$160M Parcel Purchased At Transbay Center

Transbay Hub
Transbay Joint Powers Authority

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]

Continue reading this story with a free account

Log in or register
Related Topics: Goldman Sachs , Hines , Urban Pacific
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

Revolution Medicines Nearing Agreement For 700K SF Lease In Redwood City

JLL Lists 2M SF Maritime Campus: The San Francisco Deal Sheet

Jemals Sell Georgetown Building To Developer Planning Conversion

Power Availability Becomes New Requirement For Shifting Bay Area Industrial Base

Food And Beverage Increasingly Becoming Anchor In Mixed-Use Projects

Builders Turning To Prefab Solutions As Speed To Delivery Becomes Critical Consideration

Maturing Debt Triggers Wave Of Distressed Hotel Sales Across California

Making The Case For Preconstruction As Risk Management

Beacon Partners Sells Charlotte Mixed-Use Development For $92M

Behring Planning A Data Center In Downtown Oakland

Amazon Renews 300K SF Office Lease In Downtown San Francisco

Development Team Behind Hotel Drover To Bring $160M Luxury Resort To Fort Worth Stockyards