SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Related California, a real estate developer specializing in affordable and market rate multifamily and mixed-use residential properties in California, revealed plans to develop a 3.36-acre site in San Francisco's Potrero Hill Neighborhood. The mixed-use, mixed-income project, located at 1601 and 1677 Mariposa, as well as 485 Carolina is planned for 320 residential rental units and approximately 10,000 square feet of retail and commercial space.
“This opportunity to develop on a parcel this large and to include mixed-use and mixed-income is key to what Related believes most improves neighborhoods,” says Lydia Tan, executive vice president Related Companies of California. “We can really make a significant difference in a classic San Francisco neighborhood—and will work with the Potrero residents to bring it to life.”
Although Related California tells GlobeSt.com that “per policy, it cannot release financials” on the project, we did learn that the new construction will replace a number of industrial and commercial uses, which, according to a statement, most of which plan to relocate locally.
Rezoned as part of the City of San Francisco's Eastern Neighborhood Plan process, the proposed development is located near Jackson Playground and will itself provide more than twice the open space than what is required, according to the statement. Related recently filed the Environmental Evaluation application and will be starting the environmental review process.
According to the firm, construction is slated to start mid-2014. “Related is deeply committed to working with Bay Area communities on a wide range of housing projects,” explains Bill Witte, Related California's president and CEO.
To date, Related has completed 1249 units in San Francisco including the Paramount, a 487-unit mixed-income, mixed-use tower in the Yerba Buena neighborhood.
In addition to the Mariposa property, Related has a number of other San Francisco projects in its pipeline, including 200 units at Mission Bay Block 7 and redevelopment of 1700 mixed-income units at Sunnydale Public Housing with Mercy Housing.
Related California has been busy as of late. In L.A., as GlobeSt.com reported, the company recently broke ground on the first residential building of its Grand Avenue Project in downtown Los Angeles. The 19-story apartment tower is the first high rise building in Los Angeles designed by architects Arquitectonica.
Related California tells GlobeSt.com that the project isn't far enough along yet to have a rendering for example, but GlobeSt.com will, of course, update this story as more information becomes available and once all details are finalized.
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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.
