SoMa, San Francisco. While crews have recently completed the foundation, this announcement makes clear that the structure will not be rising soon. Once resumed, it becomes the second tallest building in Northern California and fourth tallest in the state.
Ventas has purchased the recently completed Genesis Office Complex for $1 billion. The project, which features two sleek glass towers, will add considerable depth to the companies growing portfolio of properties. Genesis wrapped up construction in 2019, yielding 721,000 square feet of office space for the South San Francisco market.
This week’s big little permits take away is its uptick in ADU filings. Even with Indigenous Peoples’ holiday providing a lull on Monday, planners picked up the pace for the rest of the week. This article covers over 128 new units of apartments and ADUs across the Bay Area plus Sacramento, as well as twenty-one single-family houses. Our map shows how widespread the permits were across the city of San Francisco, no more than a few in any one neighborhood. Some unusual and significant little permits include a large wine storage building in Santa Clara County and additional classrooms filed for the Athenian School in Danville.