Build Inc. and equity partner Vanke have submitted plans to build a 35-story, 400-foot-tall residential tower in San Francisco on a surface parking lot owned by Nordstrom. The plans for 469 Stevenson St. include 454 units that range in size from studios to three-bedroom units, the San Francisco Business Times reports. The building will include 13K SF of ground-floor retail and about 3K SF of common open space, according to planning documents.
The project, designed by Solomon Cordwell Buenz, would cost about $200M to $300M. While the parking lot, which has been used for Nordstrom employee parking in the past, is zoned for 336 units, the developer anticipates using the state’s density bonus with the inclusion of affordable housing units.
The new building is within Mid-Market and near Union Square and joins a litany of housing projects proposed in this area, including Forest City’s 5M project and Group I’s project on the 900 block of Market Street that is approved for 242 housing units and a hotel. Encore Capital Management is actively selling condos at Studio 1075 on Market Street. Build also recently received approval for its One Oak condo project on Van Ness Avenue and Market Street.
