Essex Plans Transbay Residential Tower

SAN FRANCISCO—Essex Property Trust, Palo Alto, has purchase a land parcel at Folsom and First Streets with plans to build a 43-story residential building in proximity to Transbay Terminal. The firm will pay $43.6 million for the property.

The site is located in the Transbay Center District Plan which has six million square feet of office space under construction or planned, thereby increasing the high quality and high paying jobs in the area. Upon completion in 2017, the Transbay Terminal will become the major transportation hub in downtown San Francisco, connecting BART, Caltrans and nine other transit systems and has been referred to as the Grand Central Station of the West. The parcel is fully entitled and construction will commence in October 2015 with a projected opening in the Fall of 2018.