10/09/14

Construction to start on Trumark’s Pacific Heights condo project

Trumark Urban – quickly becoming one of the city’s most active residential builders – will break ground on a new slate of luxury condos in one of San Francisco’s ritziest neighborhoods this month.

The construction will set in motion 77 new units that will fill up the old University of Pacific dentistry campus at 2150 Webster St. in Pacific Heights, a neighborhood that is home to plenty of trophy mansions. It will also serve as the exclamation point for Trumark’s growing presence in the city, where the company has seven other projects planned as part of the company’s $700 million pipeline.

“The trend we’re surfing is the desirability of unique neighborhoods in San Francisco,” said Arden Hearing, managing director of Trumark Urban, pointing to the rash of new condos South of Market.

“There are generations Pacific Heights residents who would never live south of California Street. For people who have grown up here and want to live in that part of town, there are very few new projects,” he added.

Because of its location, the Pacific Heights condos will have the most “prestige” of any of Trumark’s other projects like the ones near Nob Hill and Hayes Valley, Hearing said. Construction will finish by March 2016. KB Home’s 81 luxury condos in Lower Pacific Heights will open before, in January 2015.

After Trumark scaled back the number of condos it planned to carve out in the Webster Street project last year, the project flew through the planning approval process and received little neighborhood pushback. The project earned the endorsement of the San Francisco Housing Action Committee, which applauded the “designs for its repurposing to a residential building (that) will enhance the street frontages along Webster, Clay and Sacramento Streets.”

Hearing said the site’s neighbors embraced the project because the dental school’s campus and clinic had clogged traffic, Hearing said. Trumark will give about $5.2 million to the city for affordable housing instead of building it on or off site.

The company will not yet release prices for the luxury condos. Overall, condo prices increased by 12 percent over the past year in San Francisco, rising to $1,128 per square foot, according to the Mark Company’s Condominium Pricing Index. There’s still insatiable demand: Half of the high-end condos at Lightner Property Group’s Thirty Five Dolores have sold since sales opened last month, while potential buyers have chomped at the bit to live in Tishman Speyer’s Lumina towers.

Trumark is staying busy over the next six months. At Amero in Cow Hollow, the first 10 units went on the market this week in the $1 million range, Hearing said.

Construction will start on:
120 units at 923 Folsom St. in December
75 units at 346 Potrero St. in January
95 units at 645 Texas St. in February
120 units at 1545 Pine St. in February

Source
San Francisco Business Times
Cory Weinberg

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