Located at 5800 Third St., the development site sits at the Carroll Station stop on the Third Street light rail line. In addition to the housing units, the phased project includes 11,000 sf of retail fronting Third Street.
Approximately 12% (47) of the housing units will be affordable to persons with moderate incomes per the City's affordable housing guidelines. The remaining 291 units will be sold at market rates. Prices for the market rate units have not yet been set, but will likely start in the mid-$500,000s. Prices for the affordable units will likely start in the mid-$200,000s.
Houston-based Noteware and Goldman Sachs UIG acquired the entitled development site from a joint venture of Lennar Corp. and Levin Menzies & Associates. Construction is slated to get under way this year.
Noteware and Goldman's first Bayview-Hunters Point project is under construction on a piece of a former Monster Park parking lot on Jamestown Avenue. The $50-million, 198-unit condominium project will be available for occupancy in January 2008. Three-quarters of the units in the Jamestown project are two-bedroom units designed for families and 24 units are designated as affordable.
"The market for this type of housing is strong and growing--especially in the Bayview which has the highest rate of homeownership of any San Francisco neighborhood," says Alicia Glen, managing director of Goldman Sachs' UIG, which is part of the merchant banking division of the Goldman Sachs Group.
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