From today on Socketsite:
Final parcel in reach for Tishman Speyer’s 400-unit SoMa project
Adam Weintraub, Contributor- San Francisco Business Times
May 29, 2014
Developer Tishman Speyer is negotiating with the city for the final parcel it needs to put together a 400-unit condo highrise project at 100 Folsom St.
San Francisco’s redevelopment commissioners will get a first long look next week at negotiations with the New York-based developer over land for a proposed project in the South of Market neighborhood.
Tishman acquired a multi-parcel residential development site at 100 Folsom in June 2013 for a project expected to include about 400 units. But to develop the site, Tishman Speyer needs the publicly owned parcel that makes up about 60 percent of that block.
The Commission on Community Investment and Infrastructure will meet in closed session Tuesday to discuss negotiations over price and terms with Tishman Speyer about the parcel at 235 Main St. and give instructions to staff on how to proceed.
It’s the first time the commission has met to discuss the property, said Mike Grisso, a senior project manager at San Francisco Office of Community Investment and Infrastructure (OCII). Grisso said he could not discuss the ongoing negotiations or any details that will be presented to the commissioners.
A New York-based spokesman for Tishman Speyer declined to comment early Friday.
Grisso said last June that the agency had always intended to negotiate the sale of the parcel with whoever bought the rest of the block because the it should be redeveloped as a whole.
OCII is the successor to San Francisco Redevelopment Agency, which was one of the redevelopment agencies wiped out by a 2011 change in California law.
Tishman Speyer built the two-tower Infinity project at 300 Spear St. and broke ground last year on Lumina, a $620 million, 665-unit complex with two highrise towers that is being built with partner China Vanke at 201 Folsom St.
The surface parking lot Tishman Speyer bought in the 100 block of Folsom could hold a 300-foot tower and two podium buildings of 85 feet and 50 feet.
The firm also is developing or manages office properties in San Francisco, including the 30-story office tower at 595 Market Street and the 450,000-square-foot office tower rising at 222 Second St. that will be occupied by LinkedIn.
Carl Shannon, who is representing Tishman Speyer in negotiations, could not be reached for comment.