05/21/15

Developer breaks ground on two S.F. condo buildings

Trumark Urban, one of San Francisco’s most active residential developers, has broken ground on two more condo buildings with a combined budget of more than $100 million. The projects are part Trumark’s plan to invest $1 billion in San Francisco and Los Angeles in the next few years, with the goal of building more than 700 new condos in San Francisco.

The latest projects are the 91-unit Knox at 645 Texas St. in Dogpatch and the 70-unit Rowan at 346 Potrero Ave. in the Inner Mission near Potrero Hill. Under San Francisco’s affordable housing requirements, each of the projects will have 11 affordable for-sale units.

Sales will start next spring for both projects and pricing hasn’t been determined. The buildings will be completed by fall 2016, and Polaris Pacific is marketing both projects, said Arden Hearing, managing director of San Francisco-based Trumark Urban. Trumark Urban is the condo development arm of Irvine-based Trumark Companies. Trumark’s financial partners include Dallas-based developer Hillwood Investments.

The two projects are another sign that developers are moving into San Francisco’s historically industrial areas to add more housing. “Our goal is to go into great neighborhoods and go into underutilized sites,” said Hearing.

Dogpatch has “matured to a point where services and amenities are burgeoning,” he said, citing the Muni’s T line light rail and new restaurants. The neighborhood has become a hotbed for residential development, with at least five big multifamily projects in progress, but some residents fear that the transit won’t keep up with the pace of construction.

Knox, designed by BDE Architecture, will have locally sourced art and use recycled materials. Handel Architects’ design for Rowan will reference the Inner Mission’s industrial heritage with a concrete exoskeleton, said Hearing.

The developer will also contribute a $50,000 gift and commit 600 man hours of cleanup each quarter at Franklin Square Park, which is next to the Rowan, and $10,000 for a new Dogpatch Playground at 22nd St. and Indiana St., set to open in August.

San Francisco’s condo market is surging. The median price for condos sold between January and March was more than $1 million, the first time the city has exceeded seven figures, according to Polaris Pacific. Prices rose 10.5 percent compared to the first three months of 2014.

Trumark Urban is also developing 76 new condos as part of a renovation of 2121 Webster St., the former home of the University of the Pacific Dugoni School of Dentistry, which moved to 155 Fifth St. The company has completed 27 new condos at 501 Filbert Street in Cow Hollow.

The city’s planning department is reviewing Trumark’s plans for 109 condos at 1554 Market St., and the developer expects to file for another 220 units at 1501 Mission St. in the first quarter of 2016, said Hearing.

Trumark has also sold some of its development sites because it is so busy, said Hearing. In March, it sold a site at 1545 Pine St., which is entitled for 107 units. In April, Trumark sold a project entitled for 114 condos at 923 Folsom St. Hearing declined to disclose the sales prices and buyers of the two sites.

Source
San Francisco Business Times
Roland Li

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