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5/16/19
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BUILD, a San Francisco residential development company, is currently looking to lock up investment partners for the construction phase of its India Basin development, located within a rare opportunity zone in San Francisco. The firm has retained HFF’s equity placement team of Charles Halladay, Jordan Angel and Chris Gandy to assist in this process.
With the City of San Francisco’s approvals secured, BUILD’s vision will transform the former gravel yard on the San Francisco waterfront into a pedestrian-first, walkable residential village. The development lies within a designated opportunity zone, as established by the Tax Cuts and Jobs Act of 2017, which allows for significant tax benefits to the investment. Originally 30 independent parcels that have been combined into one master-project, the size of the development and its location in an opportunity zone is particularly noteworthy in San Francisco, a city known for its scarcity of available real estate.
The land is entitled for approximately 3.4 msf of new development, including approximately 1.5 msf of residential space. Once constructed, the mixed-use village will include 1,575 residential units, 200k sf of commercial space, expansive open and recreation space, enhanced waterfront access and underground parking.
India Basin is in San Francisco’s Eastern Waterfront, immediately south of the Dogpatch and Mission Bay neighborhoods, and allows for easy access to the major job centers in downtown San Francisco and the peninsula, including burgeoning life science hubs in both Mission Bay and Oyster Point. Nearby, new commercial space and housing are in development at Hunter’s Point Shipyard and Candlestick Point to the south. India Basin has a reputation for being one of the sunniest neighborhoods in San Francisco and boasts a storied history and creative scene that complement areas of picturesque landscape and a rich ecology along San Francisco’s beautiful shoreline.
Gandy stated that the site’s location and size provide a once-in-a-lifetime chance to develop an entire community within San Francisco. “India Basin represents a unique investment prospect in a transformative development on the Eastern Waterfront of San Francisco. The long-term nature of the entitlements and location in an opportunity zone will provide investors with tremendous optionality for value creation over time in one of the most constrained residential real estate markets in the world. This site represents one of the best prospects in the United States to take advantage of the significant tax benefits available through opportunity zone investment.”
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