450-Unit Multifamily Project Joins Bevy Of Proposals For South San Francisco
Essex Property Trust is adding to a slew of housing projects proposed for South San Francisco.
The San Mateo-based real estate investment trust has submitted plans to build a 450-unit multifamily project on a vacant industrial lot in the city. There are now nearly 1,200 units proposed for the region, where an 800-unit housing project is closer to construction.
Essex closed on the 4.2-acre site — which includes a 25K SF warehouse — for $33.5M in September, the San Francisco Business Times reports. Sandhill Land Co. sold the property at 7 South Linden Ave., situated near the San Bruno BART Station, for almost $8M per acre.
The site is also located near another proposed housing project for South San Francisco, a predominantly industrial region 10 miles south of downtown San Francisco. Infill Land Partners LLC is slated to go before the city council Monday with plans to develop a 262-unit apartment complex on 2 acres next to the Centennial Way Trail.
Infill said the project would serve “as a catalyst for transformation from a sprawling low-rise commercial district to an enlivened, walkable urban community near transit, services, and amenities,” according to documents filed with the city and reported by the S.F. Business Times.
The two proposals — located within a mile of each other — follow a move earlier this month by the city planning commission to greenlight one of the region's largest housing projects proposed in the past decade: a 480-unit project at 124 Airport Blvd. and 100 Produce Ave.
Developer Hanover Co. and property owner PS Business Parks are slated to go before the South San Francisco City Council for final approval on Nov. 23, the S.F. Business Times reports. The development would be the largest in South San Francisco since 2019, when L37 won approvals for an 800-unit project at 1051 Mission Road. That project is expected to begin construction next year.
The influx of approved and proposed housing projects of late for South San Francisco could ease the area's housing crunch: average asking rents have jumped 10% year-over-year to more than $3,075 per month, according to CoStar.
