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1500 Mission Street by Apollo's Light, on Flickr

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City Plans To Pay $253M For Office Development On Mission
July 28, 2014
1500-1580 Mission Street Massing

. . . Related California’s proposed development of 565 apartments and 460,000 square feet of office space along Mission, between 11th and South Van Ness, will likely be financed by way of $375 million of city issued mortgage revenue bonds.

. . . the City of San Francisco has set its sights on the office portion of the development and is planning to pay Related an estimated $253 million for the building which would rise up to 17-stories along 11th Street and front Mission and South Van Ness Avenue as well.

The City’s letter of intent for the acquisition of the office space includes a non-refundable payment of $1 million and up to $250,000 toward schematic design costs to be paid to Related, but the acquisition will remain conditional upon the completion of the project’s environmental review and a final election to proceed.

While the City’s estimated purchase price would be $253 million based on the letter of intent, the actual purchase price would be equal to Related’s actual hard and soft costs for the development of the building, plus a developer fee and profit of 10 percent. And if the City should decide not to move forward with the acquisition, it could be on the hook for up to $7 million in design and development costs.

San Francisco’s Board of Supervisors will have until July 31 to endorse the plan and letter of intent, and to authorize the City to make the non-refundable payments. Related is scheduled to close on their acquisition of the 1500-1580 Mission Street parcel in September and will pay Goodwill $65 million for the land.

If all goes as planned, the City will consolidate the Departments of Public Works, Building Inspection and Planning, and Retirement and Health Services System in the new building with occupancy in 2018.



http://www.socketsite.com/archives/2014/07/city-plans-pay-253m-office-development-mission.html


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Related plans for the development plans to be “competitively amenitized,” complete with doorman, fitness center, pool, terraces, rooftop access and other amenities, “as dictated by market conditions.”

In addition to the housing, the 1500 Mission Street development includes plans for over 450,000 square feet of office space along Mission Street (one entrance to which would be by way of the existing Coca Cola Bottling Plant Clock Tower building which would be incorporated into the development) and 24,000 square feet of retail.

A subterranean garage would provide 300 parking spaces for the residents in the apartments and up to 150 spaces for the office tenants.
http://www.socketsite.com/archives/...ns-1500-mission-street-tower-development.html
 

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Discussion Starter · #2 ·
Probable new neighbor

From Carpets To Condos, Offices Or A New Mid-Market Hotel?
November 13, 2014

Zoned for a tower to rise up to 250 feet in height and the development of high-density residential, offices, retail or a hotel, the three corner parcels at the intersection of Otis and 12th Streets, including the two-story A&M Carpets building at 98 12th Street and the three-story building at 14 Otis next door, have just hit the market.

Plans for developing the site have yet to be drafted or filed with the city, but with plans to develop the Tower Car Wash site to the south, the Goodwill site to the east, and the Honda site to the north in the works, the offering touts opportunity and a rapidly expanding “Mid-Market” local.

http://www.socketsite.com/archives/2014/11/carpets-condos-offices-perhaps-new-mid-market-hotel.html
 

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Discussion Starter · #3 ·
And "Oh, by the way":

Even Bigger Plans For Goodwill Site And Mid-Market Tower
November 3, 2014
1500-1580 Mission Street Massing

. . . the developer has drafted plans for a building to rise up to 400 feet on the corner and is positioning for an up-zoning of the site to accommodate the taller design.

If approved, the development on the west side of the project site would include 550 units of housing over 43,000 square feet of ground floor retail space and parking for around 230 cars in an underground garage. The east side of the project site, as outlined in red above, is slated to be developed as office space for the City of San Francisco . . . .

http://www.socketsite.com/archives/2014/11/even-bigger-plans-mid-market-goodwill-site-tower.html
 

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Discussion Starter · #4 ·
City’s Plan For $327M Mid-Market Building Approved
November 26, 2014

San Francisco’s Board of Supervisors has approved the City’s plan to spend an anticipated $326,690,953 to buy the land and build a 463,000 square-foot Mid-Market office building rising up to 258-feet in height along 11th Street, between Mission and Market, on the eastern half of the Goodwill site at the intersection of Mission and South Van Ness Avenue . . . .

The City plans to consolidate the Departments of Public Works, Building Inspection and Planning, and Retirement and Health Services System in the new 17-story office building and hopes to make the move in early 2018.

As we first reported two weeks ago, the city is preparing to sell its 5-story building at 30 Van Ness Avenue, a site which is zoned for a 400-foot tower to rise, in order to help finance the $327 million development.
http://www.socketsite.com/archives/...tys-plan-327m-mid-market-office-building.html
 

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Discussion Starter · #8 ·
So a start may be near?
Well, the bit posted above says they plan to move in in early 2018. Figuring 2 years to build it, I'd say maybe they'll break ground within the next 6 months to a year.

Related Co. is the private partner on this and I checked their web site for any info. All I found was info about renting at their Paramount farther down Mission St. where you can get a 2 bedroom for $6220/month. That caused me to swoon and abandon the effort.

But core drilling usually does mean they are serious and they have bought the lot so they better be.
 

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I think the first indicator is going to come from Goodwill. Perhaps it would be a good idea to ask someone there when they are closing the store. Construction workers never give me answers when I ask the important questions. :lol::bash:
 

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Discussion Starter · #10 ·
San Francisco’s Department of Real Estate is getting ready to sell 30 Van Ness Ave., which could pump more than $75 million into city coffers and provide land for up to 600 units of new housing.

The city has retained the commercial real estate group Newmark Cornish & Carey to market the 180,000-square-foot property, which houses the Department of Public Works and other city offices. The brokers expect the property to come to market this month.

The proceeds from the sale will go toward construction of a city office building that will be part of a larger mixed-use office-and-residential development on the nearby Goodwill site at South Van Ness and Mission streets. That project would include the housing and 450,000 square feet of city offices.

The project is part of a residential boom taking shape around Van Ness and Market. Building heights in the area were upzoned to 400 feet in the 2008 Market-Octavia area plan. In addition to the Goodwill project, the housing pipeline includes a proposed 700-unit complex at 10 S. Van Ness, now occupied by a Honda dealership, and a 268-unit development at 1540 Market St. At 100 Van Ness, the Emerald Fund recently opened a 400-unit apartment tower in the former AAA building . . . .
http://www.sfchronicle.com/bayarea/...200098.php?t=448cacb878&cmpid=twitter-premium
 

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Discussion Starter · #11 ·
First Peek: 560-Unit Mid-Market Tower Rendered
October 9, 2015

. . . Related California pushes forward with plans for a 560-unit rental tower to rise at 1500 Mission and South Van Ness, the corner parcel upon which Goodwill currently resides . . . .

The proposed apartments will average around 730 square feet apiece and the 39-story building will be “competitively amenitized,” with doormen, a fitness center, pool, terraces, rooftop access and other amenities “as dictated by market conditions.” Twenty (20) percent of the units are expected to be designated as affordable/Below Market Rate.

In addition to the apartment tower, the 1500 Mission Street development includes plans for over 450,000 square feet of office space along Mission Street for the City, one entrance to which would be by way of the existing Coca Cola Bottling Plant Clock Tower building which would be incorporated into the development, and 24,000 square feet of retail.

A subterranean garage will provide up to 300 parking spaces for the residents.

(The Site)


(The Building)
http://www.socketsite.com/archives/2015/10/first-peek-560-unit-mid-market-tower-rendered.html
 

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Now known as 1500 Mission Street:

http://www.relatedcalifornia.com/ourcompany/properties/203/1500-mission-street/
​​Located on the highest visibility parcel at the nexus of three of San Francisco's iconic neighborhoods; SOMA, The Mission and Hayes Valley, 1500 Mission Street is located one block from the headquarters of Twitter, Uber and Square, and just three blocks from City Hall, Davies Symphony Hall and the San Francisco Jazz Center. Rising 39 stories, this mixed-income, mixed-use development will consist of a 540-unit luxury apartment tower adjacent to a 462,000 square foot office building that will be the new home of the San Francisco Planning, Building and Public Works Departments. The residential tower will include 55,000 square feet of neighborhood serving retail with twenty percent of the residential units for affordable and low-income households. Construction is slated for 2017.
https://sf.curbed.com/2017/10/30/16574346/soma-goodwill-store-demolition-soma

Demolition of the old flagship Goodwill is pretty much complete, with the exception of the clock tower on the southeast corner of the lot.



IMG_20180130_122404
by A Thrasher, on Flickr
 
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