SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned thatconstruction for Equity Residential's Sol at Mission Bay, a 16-story tower with a five-story podium, is now underway. The 396,200-square-foot residential development featuring 273 apartment residences, is expected to have a construction completion near the third quarter of 2015.
Located in the Mission Bay District south of Market, the project received unanimous approval from the San Francisco Oversight Board, (formally known as the SF Redevelopment Agency). The Board has “championed the addition of new housing in this underutilized waterfront neighborhood.”
Bounded by Channel, El Dorado and Longbridge streets, the development features existing and planned parks or open space directly across all three streets, to be enjoyed by residents and neighbors. Of the 273 residences, 164 are one-bedrooms and 109 are two-bedrooms, including walk-up residences on the ground floor with terraces and dual access to the street and the residential lobby.
The project architect, the San Francisco office of HKS, offered some insight into the design and materials being used in Sol at Mission Bay. According to HKS associate principal Brendan Dunnigan, “The masterplan contemplated two towers. We worked closely with Equity Residential and OCII, the former redevelopment agency, to design a single tower on a podium, creating more open space with the neighboring towers.”
According to Dunnigan, “the color of the glass and metal panel system on the tower are reflective of the surrounding environment; blue water in the nearby Bay, as well as the green landscape in the hills beyond. The design and color is reflective of the environment, versus trying to define it.” Dunnigan adds that, “The podium is designed to bring life onto the street level, with walk-up residences, terraces, planter boxes, and a wood panel demarking the residential entries. Adding an element of visual interest, the unique laser cut 'BOK' balcony railing system was conceived by NC2 Studio, a San Francisco architect who is also the interior designer for Sol.”
According to Peter Solar, VP of development for Equity Residential, “this innovative development is being branded as Sol for its modernist perspective on the expansive views, which when combined with the luminescence of the aqua and green glass of the façade, will impart a sense of lightness and space within the City's landscape. It will be a modern residential address offering a distinctive design in harmony with San Francisco's progressive vision of smart development.”
Other San Francisco-based members on the Sol at Mission Bay team include Interior Architect, NC2 Studio; Landscape architect, Cliff Lowe Assoc.; and general contractor, Nibbi Brothers.
Sources involved in the development could not disclose construction costs to GlobeSt.com at this time.
According to a recent apartment report from Marcus & Millichap Real Estate Investment Services, “the San Francisco apartment market will remain one of the healthiest in the country, though some of the momentum will ease as both supply and demand pressures mount. After leading the nation in the pace of hiring last year, employment gains will retreat to a robust but more sustainable level in 2013, paring the number of new renters entering the market. In addition, effective rents have climbed nearly 30 percent since the recessionary trough, while household income remained essentially flat, which has priced some renters out of the market or encouraged households to combine. While demand drivers are retreating from the robust gains during the past two years, supply additions will apply pressure on operations. Builders will add more units this year than they have in decades. Due to the high cost of construction, new apartments will be near the upper echelon of the quality scale, putting addi
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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.
