This Week's San Francisco Deal Sheet
Alexandria Real Estate Equities is attempting to build a 1M SF office building in San Francisco’s downtown minus a controversial tennis club, according to the San Francisco Business Times.
After settling a lawsuit with a San Francisco-based recreation-oriented nonprofit this year, Alexandria has filed to amend permits to allow it to build a 15-story mixed-use building at 88 Bluxume St. replete with office space, affordable housing and a childcare facility without being forced to include a 186K SF tennis-club facility.
Initially, the developer won approval for the project while promising to replace the 286K SF tennis facility that was torn down to make way for the new building. As the date for construction neared, Alexandria said market conditions had changed and nixed the tennis facility, prompting a lawsuit by San Franciscans for Sports and Recreation.
With litigation recently settled, Alexandria is prepared to move forward absent the tennis club and is seeking approval from the city to adjust its permits.
PEOPLE
Sares Regis Group of Northern California announced the promotion of two executives. Janice Yuen was named chief financial officer of the San Mateo-based real estate developer, and Yayu Lin was named president of the commercial real estate services division.
CONSTRUCTION
The U.S. Department of Transportation recommended funding Bay Area Regional Transit to the tune of about $500M to extend part of its rail network from San Jose to Santa Clara. The 6-mile extension is meant to enhance the connectivity of the transit system, DOT said.
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A new developer has thrown its hat in the ring to develop a major slice of the former U.S. Naval Outpost in Concord. City Ventures, with offices in San Francisco and Irvine, will take its second crack at developing a 2,300-acre parcel located within the former Concord Naval Weapons Station, according to the San Francisco Business Times.
City Ventures had bid for the right to develop the cite but the city of Concord elected to go with local developers. The deal has since fallen apart and City Ventures has notified the city it is still interested in building a mixed commercial site on the former government property.
THIS AND THAT
Calvera Properties, based in Minneapolis and San Francisco, created a new fund and is seeking $100M in capital commitments from accredited investors. The company is seeking to invest in multifamily units in high-growth areas of the country.
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San Francisco is 11th in the U.S. in terms of coworking square footage, with 110 available units comprising 2.8M SF. Manhattan and Los Angeles lead the nation with more than twice the number. San Francisco’s price for coworking space is approximately double the price of the average nationwide rate.
