Tishman Speyer, China Vanke Break Ground on Luxury Condos in San Francisco
- Jun 28, 2013
A joint venture between Tishman Speyer and China Vanke has begun construction on Lumina, a community of 655 luxury condominiums with retail and parking on the San Francisco waterfront.
Located at Main and Folsom streets, Lumina is a two-tower development designed by the award-winning Bernardo Fort-Brescia of Arquitectonica. One residential tower will reach 350 feet and the other will stand at 400 feet tall, with two mid-rise podium buildings arranged around a landscaped central courtyard.
“The thought process behind this project really came out of the Loma Prieta earthquake of 1989 and the demolition of the Embarcadero Freeway, which opened up south of market to potential development,” Carl Shannon, Tishman Speyer’s senior managing director and regional director for Northern California, told Commercial Property Executive. “The planning department said we should use these sites to build housing near jobs and near transit.”
This is the second project for Tishman Speyer in the area, following the Infinity, which started construction in 2005 and opened in 2008-09. Lumina is immediately to the west of it.
Floor plans include studio to three-bedroom layouts averaging 1,275 square-feet of spacious living. Its curved floor-to-ceiling windowed walls will provide city and bay views and offer an array of amenities.
The amenities include spa-like facilities with a private treatment room; a three-level urban clubhouse with outdoor entertaining area and BBQ; a theatre-style private screening room; a music room to practice; a game room; a pet washing station; a children’s room to entertain kids and meet other families; secure bike storage, a bike repair room, etc.
Each residence will have a parking space with the luxury of 24/7 valet service for residents and their guests. Electric vehicle charging stations will also be available to residents.
Lumina will include two commercial spaces; a 9,500 square-foot space along Folsom Street envisioned for a restaurant or upscale market; and a 1,000 square-foot space at Folsom and Beale Streets is envisioned as a café.
“This is our first investment in North America and we’re thrilled to be part of such an iconic real estate development in San Francisco,” Wang Shi, China Vanke’s chairman and founder, said. “It’s more than a residence; it’s a central development in the heart of San Francisco. The waterfront and SOMA areas continue to lead with architectural feats such as The Infinity, The Ferry Building and soon the newly-renovated SFMOMA. We’re excited to be part of such a vivacious and culturally rich area.”
According to Shannon, the Lumina is close to jobs and transportation and also situated near San Francisco’s vibrant downtown, the sparkling waterfront, AT&T Park, South Beach and Rincon Hill.
“It’s a short walk from downtown, very near transit and very close to the new Transbay Terminal that is under construction,” he added. “It’s also near the Ferry Building and all the amenities along Spear and Steuart streets, and two blocks from the waterfront.”
Construction has begun and the sales center is scheduled to open in summer of 2014 with units opening that fall.