The San Francisco Redevelopment Agency is seeking a developer to tackle a prime 600-unit residential project at First and Folsom streets, the first step in a planned 2,600-unit highrise Transbay District the city is counting on to help pay for a new Transbay rail and bus terminal.
On Sept. 8, the agency will issue a request for proposals for Block 8, one of a dozen state-owned lots freed up when the elevated Embarcadero Freeway was knocked down after the 1989 Loma Prieta earthquake. While nine of the 12 parcels are set to be eventually redeveloped with housing -- two will be parks and one a 700,000-square-foot office tower -- Block 8 is the boldest. It calls for a 550-foot tower reaching above two mid-rise affordable apartment buildings and a row of townhouses that will open onto Folsom Street, a thoroughfare that will eventually be reconfigured as a retail mecca with wide sidewalks, greenery and outdoor seating.
Besides the Transbay Terminal and Tower site itself, where Hines is negotiating to build a 1.7 million-square-foot tower, Block 8 is the most valuable parcel the development agency plans to sell to developers as part of the Transbay District, according to Michael Grisso, project manager for the Redevelopment Agency.
"It will have the tallest tower and it's right on Folsom Street, which will be the retail heart of the neighborhood," said Grisso. "It will have views of the water. We think it's the best (location)."
Source: San Francisco Business Times
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