1629 Market Street will have 420 units averaging 732 square feet (credit: David Baker Architects).
SAN FRANCISCO—Another housing project is coming to San Francisco, and it can't be soon enough. This is even more the case given its location in the heart of the Mid-Market technology hub already includes an automatic housing need.
When complete in mid-2021, the fully entitled 1629 Market Street will encompass 420 units averaging 732 square feet. In addition, it will include nearly 9,000 square feet of retail within three mid-rise buildings that will share a sub-grade parking garage.
The project will be constructed on 1.7 acres at the intersection of Van Ness Avenue and Market Street. The 24/7 location provides access to more than 400 restaurants and bars within an eight-block radius along with access to public transportation options and approximately 30% of the city's largest technology-based companies, all of which have garnered the site a Walk Score of 99.
Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the approximately $320 million project. The HFF equity placement team representing the developer included managing director Scott Bales along with senior managing director Charles Halladay, managing director Jordan Angel, director Peter Yorck, and analysts Eric Bet and Nolan Moore.
“1629 Market Street lies in the Hub District, a neighborhood undergoing a rebirth as the best transit-oriented location in San Francisco,” Angel tells GlobeSt.com. “As far back as the 1880s, the area which is now encompassed by the 2008 Market and Octavia area plan and coined the Market Street Hub District, represented the confluence of streetcar lines and now enjoys proximity to Muni, BART and the electrified buses being upgraded as part of the Van Ness Improvement Project. With unparalleled walkability to the amenities of Hayes Valley, 1629 Market is at the center of the revitalization.”
The Van Ness improvement project is bringing San Francisco its first Bus Rapid Transit system, a much-needed solution to improve transit service and address traffic congestion on the north-south arterial of Van Ness Avenue, according to the San Francisco Municipal Transportation Agency. To maximize the benefits during construction, the project also includes extensive utility maintenance, civic improvements and safety enhancements that will revitalize this historic corridor.
The cost estimate is $309.3 million with a predicted completion of 2021. Affected neighborhoods are the Western Addition, Pacific Heights, the Marina, Russian Hill, South of Market, Downtown/Civic Center and Nob Hill. In addition to Van Ness, affected streets are Lombard and Mission.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
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.
