$79-Mil Luxury Apartment Tower Underway at Mission Bay

SAN FRANCISCO-A luxury high-rise apartment community is under construction within the master planned urban development by Catellus Development Corp. known as Mission Bay. AvalonBay Communities’ Avalon at Mission Bay development will include 149 apartments in a 16-story building, 91 garden-style flats in a series of three-story buildings, 10 loft-style apartments and about 7,800 sf of retail.

The entire project is slated for completion during the first quarter of 2003. Initial occupancy is expected late next year. Costs to complete the project are estimated at $79.4 million, says Virginia-based AvalonBay, which owns or has ownership interest in 137 apartment communities in 12 states.