By J.K Dineen, Reporter, San Francisco Business TImes
A month after breaking ground on a $620 million, two-tower highrise project at 201 Folsom St., Tishman Speyer is already lining up its next downtown San Francisco housing development.
The New York-based developer, which is currently building office and condo projects in and around the south financial district, has purchased a multi-parcel residential development site on the 100 block of Folsom St., a parcel that could accommodate a 300-foot condo tower as well as two podium buildings, one 85 feet and one 50 feet.
The development, which will probably total about 400 units, would be Tishman Speyer’s third housing project in the south financial district area. The New York-based developer built the two tower Infinity project at 300 Spear St. and recently broke ground on Lumina, a 665-unit highrise complex that is being built with partner China Vanke at 201 Folsom St.
The 100 Folsom St. transaction closed on June 28th, according to public records. The seller of record was Martin C. Levin Investment Co. The site is currently a surface parking lot.
Developers had been chasing the Folsom Street parcels for years, but the deal was complicated by the fact that ownership group included three different family trusts not always in agreement about whether to sell. In addition, about 60 percent of the block is owned by the city and Tishman Speyer will have to acquire the city-owned parcel in order to do the development, according to Mike Grisso, senior project manager at San Francisco Office of Community Investment and Infrastructure.
Grisso said that his office is already in talks with Tishman Speyer.
“It has always been our intention to negotiate a sale of our parcel to whomever owns the other three,” he said. “We are looking at the redevelopment of the whole block. You need to develop them all together.”
The sale of the city-owned parcels can’t be finalized until the city finishes its long-range property management plan, which the state is requiring as part of the dissolution of redevelopment agencies. That plan is close to completion, Grisso said.