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Intracorp Acquires Land for $60M Condo Project

SAN FRANCISCO-The San Francisco divison of Seattle-based Intracorp acquires a parcel in the Hayes Valley neighborhood here for development of residential condominiums.

By Brian K. Miller | Updated on September 14, 2005

SAN FRANCISCO-The newly formed San Francisco division of Seattle-based Intracorp has acquired a 25,851-sf parcel at 55 Page St. in the established Hayes Valley neighborhood here for development of an already entitled 128 condominium project. The seller, Wilfred Hsu’s real estate firm Group Azure, is a partner in the $60-million development. JP Morgan is an equity partner. Richard Johnson and Ed Suharski of Grubb & Ellis brokered the transaction.

The development site sits on Gough and Franklin streets, one block from the newly reconstructed Octavia Boulevard and across the street from the well-reviewed Zuni Café. The plan is for a new eight-story building with studio, one- and two-bedroom units above street-level retail that incorporates two walls of an old brick stable building that sits on a portion of the site. An historic two-story building on the site also will be preserved and have ground floor retail, second-floor condominiums and on the rooftop penthouses with with big decks.

Intracorp San Francisco’s head of development Robert Hertzfeld tells GlobeSt.com site work such as development and excavation likely will get underway sometime between now and the end of the year. The demolition and shoring and excavation permits are already in hand and a foundation permit will be applied for this week, he says. Final negotiations are underway with several potential lenders for the project, he adds.

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