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5/28/15
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Trumark Urban and Hillwood West are nearing the start of construction on a new residential and retail development in San Francisco after obtaining $48 mil in senior construction money from PCCP LLC. Construction is anticipated to begin in summer 2015 with completion anticipated for late 2016.
The fully-entitled project will consist of 91 condominium units with 625 sf of ground floor retail and 67 subterranean parking stalls. It is located at 645 Texas St and 22nd St in the amenity-rich Dogpatch/East Potrero Hill neighborhood near downtown San Francisco.
The in-fill site currently has two vacant warehouse buildings which will be demolished. The condo units will include one- and two-bedroom units as well as three-bedroom penthouse units.
San Francisco’s residential market is significantly under-supplied and is in the midst of a multi-year bull market that is due to a surging tech employment market and very favorable owner supply/demand dynamics.
The new development will have direct access to Interstate 280, 22nd Street Caltrain, 3rd Street T-Line Muni, Espirit Park, and the future Pier 70 waterfront development. Major employers, including UCSF Medical Center, Uber, and Old Navy have campuses located approximately 1.25 miles north of the property.
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