[IMGCAP(1)]
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.”
[IMGCAP(2)]
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.”
[IMGCAP(3)]
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.
Continue Reading for Free
Register and gain access to:
- 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
© 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.