Here's something to get your minds off this Sunday's Big Game: Our San Francisco Construction & Development Summit, Feb. 6 at the InterContinental San Francisco, which boasts an all-star roster of contractors and developers. (Sign up here.) Yesterday, we chatted with four of them.
President John Protopappas says Madison Park Financial is getting ready to break ground in March on Lampworks Lofts, a 92-unit historic renovation at 1614 Campbell St in West Oakland. The property was built in 1911 and 1917 by General Electric as a "mazda" lamp plant factory (that's a type of incandescent light bulb, not the Japanese automaker). Madison is also under construction at 5000 Adeline St on a new phase of the Bakery Lofts—79 apartments, five office/retail suites, and a cafe, scheduled for completion this summer. The firm is also focused on refis, such as one that closed Wednesday for a historic live/work loft rehab the company purchased and renovated almost 28 years ago. If that's not keeping John busy enough, he's getting ready to begin singing lessons. He used to be into Italian arias, but "now I'm getting a little more contemporary."
Swinerton Builders region manager Eric Foster tells us he's got three big multifamily projects under construction in NorCal right now: a 755-unit project at 10th and Market Street, the 450-unit Trinity Phase 2, and 187 units at 333 Fremont. Apartments are a big market and so is Indian gaming—Swinerton just completed the $100M renovation and expansion of the Jackson Rancheria resort and casino in Jackson, Calif. The builder is also doing projects for the Lummi and Yakama tribes in Washington and the Nez Perce in Idaho. Eric has a daughter at USC and a son at UCLA, so deciding whom to root for can be a dilemma. As for the team he'll be cheering this Sunday, "that's an easy one."
CEO
Brad LaRue says United Growth has
20 projects in the pipeline and eight projects under construction from Maine to Santa Clara. As a national preferred developer for the
Mattress Firm store chain, United's doing a host of projects including a location in
Hot Springs, Ark., that just opened
yesterday. The 4,000 SF stand-alone building sits on the main thoroughfare to the natural hot springs and used to be a car wash. Next up, United's developing a 55k SF power center next to a Super Target in
Deerfield Beach, Fla. Brad's an active
skier—both of his kids are on the ski team at Squaw Valley—and
road biker. One of his achievements: completing the Levi Leipheimer GranFondo, a 103-mile ride with a
9,400-foot vertical ascent.
Our moderator, Allen Matkins partner
Ray Buddie, has been working with clients involved with public entities on
new project delivery methods, helping folks on the public side such as the UC and Cal State University systems get away from traditional design-bid-build work. Take the new
UCSF Hospital at Mission Bay. The $700M (construction cost) project is a pilot program for the integrated project delivery method, which UC refers to as "best value procurement." (The builder is DPR Construction, whose
Eric Lamb also will be on our panel.) The former mayor of Sausalito grew up in
Cleveland and is a devoted Browns fan, but this Sunday, he says he'll be cheering for the Niners.
We couldn't resist doing a Super Bowl story. Unfortunately, the news isn't so good for San Francisco's home town team. As they have for the third straight year,
JLL and executive chairman of the Americas
Roger Staubach are predicting the outcome of Super Bowl XLVII, and this year they're putting their money on—gasp—the
Baltimore Ravens. Reason: According to the firm's analysis of the past dozen Super Bowls, teams based in cities with the
higher office vacancy rate have prevailed. (Last year JLL's crystal ball fumbled when it predicted the New England Patriots would best the New York Giants.) Still, JLL's betting system has a 58% accuracy rate, which means San Francisco's vacancy rate of
11.8% compared to Baltimore's 15.5%, makes it a winner—and a loser.
But hold on there. Roger, whom we snapped at JLL's LA forecast last month—lobbing footballs into the audience so fast, one of them turned white—is on the fence with this one. The gridiron great obviously knows both football and commercial RE, and notes that JLL's prognistications are right more often than wrong. At the same time, however, he says he really
likes the Niners' chances. And northwest market director
Elizabeth Hearle anticipates that the City's drive, entrepreneurialism, energy, and competitiveness "will carry the day for us this Sunday." Guess we'll place bets on both sides.
Have you laid in your snacks for your Super Bowl party? We tried, but the wing sauce was too messy. Julie@bisnow.com.
