Former Goodwill Becomes SoMa Tower With $3.5K Studios
Related California has started leasing its new 400-foot residential tower on the southern edge of San Francisco's SoMa district, it said Tuesday.
Apartments for Fifteen Fifty, a 40-story tower nearly finished at 1550 Mission St., include studios starting at $3,500 per month, one-bedrooms at $4,550, two-bedrooms at $6,400 and three-bedrooms at $9,900, the West Coast affiliate of The Related Cos. says.
The developer bought the site, which formerly held a Goodwill location, from Goodwill Industries for $65M in 2014 before starting construction in late 2017 thanks to over $400M in construction financing provided by Deutsche Bank.
Related California has been hard at work on other projects in San Francisco. In September, it began leasing Mason on Mariposa, a 299-home luxury Potrero Hill community. Last month, it celebrated the opening of The Avery, a $600M mixed-income Transbay skyscraper.
Next to Fifteen Fifty, Related nears completion of a new 431K SF office building for San Francisco's Department of Public Works, Planning Department, Department of Building Inspection and Department of Public Health, among other city offices. It topped out that project at 49 South Van Ness Ave. last summer, expecting completion and occupancy the first half of this year.
At 1550 Mission St., Related's new project boasts 40K SF of amenities, including a 12K SF private park, a 5.6K SF dog run and a rooftop pool deck, in addition to an exterior designed by architecture firm Skidmore, Owings & Merrill and an interior designed by Marmol Radziner. The ground floor will feature a 32K SF Equinox Fitness location and the relocated Bar Agricole restaurant.
It comes amid mixed results of neighboring, competing projects, some of which, like Build Inc.'s One Oak project at Market and Van Ness, have been stymied by soaring construction costs and hesitant capital. On the other hand, NEMA, a 754-unit residential tower at 10th and Market streets developed by Crescent Heights, has successfully opened.
About 110, or 20%, of the 550 units at 1550 Mission St. will be designated affordable. After growing 2.1% year-over-year, average asking rents across unit types in San Francisco finished 2019 at about $3,700, according to research from Kidder Mathews.