2301 Lombard will feature panoramic views of the city, Bay and Golden Gate Bridge.
SAN FRANCISCO—With housing at a premium, new developments take many twists and turns to get to approval stage. And, some are lucky enough to nab prime real estate with enough dogged determination. Two sites of that type are poised for much-needed housing in the Marina.
Positioned at the intersection of San Francisco's most sought-after neighborhoods– the Marina, Cow Hollow, Russian Hill and Pacific Heights–2465 Van Ness is just blocks from the city's northern waterfront, between Union and Green Streets. 2301 Lombard is located between two popular shopping and dining streets, Chestnut and Union in the Cow Hollow, Marina and Pacific Heights neighborhoods.
DM Development has acquired and plans to develop these two residential projects in the Marina District. The result of winning a highly competitive selection process with Chevron to acquire and build on both sites, DM Development aims to catalyze the redevelopment of the northern gateway and provide housing options to a neighborhood with historically low residential inventory. DM Development recently closed on $35 million in equity financing for both sites, which are planned to start construction in late 2017, with completion slated for 2019.
“With the acquisition of these prime parcels, we're eager to begin development and continue our firm's trajectory of providing exceptional, thoughtfully designed and high-quality residences in San Francisco. Complemented by their locations in one of San Francisco's most iconic neighborhoods, these properties will provide access to desirable neighborhood amenities, spectacular Golden Gate Bridge and water views, exceptional architectural design features and community-oriented, curated street-level retail at both sites that will enrich the neighborhood,” says DM Development principal Mark MacDonald.
The 41 condominium residences on Van Ness designed by Handel Architects will include one-, two- and three-bedroom homes featuring designs for distinctive urban living. A large common roof deck and several private outdoor spaces will enable residents to enjoy views of the Golden Gate Bridge and the Bay, while ground-level commercial space will enhance and beautify the streetscape, and add convenience and enjoyment for residents and neighbors.
Also designed by Handel Architects, the 22-unit building on Lombard is inspired by the surrounding hills and Bay. The property will provide one-, two- and three-bedroom residences with several private roof terraces and a large common roof deck, featuring panoramic views of the city, Bay and Golden Gate Bridge.
A commercial space located on Lombard Street will activate this portion of the street, provide a useful amenity for the neighborhood and further enhance the surrounding area. Walkability to neighborhood amenities on Chestnut Street and Union Street will make this address a desirable residential location.
The remediation process for the project included clean-up efforts for both sites, GlobeSt.com learns. The property on Van Ness was operated by Chevron from 1935 to 2010, and all tanks were removed. It was fully remediated by Chevron between 1991 and 2011. Soils and groundwater were monitored by monitoring wells and other methods for approximately 20 years. The San Francisco Department of Public Health local oversight program considered the site clean-up task complete and formally closed the final case on December 6, 2011.
The property on Lombard was operated by Chevron from 1935 to 2003, and all tanks were removed. It was fully remediated by Chevron between 2003 and 2010. Soils and groundwater were monitored by monitoring wells and other methods for more than 25 years. The San Francisco Department of Public Health local oversight program considered the site clean-up operation complete and formally closed the case on June 17, 2010.
Following the company's transformative developments in Hayes Valley at 450 Hayes, 400 Grove and 8 Octavia, the Van Ness and Lombard properties are the latest projects in DM Development's growing San Francisco portfolio, which also includes residential projects at 815 Tennessee and 2290 Third St. in Dogpatch, and 311 Grove and Parcel T in Hayes Valley.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
