SAN FRANCISCO-The San Francisco Board of Supervisors unanimously approved AGI Capital’s 900 Folsom. The project is a 450-unit mixed-use development targeted for a LEED Gold rating by the US Green Building Council.
The project was previously approved 7-0 at the planning commission, but two community groups had appealed the Environmental Impact Report. At the hearing, the board voted to affirm the findings of the planning commission and uphold the approval.
Locally based AGI Capital, in partnership with TMG Partners, is leading the development of this project located in the Yerba Buena Arts and Shopping District, in close proximity to the new Bloomingdales Westfield Center, San Francisco Museum of Modern Art, Metreon Theater, and many other arts & culture venues.
According to AGI, “San Francisco’s entitlement process is complicated and at times, opaque.” The firm continues that “AGI Capital was able to gain approval through extensive community outreach, making adjustments to the project to meet community needs, and receiving formal endorsements from six community groups.”
An AGI source tells GlobeSt.com that the cost of the project to complete is $200 million, of which $120 million is construction hard costs. The source continues that the project will include the 450 residential units as well as 10,000 square feet of retail and a mini park. “They just completed entitlements, so the ideal projected timeline to break ground is in 12 months,” the source adds.
For background on the joint venture and its acquisitions, please see past GlobeSt.com articles below.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
