December 10, 2018 Comments Off on San Francisco Central SoMa Plan Approved, Unprecedented Development Boom Expected Views: 1544 Bay Area, California News

San Francisco Central SoMa Plan Approved, Unprecedented Development Boom Expected

The San Francisco Board of Supervisors has approved the Central SoMa Plan that is expected to usher in a wave of unprecedented development in the city’s growing SoMa neighborhood. The decision involves upzoning the area between Second and Sixth streets, primarily from Howard to Townsend streets.

The plan will increase the height limit on some high rises to 400 feet, allowing for office buildings to accommodate up to 32,000 jobs. It also authorizes 8,800 housing units, encompassing 33% slated as affordable.

The plan had been in the works for eight years, and developers have eagerly anticipated its passing. Planning is already underway on several office and housing projects, including:

– Kilroy Realty Corp.’s 2.2-million-square-foot Flower Mart project
– Tishman Speyer’s 917,000-square-foot office project at 598 Brannan St.
– TMG Partners and Alexandria Real Estate Equities’ redevelopment of the Tennis Club into 870,000 square feet of office space at 88 Bluxome St.
– Boston Properties’ 765,000 square feet of office space, 4,000 square feet of retail and 35,000 square feet of light industrial space at 4th and Harrison Streets.
– Tishman Speyer and Tenderloin Neighborhood Development Corp.’s 200 affordable housing units at 5th and Howard Streets.

Read more at San Francisco Business Times


Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , , ,

Comments are closed.