"This is a significant project for us," says Victor Gonzalez, with Monahan Pacific. "This is similar to the 246 Second St. project we just finished. It shows a demand for residential downtown."
The project will be constructed at the corner of New Montgomery and Howard streets and will take 18 to 20 months to complete. It will include 48,520 sf of office space, 100 apartment units, 4,800 sf of ground level retail and an underground parking garage with 70 spaces.
Heller Manus Architects is designing the project to complement surrounding buildings that include the Sheraton Palace Hotel and the Pacific Bell building. The project will also include an indoor garden.
City planners voted to approve the Monahan building because it will provide much needed high-density housing for workers relocating with companies moving into the neighborhood. In addition, the renovated Transbay Terminal is located roughly a block away from where the high-rise will be built.
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