08/10/15

2 more condo projects near Mid-Market

Trumark Urban, one of the most active residential developers in San Francisco, is moving forward with two more condo projects near the rapidly changing Mid-Market corridor.

The developer plans to break ground later this year on 109 condo units at 1554 Market St. after getting approvals from the Planning Commission in June. It is also seeking entitlements by the end of the year for a 220-unit project at 1601 Mission St., a few blocks to the south.

The projects would bring hundreds of new units to the western edge of the Mid-Market area, a historically gritty neighborhood that has attracted new investment as tech companies open new offices. “The transition largely catalyzed by the mayor’s efforts is just phenomenal,” said Arden Hearing, managing director of Trumark Urban. “Twitter’s a big part of that. Dolby’s a part of that.”

The two projects are part of an ambitious 700-unit pipeline that Trumark Urban, a division of Irvine-based Trumark Cos., is planning in San Francisco. Unlike most local developers who are predominantly building rentals, Trumark focuses on condos in part because of the lack of new supply. Texas-based Hillwood Investments is the developer’s equity partner.

The 12-story 1554 Market St. building will be one of the only large condo projects around Hayes Valley and Mid-Market. It will replace small retailers including a liquor store that shuttered in June, which Hearing described as a “beacon of blight.” Construction is slated to begin by December and finish in around 18 months. Pricing hasn’t been determined.

“It’s the center of San Francisco. It’s got one foot in Hayes Valley. It’s got one foot in Mid-Market,” said Hearing.
The 1601 Mission St. project will also be 12 stories and roughly twice as large. It is located at a “hub” between Mid-Market, South of Market and the Mission, and will replace a car wash, Hearing said. “(The car wash) is just not the highest and best use in such an urban environment.”

Polaris Pacific is marketing both projects, and Handel Architects is responsible for both designs.

Trumark Urban is also building two condo buildings of 91 units at 645 Texas St. in Dogpatch and 70 units at 346 Potrero Ave. in the Inner Mission. The developer is also redeveloping the former Dugoni School of Dentistry property at 2121 Webster St. in Pacific Heights into 72 condos, which could have some of highest prices per square foot in the city.

Source
San Francisco Business Times
Roland Li

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