The $270-million first phase will consist of the taller of the two towers and the parking podium for the whole project. Construction financing is being provided by Union Labor Life Insurance Co. and Bank of America. Completion is scheduled for December 2007.
Each tower will have a 9,800-sf footprint and about eight units per floor. The concrete and glass towers will stand 115 feet apart and provide views from most floors given its location atop Rincon Hill.
The parking garage will be inside a podium structure that will be edged with townhouse units and topped with a pool and landscaping. Other amenities include a health club, hospitality room and concierge. Units will range from 600 sf to 1,800 sf and are expected to sell for between $900 and $1,000 per sf.
The developer is Urban West Associates of La Jolla. The equity partner is CB Richard Ellis Strategic Partners Fund. The architect is Solomon Cordwell Buenz & Assoc.
The development proposal was approved by the city Planning Commission in August. Urban West principal Michael Kriozere could not be reached Monday afternoon for comment. His other projects include One Embarcadero South in San Francisco and City Front Terrace in San Diego.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
