June 3, 2015

S.F.'s Biggest Developers Sound Off on Moratorium Rejection

Last night the Board of Supervisors rejected the proposed market rate housing moratorium in the Mission. And this morning at Bisnow's 2nd Annual S.F. Residential Real Estate Summit at the Intercontinental, developers were cheery over the decision but think it's nuts the city would ever try to hinder more units in the first place.

Panoramic Interests owner Patrick Kennedy says the only way to address the housing shortage is simply to create more. The stringent regulatory process needs vast improvement, he adds. At his micro-unit project on Mission, he's going after his 77th permit—and the project was unanimously approved after a 29-minute hearing.  

Bisnow (Niche-Orange) REC

DM Development principal Mark MacDonald (center with Allen Matkins partner Lee Gotshall-Maxon on the left and Tishman Speyer senior managing director Carl Shannon on the right) has never seen this market in a state of oversupply. He also says our hyper-democracy and regulatory process, paired with the national problem of no funding mechanisms for middle income housing, feeds the problem. Mark says the city needs to get more comfortable with taller buildings in order to add more supply.

Carl told the 300-person real estate audience he has huge compassion for people who are angry about sky-high prices in S.F. Rents since the bottom of the cycle have more than doubled and chances are their income hasn't done the same. Carl says it's important for us to engage in the public process and work with City Hall. "If we stand in an ivory tower and take a confrontational approach, we will lose." Check back with us Friday for more on the controversial topic.

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Dan Harvey Just Left Cushman For...

It's an explosive shakeup in the local broker game, as Bisnow sources say the vet started at CBRE on Monday and took his golden Salesforce account and team with him. The move comes just months after Dan was elevated to exec vice chairman at C&W, a rare title that requires consistent top-level production. Dan sealed the deal for the biggest lease in S.F. history: 714k SF at Salesforce Tower (news we first broke). The jump comes a few weeks after DTZ announced it's buying Cushman for $2B. Cushman declined to comment, and CBRE didn't respond to a request for comment. We can only assume that's because they're busy drafting a glitzy release about the new hire.

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MacFarlane Unloads Prime Parcel at 1125 Market

MacFarlane Partners just sold the last remaining vacant lot between 5th and 10th streets, just east of Strand Theater, to Pacific Eagle Holdings Corp for an undisclosed sum. The prime 12,400 SF parcel is zoned for residential and commercial development. MacFarlane managing director Dirk Hallemeier says the transaction was a "well-timed opportunity" to capitalize on land demand, now allowing the firm to work on other multifamily projects (it's developing three in Seattle and planning one in downtown LA).

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Just last fall MacFarlane was gung ho on the site, with Dirk telling Bisnow the unnamed 160-unit project at 1125 Market was in the planning and entitlements process, and he had hoped to start construction by early 2016. Other big developers like Trumark have also been shedding prime sites as the feeding frenzy for S.F. land ensues and offers are too good to pass up.

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Join Us to Celebrate SD's Top Women in Real Estate!

Bisnow invites you to honor the top women in SD commercial real estate on June 25 during a special cocktail reception, 6-8pm at the San Diego Public Library. We've combed the news, bent the ears of market pros, and consulted with you (no one knows better) to find the women who have made the biggest impact in the industry. No list is perfect, and we hope you let us know everyone we left off, but we know one thing: These ladies prove that the only way a glass ceiling exists is if they request one (for LEED points). To learn more about Bisnow's Power Women initiative, click the image to watch a great video from presenting partner Allen Matkins.

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Send in picks for the best S.F. sports bars to watch the big game tomorrow; we'll have a slideshow. tierney.plumb@bisnow.com

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