The 160-microunit project rising at 1313 Mission just hit the market. The SoMa site broke ground last month and is expected to be done by August 2015. Being offered to investors on a presale basis by CBRE, the buyer can take solace in knowing California College of the Arts inked a lease to occupy half of the project's units—the bottom five floors—for 10 years. (We expect the lobby art to be top-notch.)
Developer Patrick Kennedy already has experience building cramped quarters; his 23-unit Soma Studios project at 38 Harriet only took three months and flew off the shelves. The Panoramic's units will feature nine-foot ceilings, fully equipped kitchens, built-in furniture and custom finishes with a central laundry room and common lounge area on each floor. (Aside from encouraging sock thieves, this should be great.) The car-free building has ample bike parking, a rooftop garden, and a retail space planned for a cafe.
Since half of the building will be reserved for art students, a student housing operator might want to fill up the other half (expect lots of ramen cooking on Energy Star stoves). A corporate housing entity or a typical apartment investor could also be interested, says CBRE's Jordan Moss, who declined to talk potential price. He explains the rationale behind building city tiny units: If renters drop or $8/SF for 300 SF, $2,400 for rent is still affordable for brand-new luxury product in S.F., he says. (Not all can afford NEMA.)
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