Developers Battle for Transbay Terminal Housing; Spate of Hotels Trade
- Oct 12, 2011
The City by the Bay is moving forward on one of its largest projects of the year, with four development teams battling it out for the mixed-income housing project near the Transbay Terminal. The 450 units will be built by one of the following partnerships: Chicago-based Golub & Co. and Mercy Housing; Avant Housing – a venture between AGI Capital and TMG Partners; The Related Cos. with affordable developer Tenderloin Neighborhood Development Corp.; or Grosvenor Americas, with Eden Housing in charge of the affordable component of the project.
One of these partnerships will be entrusted with blocks 6 and 7, being slated for 450 housing units, 150 of which are set to be affordable. The main building of the project will be a 300-foot tower, while other buildings in the project will be a 50-foot townhome and a series of buildings ranging from 35 to 85 feet and including 150 affordable family rental units.
Hotel deals have been coming in multiples recently. Part of a portfolio, The Villa Florence, put up for sale back in June, recently traded hands between Larkspur and LaSalle Hotel Properties for the generous amount of $67.2 million, or a per-room rate of $369,231. The Huntington Hotel also shifted ownership; one of the city’s best known hospitality spots, it is set to trade to Grace International for around $54 million, the first property the Singapore-based company is buysingoutside of its home country.