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6/27/16
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F4 Transbay Partners LLC (F4), a joint venture of Hines, Urban Pacific Development LLC and Broad Street Principal Investments L.L.C., an affiliate of Goldman Sachs, have acquired Transbay Parcel F from the Transbay Joint Powers Authority (TJPA).
The acquisition follows the successful conclusion of the TJPA’s competitive bid and selection process, as well as the recent receipt of the full Board of Supervisors approval of an Option to Purchase from the Office of Community Infrastructure and Investment (OCII) Transbay Block 4. While the initial bid process was focused on Parcel F alone, the acquisition of both properties by F4 allows the TJPA to secure additional funding for the ongoing construction of the Transit Center, and also helps OCII to achieve district-wide goals for affordable housing.
Urban Pacific was among the five developers to be pre-qualified by the TJPA as a bidder in July of last year. Approval of the Parcel F acquisition was announced by the TJPA in March of this year. Hines and Urban Pacific will lead the development of both projects.
Parcel F is the last remaining site available for development of a super-tall building in downtown San Francisco, and one of three sites which has a direct connection to the Transbay Transit Center Rooftop Park via a planned pedestrian sky bridge. The new project will be designed by Pelli Clarke Pelli Architects in partnership with the local office of HKS Architects Inc, who will act as architect of record.
Plans for Parcel F, located on the north side of Howard St at the western end of the new Transit Center, include a 60-story, 750-foot tall mixed-use tower containing Class A office, a luxury hotel, and residential units at the top of the tower. Block 4 is located on the southern side of Howard St between Beale and Main, adjacent to the future Transbay Park, and is envisioned as a 45-story, 450-foot tall residential tower with midrise residential buildings around the base.
Combined, the two projects may provide 600 to 700 new residential units, and the number of designated affordable units will meet or exceed current code requirements. Specifically, the amount of affordable housing to be built at Block 4 could exceed 45 percent.
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