299 FREMONT in San Francisco (15/58)

Golub & Co. is ready to start construction this fall on a $200 million, 32-story residential tower at 299 Fremont after securing financing from the Multi-Employer Property Trust and its advisor, Bentall Kennedy.

The 409-unit luxury high-rise complex will include an apartment tower, townhome residences, a ground-level courtyard and street-front retail.

299 FREMONT STREET, SAN FRANCISCO, CA 94105

Groundbreaking is expected by year-end 2013, with expected completion in late 2015.

“San Francisco is one of the strongest multi-family markets in North America, thanks to our city’s strong economic and demographic growth,” said Amy Price, chief operating officer of Bentall Kennedy U.S. “This opportunity is a highly strategic fit for MEPT’s multifamily investment criteria, including the opportunity to partner with an experienced urban multifamily developer (Golub & Co).”
A Golub & Co. team led by principals Michael Newman, president and CEO, and Lee Golub, executive vice president, was selected as the developer of the site by the City of San Francisco, owners of the site. “All the pieces of the puzzle fit together for Block 6, which will be a true live/work/play environment. Strong demand for apartments exists today, and we are confident that SoMa will continue to attract young professionals in the rental market for decades to come,” said Newman.
The San Francisco office of Solomon Cordwell Buenz designed the project and will serve as the architect of record. The general contractor is a joint venture between Balfour Beatty and Cahill Construction.
The project comes as four residential highrises are under construction in the Transbay/Rincon Hill area of the South of Market, and several more are close to starting. Tishman Speyer has started work on Lumina, a 665-unit two-tower complex at 201 Folsom St. Principal Global Investors and Urban Pacific Investors are building 299 units at One Rincon Hill. Crescent Heights has broken ground at 45 Lansing St. And Jay Paul Co. has started work on a mixed use office/residential project at 181 Fremont St. Also getting ready to start construction are UDR’s 399 Fremont St. and Equity Residential 340 Fremont.

Taken together, the projects total more than 2,600 units.
The 299 Fremont St. project is aiming to achieve LEED gold under the U.S. Green Building Council Leadership in Environmental and Energy Design.
David Antonelli, executive VP and MEPT portfolio manager at Bentall Kennedy, said that the project would benefit from its proximity to the Transbay Transit Center, which is expected to serve more than 45 million passengers annually.
“Proximity to public transportation is not optional for apartments targeting renters in the millennial generation,” said Antonelli.
The units at 299 Fremont will offer efficient floor plans with luxury finishes and appliances as well as full-height windows offering a combination of views of the city and the bay. Planned community amenities include sky balconies on every third floor of the tower, a state-of-the-art fitness center, and a community room with gourmet kitchen, game room and media lounge. Outdoor spaces will include a rooftop deck, hot tub, gas grills, seating, fireplace and terraces wired for Wi-Fi. Other amenities include a 24-hour doorman, package service, bicycle storage and repair, and dog bathing facility.
Block 6 represents the second MEPT investment in new construction in San Francisco in the past 18 months. MEPT is also the preferred equity investor in NEMA, a 754-unit apartment complex at 14 10th St.