• Planning recommends prioritizing development in Central SoMa
  • Four Seasons tower launches residential sales
  • Firehouse redevelopment plan now includes luxury condominiums
  • The weighted average of asking rents increase in San Francisco
  • Mortgage rates fell this week; 30-year average at 4.14%

Plans to Prioritize Development in Central SoMa

“Approved by voters in 1986, Proposition M limits the amount of new office space that can be built in San Francisco and provides San Francisco’s Planning Commission with the sole authority to allocate the pool of entitlements. As of the end of March, the pool of allocable space for new office developments in the city which measure over 50,000 square feet apiece (i.e., Large Cap projects) totaled roughly 2.9 million square feet with an additional 875,000 square feet to be added to the pool in October. At the same time, proposals for roughly 6.6 million square feet of Large Cap development are working their way through Planning and competing for an allocation. And with that in mind, San Francisco’s Planning Commission has been seeking Planning’s guidance on how to proceed… In terms of how to proceed, Planning is recommending that the Commission skip a beauty contest and allocate the first traunch of the pool to Central SoMa projects, in a phased manner and ‘in the order that the projects are otherwise ready to be approved.‘” CONTINUE READING ON SOCKETSITE

Steep toll for crooked Lombard Street moves forward, passing state Assembly

Congestion relief — at a cost of up to $10 — may be coming to drivers on the crooked section of Lombard Street, now that a bill to test out a toll system has cleared its first hurdle. AB 1605 by Assemblyman Phil Ting, D-San Francisco, passed the Assembly on Thursday by a vote of 51-18. It would enable San Francisco to set up a reservation and pricing system on the 500-foot brick path, known for its corkscrew twists, Instagram-worthy views and maddening traffic jams.” CONTINUE READING ON SFCHRONICLE

SF proposes surge pricing at tea garden, arboretum, Coit Tower for nonresidents

“A stroll along the rolling paths of Golden Gate Park’s Japanese Tea Garden and a visit to the blossoms at the Conservatory of Flowers could soon become slightly pricier for out-of-town visitors. San Francisco park officials are considering a proposal to adjust admission fees at a handful of major tourist attractions based on how many patrons are queuing up at any given time. For nonresident, adult visitors, admission fees for the tea garden, the San Francisco Botanical Garden, the Conservatory of Flowers and the elevator to the top of Coit Tower could be raised by up to 50% during peak times and discounted by up to 25% when demand is slow.” CONTINUE READING ON SFCHRONICLE

Yerba Buena’s upcoming Four Seasons tower launches residential sales

“The Four Seasons Private Residences at 706 Mission, located across from Yerba Buena Center for the Arts, takes a cue from its neighbor, the Ritz-Carlton Club and Residences on Market Street. Both structures use facadism—i.e., where the exterior of an old building is used as part of a new building being constructed next to or on top of it…  sales recently launched for condos inside the impending Four Seasons tower. Pricing for residences begin at $2.5 million, while the penthouse residences are priced in the $15 million to $25 million range. The building is slated for completion in 2020.” CONTINUE READING ON CURBED

Firehouse redevelopment plan in SF’s Jackson Square grows in size and scope

“The plan for a mixed-use development in San Francisco’s Jackson Square that would include a new, privately funded $25.5 million firehouse just got bigger. Related California, the developer selected to construct a fire station at 530 Sansome St., is proposing to combine that property with an adjacent parcel just to the east at 425-439 Washington StTaken together the combined development would include a new firehouse, 35 deluxe condos, a 200-room fitness-oriented Equinox Hotel, and a 36,000-square-foot athletic club.” CONTINUE READING ON SFCHRONICLE

Asking Rents Inch Up in San Francisco, Slip in Oakland

The weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments, has inched up $25 over the past month to $4,175, which is roughly 2 percent higher versus the same time last year but still 5 percent below its peak in the fourth quarter of 2015, with the average asking rent for a one-bedroom in the city now running around $3,700 a month.” CONTINUE READING ON SOCKETSITE

U.S. long-term mortgage rates down; 30-year average at 4.14%

U.S. long-term mortgage rates fell this week after four weeks of increases, giving a boost to prospective home buyers during the spring sales season. Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year, fixed-rate mortgage dropped to 4.14% from 4.20% last week. By contrast, a year ago the benchmark rate stood at 4.55%.” CONTINUE READING ON CHICAGO TRIBUNE

Likely cost of high-speed rail rises again

The state’s plan to connect San Francisco to Los Angeles via bullet train—a project that is not, in fact, cancelled despite some confusion about Gov. Gavin Newsom’s intentions earlier this year—has most likely grown more expensive, although cost estimates remain within the parameters laid out in last year’s business plan.” CONTINUE READING ON CURBED

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