More tranSFormation is coming to San Francisco’s South of Market district, this time in the form of a university campus. University of the Pacific just closed a $47 million deal to buy the former Wells Fargo building at 155 Fifth St. and turn it into a spanking new location for its Arthur A. Dugoni School of Dentistry.
The seven-story, 395,000-square-foot building, across the street from The Chronicle, is to be completely renovated, both inside and out, to make way for the dental school’s classrooms, labs, research space, patient care and future university programs.The top two floors of the building will be leased separately as office space....More
Bay Area roads are some of the most congested in the country, according to a new study from the Texas Transportation Institute.
The study, which ranks specific traffic corridors based on overall congestion, unpredictable congestion and “reliable unreliability,” says a half-dozen highways in the Bay Area are gridlocked, logjammed, bumper-t0-bumper, packed like sardines … well, you get the idea....More
Every year around this time the editorial staff at the San Francisco Business Times begins soliciting nominations for our annual Real Estate Deals of the Year (which publishes in March the following year).
But as we look across the cityscape of what was completed in 2011, we are coming to a startling conclusion: Not one market rate housing project of more than 30 units opened this year....More
For new renters, or people looking to move to a new rental, we have not such great news. None of which should come as a surprise. According to the San Francisco Business Times, the rental vacancy rate in town is at 3.2% and rents are up 9%.
Despite reports that California is losing population, the nine Bay Area counties are expected to add 30/35K new residents this year....More
Swinerton Builders has received the green light to start work on a long-stalled 749-unit apartment complex at 10th and Market streets in San Francisco.
The $200 million project, being developed by Miami-based Crescent Heights , is a central piece of the city’s plan to bring new activity and investment into the Mid-Market neighborhood. The development, originally for-sale condos, was shelved before the recession started in 2008; it was redesigned as apartments last year....More
In San Francisco proper the vacancy rate is an ever lower 3.2 percent, and demand has pushed rents up 9 percent in the past year to an average of $2,568 per month. San Mateo County also has a 3.2 percent vacancy and rents have climbed 11 percent to an average of $1,934.
Yet just 1,400 new Bay Area rental housing units came online in 2010, about half of the rental housing production the area saw between 2005 and 2009, according to Cassidy Turley.