Update on the Mid-Market towers

SocketSite reports that yet another Mid-Market property has hit the market. This time it’s the five-story building at 30 Van Ness Avenue between Market and Fell, just across the street from One Van Ness, which like the proposed property at 30 Van Ness is zoned for a 400-foot tower. Snohetta has taken over the design of One Van Ness; the project was recently acquired by Build Inc. and GTIS Partners and will result in the venerable All Star Café donut joint on the site that is going to be razed.

The tower at 30 Van Ness would be large enough to support development of more than 500 housing units, SocketSite reports. The parcel’s current occupant is an 180,000-square-foot building that is home to the Department of Public Works, the San Francisco Retirement System and a host of other city agencies. While the sale is expected to happen in early 2015, it will come with a leaseback to the city until late 2018 at the earliest. The proceeds from that sale will go to pay for the city’s proposed development of a new 17-story building stretching along 11th Street between Mission and Market. It is also proposed that the existing MUNI subway stop on the west side of Van Ness be rebuilt as part of the project.

In addition to that new station, there would be a public plaza built along Oak Street. That would include 300 condos in the tower above as well as street-level retail. One Van Ness is Snohetta’s first U.S. tower project; it is a Norwegian company.

Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com

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