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SAN FRANCISCO-As GlobeSt.com recently reported, Multi-Employer Property Trust together with its real estate advisor, Bentall Kennedy, and international real estate development firm, Chicago-based Golub & Co. revealed the $200-million development of the 409-unit high-rise complex in San Francisco's South of Market District. Plans for the complex at 299 Fremont St. include an apartment tower, townhome residences, a ground-level courtyard and street-front retail. Groundbreaking is expected by year-end 2013, with expected completion in late 2015.
Michael Newman, president and CEO of Golub & Co., notes that “All the pieces of the puzzle fit together for Block 6, which will be a true live/work/play environment. Strong demand for apartments exists today, and we are confident that SoMa will continue to attract young professionals in the rental market for decades to come.”
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San Francisco is one of the strongest multifamily markets in North America, “thanks to our city's strong economic and demographic growth,” observed San Francisco-based Amy Price, COO of Bentall Kennedy US. “This opportunity is a highly strategic fit for MEPT's multifamily investment criteria, including the opportunity to partner with an experienced urban multifamily developer, Golub & Co.”
According to David Antonelli, EVP and MEPT portfolio manager at Bentall Kennedy, “Proximity to public transportation is not optional for apartments targeting renters in the millennial generation. 299 Fremont St. is centrally located in SoMa near the $4.7 billion Transbay Transit Center currently under construction. This transformative project is expected to serve more than 45 million passengers annually; residents of Block 6 will live three blocks from an easy commute anywhere in the Bay Area, including Silicon Valley.”
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Block 6 represents the second MEPT investment in new construction in San Francisco in the past 18 months. MEPT is also the preferred equity investor in NEMA, a 754-unit apartment complex at 14 10th St. Paul Boneham, head of transactions at Bentall Kennedy US, says that the firm will “continue to seek strategic commercial real estate investment opportunities for MEPT including multifamily, grocery-anchored retail centers in infill locations, class A CBD office properties and bulk-distribution industrial facilities.”
As GlobeSt.com previously reported, the City of San Francisco, owners of the site, selected Golub & Co. as developer. Designed to achieve U.S. Green Building Council Leadership in Environmental and Energy Design (LEED) Gold certification, the project will create more than 2,500 green jobs and $490 million in economic activity for San Francisco.
The San Francisco office of Solomon Cordwell Buenz designed the apartment community and will serve as the architect of record, and the general contractor is a joint venture between Balfour Beatty and Cahill Construction.
The units at 299 Fremont will offer efficient floor plans with luxury finishes and appliances as well as full-height windows offering a combination of views of the city and the bay. Planned community amenities include sky balconies on every third floor of the tower, a state-of-the-art fitness center, and a community room with gourmet kitchen, game room and media lounge. Outdoor spaces will include a rooftop deck, hot tub, gas grills, seating, fireplace and terraces wired for Wi-Fi. Other amenities include a 24-hour doorman, package service, bicycle storage and repair, and dog bathing facility.
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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.
