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Development in and around San Francisco’s Transbay District marked another milestone this week with the sale of Parcel F for $160M.
A team led by Urban Pacific, Hines and Goldman Sachs' Broad Street Principal Investments acquired the land, according to the San Francisco Business Times. While plans for the parcel are still being finalized, the expectation is for a 750-foot-tall tower split between residential, hotel and retail space.
Parcel F was the last remaining parcel in the Transbay District. Though Crescent Heights had planned to buy the property, the firm deemed the affordable housing requirements too steep to accomplish the desired project and walked away. That loss was a blow to the finances of the Transbay Joint Powers Authority, which was relying on the sale to help pay for construction of the Transbay Transit Center and was forced to take out a bridge loan in February.
The Urban Pacific and Hines JV stepped forward in March to bid for the property.
The Transbay Transit Center has been beset by cost and schedule overruns. Many key elements of the plan are now uncertain in the face of opposition and accusations of mismanagement.
The new project has not been entitled and needs additional approval from planners before construction can start. [SFBT]
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