Developers Battle for Transbay Terminal Housing; Spate of Hotels Trade

  • by Alex Girda
By Alex Girda, Associate Editor 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 [...]

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.