Five developers vying to build at Transbay in S.F.
San Francisco Business Times
Written by J.K. Dineen
November 21, 2008
At least five housing developers are jockeying for the right to build a 550-foot residential tower at First and Folsom streets in San Francisco's Transbay District, despite a devastating economic downturn that has depressed the value of the site and precluded some major builders from taking on the 597-unit project.
Developers looking at the site, known as Block 8, include Avant Housing, Intracorp San Francisco, the Emerald Fund, AvalonBay and Related Cos., according to interviews and a sign-in list from the redevelopment agency's Nov. 13 "pre-submittal" meeting on the project. Developers expected to make especially strong bids include the rental real estate investment trust AvalonBay; Avant Housing, a joint venture between local builders AGI Capital and TMG Partners; and the New York-based Related, which is reportedly teaming up with Emerald Fund. Other developers attending the meeting included Chicago-based Mesa Development, luxury housing giant Toll Brothers and San Mateo-based SunCal Cos.
Mike Grisso, project manager for the San Francisco Redevelopment Agency, said he was "very happy" with the interest Block 8 is generating.
"People recognize it as one of the last great opportunities in this part of town," said Grisso. "You always want to have a lot of people come out, and that can be challenging in troubled economic times."
