524 Howard St (Planning, Design or Conception) – San Francisco – 94105
As we first reported and summarized last month, while Crescent Heights is seeking approval to continue operating the little parking lot at 524 Howard Street which they acquired out of foreclosure in 2011, they’re concurrently working on a plan to construct a 44-story residential tower on the site.
As proposed, the slender tower to rise at 524 Howard would reach a roof height of 450 feet, under which 285 residential units, 1,300 square feet of retail space fronting Howard, and 71 parking spaces accessed by way of Natoma Street would be built.
Currently undergoing a Preliminary Project Assessment by San Francisco’s Planning Department, while the on-site board for the 524 Howard Street project announces “coming soon,” it’s likely a minimum of three years away and has yet to be approved.
∙ New Plans For Prime Transbay Parcel: 44-Story Condo Tower [SocketSite]
San Francisco’s Planning Commission first approved entitlements for a 311-foot tall, 23-story office building to be built at 524 Howard Street back in 1989, but the ground was never broken and the prime Transbay adjacent parcel was foreclosed upon in 2011.
Authorization to operate a temporary parking lot on the site expired earlier this year. And while the new owners of the site are seeking an extension to continue operating the lot, they’re also working on a new plan to construct a 44-story condo tower on the site.
While an on-site board for the 524 Howard Street project announces “coming soon,” keep in mind that plans for the newly envisioned 450-foot tower with facades on both Howard and Natoma have yet to be approved by Planning much less permitted for construction.
Howard/First Property LLC, an affiliate of Crescent Heights Group of Properties based in Miami, acquired the high-rise residential development site at 524 Howard Street. Located directly adjacent to the future Transbay Transit Center, 524 Howard Street is a rare urban infill residential development site within San Francisco’s business core.
Senior Vice Presidents Tony Crossley and Tim Maas of Colliers’ San Francisco Investment Services Group represented the Seller, Howard Street Property Investors, LLC. The team has extensive experience with private investors, family trusts, REITS, institutional investors, and corporations. Since 1997, the team has handled 40% of the total sales of San Francisco properties valued between $5 million and $50 million. A track record of $4 billion in sales comprised of over 300 downtown San Francisco properties, including 20 major development sites.
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