Goodwill's New Use
A bustling Mid-Market intersection is heating up, and we caught wind of another major deal in the works. Related California and the City of S.F. are under contract to buy this for-sale Goodwill site at South Van Ness and Mission, according to sources. (Our source was not Macklemore's Thrift Shop, we learned our lesson the last time we did that.)
The nonprofit officially put its 2.3-acre SoMa S.F. HQ site earlier this year, making developers everywhere swoon over the prime piece of development at the bustling intersection. Goodwill previously said it's selling because a spike in job training and placement services, donations, and other business lines outstripped the capacity of the Mission Street store. They have been considering other sites to transplant the locale, ideally in the city.
Related didn't respond to a request for comment about the deal. In February we caught up with EVP Lydia Tan, who told us 2014 was going to be its banner year in NorCal. At the time, the plan called for 750 units—or seven projects—under construction this year. This year it scooped up 75 units in 15 public housing sites from the Berkeley Housing Authority, which it plans to renovate under a $36M plan by December. (They have to finish by then or it wouldn't be part of the banner year.) The team is also converting an old industrial site into a 316-unit mixed-use project in Potrero Hill.
Related's statewide portfolio consists of some 9,500 units, which includes The Century celeb-infused condos in LA (you might've seen its latest tenant on E!'s #RichKids of Beverly Hills or you didn't because you have a life). The Goodwill site could house some 600 units, we hear. So far it's unclear what part the city will play in the purchase. The nearby Honda dealership site, which we reported on Friday is selling to Crescent Heights, is going for about $50M, sources tell us.
