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One of San Francisco’s largest multifamily projects is expected to break ground during the first half of this year. Parkmerced Investors, which includes Maximus Real Estate Partners and 601 West Cos., will begin construction on about 1,000 units, the San Francisco Business Times reports.
The project was originally stalled by a lawsuit soon after it was approved seven years ago. Parkmerced Investors first filed for permits in 2015 for the initial phase, which were approved in December.
The 152-acre project will add a total of 5,679 units, which will be a mix of rentals and condos, and 15% of the new units will be affordable. The project will include up to 310K SF of commercial use and about 27 acres of public open space, according to planning documents. The Parkmerced community has 3,221 existing apartments. Another 1,538 rent-controlled units also are on-site and will be replaced during the redevelopment.
Three projects within the master planned community have had building permits approved. A $131M 17-story building designed by Kwan Henmi will build 299 units at 1208 Junipero Serra Blvd. A Woods Bagot-designed 11-story building will cost $91.5M to build 248 units at 455 Serrano Drive. Another 89 units will be built at 300 Arballo Drive in a $31M eight-story building designed by LMS Architects.
Another 329 units will be added at 21 and 25 Chumasero Drive through a project designed by SOM, which is also the Parkmerced master plan architect. Fourgeron Architecture designed a 69-unit building to rise up at 99 Vidal Drive. The status on building permits for these projects is unknown.
Webcor is the general contractor at Parkmerced.
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