December 6, 2013
The Plans For Group Housing On Market Street 2.0
As we first reported last month, plans to raze the two-story FastFrame building on the northwest corner of Market and Gough and build a 7-story building with 42 "single room occupancy" units over 1,500 square feet of ground floor retail have been submitted to Planning for review.
While the Market Octavia plan requires 40 percent of all new developments in the area to be two-bedrooms, group housing is exempted from the rule. And with "limited individual kitchen facilities" in each of the 42 proposed
units rooms and a shared kitchen and gathering area, the 1700 Market Street project is positioned as group housing with market-rate rents.
The concept floor plans for the rooms which range in size from 280 to 530 square feet:
The proposed mezzanine level with the communal "group" kitchen, lounge and meeting room:
(Continue reading: "The Plans For Group Housing On Market Street 2.0")
Behind The Contemporary Ebony Facade On Castro Street
Purchased for one million dollars this past January, the former 1,200 square foot Noe home at 2220 Castro Street has since been redesigned and rebuilt with an ebony shingled façade, colorful front door, and a nearly 4,000 square foot contemporary interior.
A double-sided porcelain fireplace separates the dining area from the sunken living room.
At the other end of the floor, the kitchen opens onto a glass terrace and landscaped patio:
(Continue reading: "Behind The Contemporary Ebony Facade On Castro Street")
December 5, 2013
The Plan To Transform Central SoMa's Streets
Acknowledging that the existing Central SoMa transportation network isn't sufficient today, much less sufficient to support a potential doubling of residents and workers in the area as proposed, a plan to improve the network, streets, and environment for pedestrians in SoMa has been drafted.
The six key principles that guided the development of the draft plan:
1. Create a safe, convenient, attractive environment for pedestrians
2. Design transit routes to serve the area and improve performance
3. Improve bicycling conditions
4. Employ Transportation Demand Management Measures
5. Restrict curb cuts
6. Where and when necessary, accommodate regional and through traffic
Proposed improvements include a plethora of new mid-block crosswalks, wider sidewalks, cycle tracks and the redevelopment of Folsom Street as a civic boulevard as has long been proposed.
The Impact Study for the proposed transportation plan should be finalized by May of 2014 with a Draft Environmental Report for the project slated to be ready in September.
The Yellow Cab Cooperative Of San Francisco's Next Move
As we reported earlier this week, the Yellow Cab Cooperative of San Francisco is offering to sell its six-acre headquarters at 1200 Mississippi Street for $16,000,000 and deliver it vacant. While we didn't have the official word on what the next move for the Cooperative might be, now we do.
From the Cooperative's President and General Manager:
"Yellow Cab Cooperative of San Francisco is alive and well. Because we have grown from 300 cabs to almost 600 cabs and growing, we are looking for a larger facility or we will build a parking garage at 1200 Mississippi Street. For that reason, we put out a feeler to see if there is interest in purchasing our existing property.
We are embracing all the new technology with new Apps and a growing fleet to better respond to our high demand. We are aligning ourselves to be not only bigger but better in 2014!"
A proposal to build a 7-story parking structure with 603 spaces for the Cooperative on a portion of the site had been considered back in 1999. The site is currently zoned for development up to 65 feet in height.
∙ San Francisco's Yellow Cab Cooperative Could Be Cashing Out [SocketSite]
Appeal Of Potrero Development Denied, Approval Finalized
Having sat underdeveloped since 2005, the development of 480 Potrero Avenue was approved by San Francisco’s Planning Commission this past August but then appealed two weeks later, an appeal which was denied by San Francisco's Board of Appeals last month.
Since a rehearing request was not filed within 10 calendar days of the Board's decision, the project approval for 480 Potrero Avenue became final on December 3.
As soon as a building permit is issued, construction on the six-story building rendered above with 75 new residential units over 970 square feet of ground-floor retail and 47 parking spaces at the corner of Potrero and Mariposa can now commence on the site.
Opened Up Then Divided, And Fired Up Inside And Out
While the living area has been opened up, the front bedroom of the top-floor Noe condo at 142 27th Street has been divided in order to create space for a nursery (click triptych to enlarge).
And on a chilly morning following a chilly eve, our attention is divided between the wood burning fireplace in the living room and the built-in fire pit out back:
(Continue reading: "Opened Up Then Divided, And Fired Up Inside And Out")
Mortgage Rates Tick Up To Near Two-Year High
As we wrote two weeks ago:
Absent any big negative economic news, the Fed’s talk of tapering its bond purchase program will likely cause mortgage rates to tick back up despite the Fed's concerns and intentions.
The average rate for a conforming 30-year mortgage has since ticked up from 4.22 to 4.46 percent and to within 12 basis points of the 4.58 percent two-year high recorded this past August, 1.15 percentage points higher than the all-time low of 3.31 percent recorded in November of 2012.
The average 30-year fixed mortgage rate was 3.34 percent at this time last year having averaged 6.71 percent since 1990 and 8.61 percent over the past 40 years.
In terms of the 30-year rate for Jumbo loans over $625,500, Wells Fargo is currently advertising a rate of 4.125 percent, a discount of half a percent as compared to the 4.625 percent rate they’re advertising for both regular conforming and super conforming loans over $417,000 in high cost areas like San Francisco.
∙ Fixed Mortgage Rates Jump [Freddie Mac]
December 4, 2013
San Francisco's Yellow Cab Cooperative Could Be Cashing Out
With revenues for taxi companies in San Francisco having dropped an estimated 30 percent over the past year thanks to "ridesharing" startups such at Lyft, Sidecar and UberX, and land values rebounding (thanks to startups such at Lyft, Sidecar and UberX), the largest cab company in the city, the Yellow Cab Cooperative, has quietly put its six-acre headquarters and parking lot at 1200 Mississippi Street on the market and is offering to deliver it vacant.
The parcel at the southern base of Potrero Hill between 25th Street and Cesar Chavez is currently zoned for Production, Distribution and Repair (PDR) which generally prohibits the building of housing, large office developments or large-scale retail but could support light industrial, small scale retail, office or entertainment uses. A tennis club with 31 courts had been proposed to be built upon the site back in 1974, well before the Yellow Cab Cooperative took control.
San Francisco's Yellow Cab Cooperative is seeking $16,000,000 for the six-acre site with Kidder Mathews handling the offering. No word on the Cooperative's next move.
Food Emporium Proposed For Market And 15th Street Development
A request to change the proposed use of the ground floor of the six-story mixed-use building rising at 2175 Market and 15th Streets from retail to restaurant/bar use has been filed, a move designed to permit Forest City to operate a "Market Square" food emporium in the 6,300 square foot space.
According to the Duboce Triangle Newsletter, "local merchants, such as a coffee store, a butcher, and a greengrocer, would each lease part of the larger retail space from Forest City, and provide to customers independent service from each with convenient access to all of them."
A Conditional Use Authorization from Planning will be needed for Forest City to proceed with their Market Square concept which is not to be confused with Shorenstein's Market Square nor the Mid-Market Market at 10th.
New Home Sales Surged In October But Remain Below Average
The seasonally adjusted annual pace of new single-family home sales in the U.S. surged to 444,000 in October, up 25.4 percent from September’s pace of 354,000 and 21.6 percent above the revised pace of 365,000 recorded in October 2012, the third slowest October on record.
The annual pace for new home sales in the U.S. as measured in October has averaged 663,000 since 1963, peaking at 1,336,000 in 2005. Preliminary U.S. new home sales (versus pace) in October were estimated to be 35,000, up from 27,000 in September. October sales peaked in 2005 with 105,000 new homes sold.
In the West, the pace of new home sales ticked up 15.2 percent from September to October but fell 14.2 percent on a year-over-year basis.
A Luxury Two-Bedroom Dogpatch Loft For A Grand
A 712 square foot Potrero Launch two-bedroom loft with polished concrete floors, stainless steel appliances, barn style bedroom doors and a whole host of building amenities including complimentary Wi-Fi is now available for $1,078 per month. And yes, there's a catch or two.
(Continue reading: "A Luxury Two-Bedroom Dogpatch Loft For A Grand")
December 3, 2013
Plans And Timing For Pier 70's Historic Rehab Revealed
With Forest City having secured initial Port and City endorsements for their plan to develop a mixed-use neighborhood on the Waterfront Site of San Francisco's Pier 70 with up to 2.2 million square feet of office space; 400,000 square feet of retail, cultural, and maker uses; 1,000 housing units and 7 acres of parks, Orton Development is preparing to seek San Francisco’s Board of Supervisors approval for their plans to rehabilitate Pier 70's Historic Core, eight large buildings and two smaller structures located on or near 20th Street which are owned by the Port of San Francisco.
The historic buildings include 270,000 square feet of existing space to which around 69,000 square feet of new space, primarily in mezzanines, will be added. Once rehabilitated, the historic office and industrial buildings will be used for a range of businesses, including light industrial, technology, life science, office, artisan/artist studios and showrooms, and restaurants.
The top four floors of the Bethlehem Steel Office Building at the corner of Illinois and 20th Streets (Building 101) will return to office use while the building’s commissary on the lower level will likely be used for food production or light industrial use. Multiple offers from "well-established San Francisco restaurateurs" have already been received for building 102 next door:
(Continue reading: "Plans And Timing For Pier 70's Historic Rehab Revealed")