San Francisco Development News

[robertee]

Originally Posted by desiguy8179

go google go!

.....

on a sidenote....in downtown san jose the city is offering free wifi.....the service is limited to certain areas but they are trying to expand it....

[Chicago3rd]

Originally Posted by Whose Homepage

ParraMan, there's a BART station right at the front door, plus buses, a tram etc.

Also, right behind the project is the excellent Fifth & Mission garage.

Well...maybe they will keep the Bart station at the old Emporieum Site. You just get off Bart and go up to the first level of the Subway under Market and walk into the basement. It is that way in the SF CEnter.

No one should confuse this project with a suburban mall. It will not subtract from Union Square but will inhance it...bringing more people into the city center. Maybe it will kill off the mall in W. San Francisco.

[SC]

Hello people. I'm around the San Francisco Centre at least 3 times a week. I've had a chance to tour the expansion. The expansion will do nothing but good for the area including Union Square. I don't think it will detract at all from the traffic in Union Square. It should not detract from the street scene as others here have said. The project will solidify the link between Union Square and Yerba Buena Gardens. The walkway connecting Market Street to Yerba Buena Gardens between the Four Seasons and the Marriot has just opened. That to me is step one in unifying the two areas together. Step two is opening the Centre expansion. Once that's done you'll basically have one big district combining the convention center and supporting hotels, great museums (some of which are still under construction), and Union Square. Thinking long term, mid market will be getting a major overhaul which will include new housing. Rincon Hill developments not to far away have begun construction. Basically there will be more people living in the area which should keep things lively. I've got pictures of some of the developments in the area. If you all like I can post those here sometime soon.

[Whose Homepage]

Welcome, SC!

Your report sounds very positive. You also point out some very favorable things, like the link between the Union Square and Yerba Buena areas becoming better connected.

And of course it would be great to see your photos!

[ParraMan]

Sorry to be so long in replying, but re BART, trams etc, that is what I had expected- good public transport links directly into the centre. As you have all said, this development is indeed something which is only good for the urbanity of central SF, and adds to its many charms as a true urban centre.

I still do expect over the short term though, up to one year after (re)opening, a lot of tenant movement and as such changed trading patterns around the area. After a couple of years this will have sorted it out and the city centre area will be the better for it all.

Great to hear about the surounding developments too, really is an exciting place!

Cheers

[weill]

it does appear tobe lookin' good

[StevenW]

Originally Posted by Whose Homepage

Welcome, SC!

Your report sounds very positive. You also point out some very favorable things, like the link between the Union Square and Yerba Buena areas becoming better connected.

And of course it would be great to see your photos!

I'd like to see those photos, too.

[bay_area]

California Luxury Home Values Increase In 2005
Double-Digit Gains For The Year

February 22, 2006

Luxury home values rose to all-time highs in Los Angeles, San Diego and San Francisco in 2005 on the strength of double-digit gains, but appreciation slowed significantly in the fourth quarter, according to the First Republic Prestige Home Index™ by First Republic Bank, one of California's leading providers of full-service banking, investment management, and trust services.

The Index, which has tracked luxury homes since 1985, found:

Los Angeles values rose 0.7% from the third quarter of 2005 to the fourth quarter of 2005 and rose 16% for the year. The average luxury home in Los Angeles is now a record $2.29 million, up $316,000 from a year ago.
San Diego values rose 0.7% from the third quarter of 2005 to the fourth quarter of 2005 and were up 13.3% for the year. The average luxury home in San Diego is now a record $2.09 million, up $245,000 from a year ago.
San Francisco Bay Area values rose 1% from the third quarter of 2005 to the fourth quarter of 2005 and gained 13.2% for the year. The average luxury home in San Francisco is now a record $2.88 million, up $336,000 from a year ago.

"In 2005, luxury home values in California appreciated at double-digit rates, although the momentum clearly slowed in the second half of the year," said Katherine August-deWilde, Chief Operating Officer of First Republic Bank. "Continuing demand and limited inventory in some markets may result in increased luxury home prices in 2006, but at a very modest level compared to the past two years. In markets where inventories spike, values will be impacted."

First Republic Bank (NYSE: FRC) produces the Prestige Home Index each quarter with Fiserv CSW Inc., a leading provider of automated property valuation services and home price metrics to U.S. financial institutions. Historical results of the Index are accessible at www.firstrepublic.com.

Los Angeles Area Values
In Los Angeles, the 16% increase in 2005 followed a gain of 27.7% in 2004, 14.9% in 2003, 3.6 % in 2002, 9.4% in 2001 and 8.3% in 2000. Since December 2002, the average luxury home in Los Angeles has increased more than $945,000 to almost $2.3 million.

Agents said that the market is off to a robust start in 2006 after a slow fourth quarter. "We are in a different market in early 2006 than we were at the end of 2005," said David Offer of Prudential California Realty in Brentwood. "There are multiple offers on appealing and competitively priced properties. That's in contrast to the last quarter of 2005, when even good properties that were well-priced were sitting."

Offer said the market is being propelled by a lack of inventory and a large pool of buyers who stayed out of the market toward the end of the year. "From what I'm seeing in the first 45 days of 2006, the market is as strong as it ever has been at this point in the year. We're on course to see 10% or higher appreciation in 2006."

In Orange County, the market is showing strength in early 2006 after trailing off in 2005. "We're off to a good start in 2006," said Ken Bowen of RE/Max Real Estate Services in Rancho Santa Margarita. "There is a lot of activity, with many buyers and limited inventory. Bowen expects values to rise 10% to 12% in 2006, with most of that appreciation in the first half of the year.

In the Santa Barbara area, the market remains solid. "I see continued stability, strength and depth in the market," said Randy Solakian of Coldwell Banker Previews in Montecito. "I don't see a lot of volatility." Solakian expects a 10% to 12% appreciation in 2006.

San Diego Area Values
In San Diego, the 13.3% increase in 2005 followed a gain of 16.4% in 2004, 8.7% in 2003, 3.3% in 2002, 14.1% in 2001 and a record 17.6% in 2000. Since December 2002, the average luxury home in San Diego has increased more than $630,000 to almost $2.1 million.

Agents said the market has regained some of its momentum after a very quiet December. "The market is changing month to month," said Benny Landman of Coldwell Banker in Del Mar. "December was absolutely dead and January picked up. It's still a seller's market, but it's slower."

Agent Earl Houston of Prudential California Realty in Carlsbad said 2006 is likely to be very solid, but was surprised with the lack of activity in the fourth quarter. "For the first time in many years, Thanksgiving to New Year's was very slow, but we now have a very healthy, normal market." Houston said it is taking 60 to 90 days to sell a house now, instead of several weeks, which was common in the first half of 2005.

San Francisco Bay Area Values
In San Francisco, the 13.2% increase in 2005 followed a gain of 13.7% in 2004, 0.3% in 2003, 3.6% in 2002 and a decline of 7.1% in 2001. Since December 2002, the average luxury home in San Francisco has increased more than $651,000 to almost $2.9 million.

The San Francisco market is also off to strong start after a slow fourth quarter. "I think 2006 is going to be a very strong year – it has definitely started out that way," said Janet Feinberg Schindler of Sotheby's International Realty in San Francisco. "There are lots of buyers and inventory is truly low." A lack of properties has also produced a growing number of private sales at top dollar before they come to market. "As buyers and agents scramble for inventory, we may see more quiet sales," Schindler said.

Val Steele, an agent with Coldwell Banker in San Francisco, said 2006 has started modestly. "I think it will be a late spring market," Steele said. "We're not going to see much until after President's Day. The market has been slow, but only because of a lack of inventory." In 2006, Steele also said she expects more activity at the high end of the luxury market, which she said is undervalued.

In the East Bay, D.J. Grubb of The Grubb Company in Oakland said the market is realigning after a strong 2005, but he sees growth for 2006. "The market isn't going through an identity crisis and I don't think there is a bubble, but we are seeing a healthy correction. What is surprising is all the money in the marketplace. There are a lot of all-cash offers or those with minimal financing."

About The First Republic Prestige Home Index
The First Republic Prestige Home Index™ is the first statistical model of its kind customized to measure changes in homes valued at more than $1 million in key California urban markets. Some common features of luxury homes in the Index: 3,000 to 6,000 square feet, three to six bedrooms, and three to six bathrooms. San Francisco Bay Area properties include a cross-section of luxury homes in Alamo, Atherton, Belvedere, Danville, Healdsburg, Hillsborough, Lafayette, Los Altos, Los Gatos, Mill Valley, Moraga, Orinda, Palo Alto, Piedmont, Portola Valley, Ross, St. Helena, San Francisco, Saratoga, Sonoma, Tiburon and Woodside. Properties in Los Angeles represent a cross-section of luxury homes in Arcadia, Beverly Hills, Calabasas, La Cañada Flintridge, Encino, Los Angeles, Malibu, Marina del Rey, North Hollywood, Pacific Palisades, Pasadena, Playa del Rey, Santa Monica, Studio City and the West Los Angeles enclaves of Bel Air, Brentwood and Westwood. San Diego properties represent a cross-section of luxury homes in Carlsbad, Coronado, Del Mar, Encinitas, La Jolla, La Mesa, Poway, Rancho Santa Fe, San Diego and Solana Beach. In producing the Index, Fiserv CSW Inc. draws upon its economic database and years of experience in tracking single-family home values; collects and cross-checks data from multiple sources; achieves a weighted balance of validation elements such as repeat sales, comparable sales, and physical home characteristics; and combines this with First Republic's extensive local market knowledge.

About First Republic Bank
First Republic Bank is a NYSE-traded private bank and wealth management firm. The Bank and its subsidiaries specialize in providing personalized, relationship-based wealth management services, including private banking, private business banking, investment management, trust, brokerage and real estate lending. As of December 31, 2005, the Bank and its subsidiaries had total Bank assets and other managed assets of $27.6 billion. First Republic Bank provides access to its services online and through preferred banking offices in San Francisco, Los Angeles, Orange County, San Diego, Santa Barbara, Las Vegas, Connecticut, Boston and New York City. More information is available on the Bank's website at www.firstrepublic.com.

Contact:
Greg Berardi
Blue Marlin Partners
(415) 239-7826
greg@bluemarlinpartners.com

http://firstrepublic.com/lend/reside...dex/index.html

[mr_storms]

Pricey...

[VanSeaPor]

All the best, Cali Cities..

[612bv3]

So close to 3 million. Next stop 4 million.

[samsonyuen]

From: http://www.sfgate.com/cgi-bin/articl...&type=business
__________

Downtown renovation nears completion
Old Emporium building gets a new coat of paint, and its historic dome readied for new retailing era
Pia Sarkar, Chronicle Staff Writer
Sunday, April 9, 2006

With only six months left until the Westfield San Francisco Centre unveils its renovations, construction crews have completed work on 95 percent of the core and shell of the building and are now adding final touches.

Construction on the Mission Street facade -- where Bloomingdale's will open a new 357,740-square-foot department store -- has been finished, although work such as light installation by the front doors, exterior signage and pouring concrete for the Mission Street sidewalks must still be done.

The Market Street facade, no longer hidden behind scaffolding, is close to completion. Workers removed the old paint and have also cleaned the Colusa sandstone. They have completed repairs to the facade and are now repainting it in white, beige, brown and deep brick red.

The 19th century dome of the old Emporium store, which represents the centerpiece of the $440 million project and had been a source of controversy among historic preservationists, is now in the final stage of restoration. More than 900 lights encased in the ribs of the dome are being restored.

Developers Forest City Enterprises and the Westfield Group were required by the city to save the dome in order to proceed with the rest of the project.

The retail concourses of the shopping center are now complete and the shells of tenant spaces are being built. Tenants are expected to move in by the summer to start setting up shelves.

Almost 95 percent of the center has been leased to tenants, including 30,000 square feet to Bristol Farms, a Southern California upscale grocery chain, and 20,000 square feet to Borders Books Music & Cafe.

The five levels of connections between the new and existing Westfield San Francisco Centre are also being constructed while new escalators leading up to the dome are being installed.

Base building construction for 245,000 square feet of office space has been completed, 107,000 square feet of which will be leased to San Francisco State University for a larger downtown campus.

The shells of the new nine-screen, 53,000-square-foot theater, which will serve as the flagship to Century Theatres and CinéArts, have also been finished. Crews have begun erecting the steel and are pouring concrete for the stadium seating.

[hkskyline]

Fears of Japantown's demise as neighborhood celebrates centennial
By LOUISE CHU
9 April 2006

SAN FRANCISCO (AP) - As organizers prepared for the centennial of the nation's oldest Japanese-American community, some worried that Japantown's birthday bash could become its memorial service.

The excitement surrounding the festivities was quickly overshadowed by news that three-quarters of the real estate in the historic San Francisco neighborhood, which grew from the ashes of the 1906 earthquake, had been sold amid weak revenue and lagging tourism.

Beverly Hills-based 3D Investments, which agreed earlier this year to buy two hotels and two malls from Osaka, Japan-based Kintetsu Enterprises of America, has not publicly disclosed its plans. A representative did not return calls for comment.

The fear in the Japanese-American community is that 3D could push out family-run businesses in favor of big-box retailers and write the final chapter in the neighborhood's slow decline.

"Absolutely it could have a devastating effect on the community," said Paul Osaki, executive director of Japanese Cultural and Community Center of Northern California.

Others say 3D's ownership presents an opportunity to revitalize the area's dated architecture.

"It needs a lot of work," said Richard Hashimoto, president of the Japantown Merchants Association. "And that's one of the things 3D is willing to do -- buy the property and invest $10 million, $20 million renovating it."

With its modernist pagoda and pedestrian thoroughfare lined with noodle and sushi restaurants, Japantown was once a big tourist destination. But it has nearly fallen off the map since major traffic routes into the area were closed and aging buildings made it less appealing in a city brimming with must-see attractions.

"They don't come by the busloads anymore," said Rosalyn Tonai, executive director of the National Japanese American Historical Society. "They're individual tourists, and even then, they'd rather go to other attractions, like Alcatraz."

Hashimoto notes a 60 percent decline in business over the past three years alone.

"We're at that point where they're hanging on by a thread," he said.

So it came as no real surprise that when Kintetsu announced in December it would sell off the hotels and malls that anchor the neighborhood.

"What makes this really emotional for the community is, it's not the first time large parcels of land were taken out of our control," Osaki said.

Longtime residents recall the internment of Japanese-Americans during World War II, and the city's 1960s urban renewal sweep, which led to the eviction of hundreds from their Japantown homes and businesses through eminent domain.

The enclave managed to survive both those events, although its ethnic Japanese population has fallen from a prewar high of more than 5,000 to 1,063 in the 2000 census. They now account for just 9 percent of neighborhood's residents.

"People are in this time warp, and they're getting flashbacks to World War II and redevelopment," Tonai said. "It hits deep, and those emotions have really emerged."

Japantowns, or Nihonmachis, once flourished in West Coast cities prior to World War II. Today, only three remain -- in San Francisco, San Jose and Los Angeles.

Japanese-Americans themselves are also dwindling, as immigration from Japan declines and existing residents have low birth rates. Among those who remain, younger generations are choosing professional careers over family businesses, community leaders and historians say.

Robert Sakai, owner of Uoki Sakai market -- one of Japantown's oldest businesses -- says his three children probably won't take over the store his grandfather founded shortly after the 1906 earthquake.

"I think they would find it difficult to sacrifice so much of their lives for this business," Sakai said. "This is my life. It's six days a week. ... "I think I'm going to be turning out the lights, frankly."

As America's oldest Japantown, the San Francisco community actually predates the Great Quake. After that catastrophe, smaller pockets of Japanese-Americans sprinkled around the city consolidated in the city's Western Addition, which was largely untouched by the earthquake and the fires that followed.

In its heyday during the 1920s and '30s, the neighborhood spanned nearly 30 square blocks. Today, a central commercial district of four or five square blocks is about all that remains of the once sprawling community.

Bobby Okamura, 52, owner of the Benkyo-do confectionary shop -- another century-old Japantown business -- remembers growing up when "it was still a community, very vibrant, a lot of Japanese families living in the area."

Some say the sale, coinciding with the centennial, gives the community a unique chance to recapture its former vibrance.

"This could have not been a more magnified wake-up call and opportunity for Japantown to help chart its future," said Ross Mirkarimi, a city supervisor whose district includes Japantown. He's drafting special-use designation to protect the neighborhood's ethnic character.

But the sale has also highlighted rifts among the community's leaders, who long have been unable to agree on the direction of Japantown. Some are skeptical about the new landlord's commitment to their cultural heritage, while others believe the sale will bring much-needed money into the community.

"This is a small community. We all should work together, regardless of what our personal agendas are, and unfortunately that's not been the case," Hashimoto said. "We're fighting against ourselves."

Mayor Gavin Newsom, whose office has been negotiating with 3D Investments over covenants to preserve Japantown's character, said saving the historic neighborhood "sends a message around the world that this city recognizes its role internationally."

"This is about celebrating the incredible contribution of Japanese to San Francisco's identity and, for that matter, the state and nation," Newsom said.

3D has reportedly indicated a willingness to sign a commitment to retain ownership of the two malls for at least 15 years. But it has balked at signing such a deal for the hotels because of volatility in that industry.

Even a 15-year commitment is not enough for Allen Okamoto, a local businessman who led an unsuccessful community-based bid to buy the Kintetsu properties.

He says selling the properties to any outside company with no Japanese ties is like "signing a 15-year death warrant" for Japantown, Okamoto said.

Either way, passions stirred by the sale have ironically managed to drum up interest -- as well as business -- in the community.

"It's been packed, so this negative attention has got people concerned that there may not be a Japantown, so let's get a taste of it now," Tonai said.

As for the centennial celebration -- culminating with the annual Cherry Blossom Festival this month -- it's still on. Organizers say it'll be bigger than any the community has seen.

The sale "put a damper on a wonderful celebration, but we will celebrate anyway," Osaki said. "This is where all our hopes and dreams were born from, and they can never take that from us."

On the Net:
http://www.sfjapantown100.org

[samsonyuen]

Interesting. Do Japanese-Americans still live in J-Town? Also, don't Vancouver, BC and Seattle have J-Towns too? I thought for sure Vancouver did, anyway.

[sequoias]

Seattle has a district called international district which is Asians in general live in that area includes businesses, of course. I don't know about Vancouver, BC.

[hkskyline]

Vancouver's Japanese population is overshadowed by the massive Chinese population.

[samsonyuen]

I was curious, so I Googled it, and there is a Japantown in Vancouver!
http://www.virtualvancouver.com/japantown.html
http://en.wikipedia.org/wiki/Japantown,_Vancouver

[bayviews]

Japantowns were products of the Japanese immigration that peaked at the beginning of the 20th century. They were disrupted by restrictions on Japanese immigration & the WW II interment of Japanese Americans. Also Japanese Canadians.

In SF, J-Town was redeveloped as part of the big Western Addition urban renewal. But its mostly a tourist attraction, with a small & dwindling numbers of residents. Many of the businesses have been purchased by Korean immigrants.

Many Japanese come to US as tourists, as students & on business. But hardly any come as immigrants. Very different from Chinatowns which are replenished by large-scale immigration. So without the immigrant flow, J-Towns face the fate of Little Italies & other fading ethnic enclaves.

SF's J-Town is one of the largest in North America along with LA's Little Tokyo. So it surely has a future, albeit more as a cultural & tourist destination rather than a major residential neighborhood. The Bay Area has a large Japanese American population, but it has been relatively stable in numbers & highly dispersed residentially.

[612bv3]

Good article, I can't wait for the opening in September.

[Skyman]

We'll wait...