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Millennium Partners plans to start construction by March on the $500M Mexican Museum and luxury condo tower that has gone through 10 years of fundraising, approvals and lawsuits to reach this point.
The project at 706 Mission St could have up to 190 condos, with units averaging around 2,700 SF. The units could go for an average of $5M/unit, reaching $1B in total sales. HSBC is providing financing for the project, which is expected to deliver in early 2019.
Millennium and JMA Ventures bought the property for $26M in 2006. Nearby residents fought the 501-foot tower based on its height and traffic concerns, but Millennium Partners has reached an agreement to pay around $100k in street improvements and a $5M fee for affordable housing, according to the San Francisco Business Times.
The Mexican Museum, which took years to raise the roughly $50M needed to finance its part of the project, will occupy the bottom four floors and a renovated adjacent building. [SFBT]
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