(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN FRANCISCO-Principal Real Estate Investors and Urban Pacific Investors LLC have broken ground on One Rincon Hill Phase II, a 52-story, 299-unit residential development in the SoMa District. The Phase II project, which is designed to achieve LEED certification, is a companion to the existing 64-story Phase I tower.
Occupancy for the high-rise is planned for Summer 2014, with an ultimate completion date in Fall 2014. This phase is expected to be the largest residential project currently under construction in San Francisco. The development will eventually feature a total of 689 private residences and be home to more than 1,000 people.
“The Phase II development of Rincon Hill is an attractive addition to our real estate investment portfolio,” said Rod Vogel, managing director at PREI, in a prepared statement. “The iconic development will bring much-needed housing to the San Francisco residential market, while at the same time adding another high-quality real estate property to the fantastic city skyline.”
PREI is developing Phase II on behalf of the Principal Green Property Fund I. UPI, the development-managing company for the project, is a new entity formed by Michael Kriozere, the developer of One Rincon Hill Phase I.
“One Rincon Hill was always envisioned as a two-tower development,” said Kriozere, development principal at UPI, in a prepared statement. “We are thrilled to be breaking ground on the second half of what is still the tallest residential tower west of the Mississippi. With the continuing density of residents and commercial tenants, we are pleased to have such a well-situated property.”
PREI was unable to release financial details of the deal to GlobeSt.com prior to deadline.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
