Former Walgreens - Infill San Francisco - 500’ FT HEIGHT
High Density Mixed Use Development - High Priority Commercial Corridor Site
Marketing description
Generational / Legacy Infill San Francisco Site - This site is located in the heart of San Francisco near the desirable Lower Pacific Heights neighborhood. Located close to Van Ness Avenue and Geary Street, directly on Franklin Street and Post Street and adjacent the CPMC Van Ness Sutter Health Campus, this desirable location would allow success for residential and/or commercial development.
• Major Zone Change / Density Increase In Process: “Expanded Housing Choice” – The current effort by the City of San Francisco to upzone this district and location allows for an opportunity to develop a project of significant density. The site allows a structure up to 200 feet height without inclusionary housing and up to 500 feet with some inclusionary housing. The new form-based code is estimated to allow up to 868 units. Please contact listing agents for more details.
• “High Priority” Corridor Site - The District 2 Supervisors office described the site as a “High Priority Corridor Site” which shows eagerness to support a high density project at this location.
• Formula Retail Benefits - San Francisco’s formula retail policy regulates chain stores with 11 or more global locations. These businesses are banned in most neighborhoods but allowed with a conditional use permit at this location.
• Lower Pacific Heights Neighborhood - Lower Pacific Heights remains a high-demand, high-value neighborhood with strong year-over-year growth, quick sales. It’s more affordable than close by top-tier Pacific Heights but draws similar buyer interest and investment dynamics. • Adjacency to Sutter Health / CPMC Van Ness Campus – this facility is a major, state-of-the-art hospital complex in downtown San Francisco featuring nearly 1.5 million square foot hospital and medical office facility. Its new construction costs appr. $2.1 billion and it currently hosts appr. 3,000 employees.
Investment highlights
Major City-Wide Zone Change “Expanded Housing Choice”
The code will be a “form-based density” with an allowed height of 200 feet without affordable housing requirements or up to 500 feet with some inclusionary housing requirements. The City has described the Subject Property as a “high-profile site” that would help meet the goals of providing additional housing units in the city. Please ask listing brokers for the appropriate contacts at the city to discuss further details and to confirm these conversations.
In addition, the City’s density bonus program under this rezone effort will allow fee-in-lieu credits for Inclusionary housing units off-site and not required at the subject property.
The floor area/density estimated at a 200 feet height (without inclusionary units) for the appr. 18,000 square foot site at 16 floors (12 foot floor-to-floor height) equates to 288,000 square feet of estimated gross building envelope and 230,000 net rentable area with an 80% efficiency ratio. At 1,200 square feet average unit size this equates to 192 units to 270 units at 850 square foot average.
The floor area/density estimated at 500 foot height (with inclusionary units) for the appr. 18,000 square foot site at 41 floors (12 foot floor-to-floor height) equates to 738,000 square foot estimated gross building envelope and 590,000 net rentable area square feet with an 80% efficiency ratio. At 1,200 square foot average unit size this equates to 615 units to 868 units at 850 square feet on average.
Current Zoning:
The current zoning is NC3, the residential density allowed at this site is directed towards the nearest residential zone (RC4), this allows 1 unit per 200 square foot lot area (currently 94 dwelling units allowed) at the base zoning without utilizing state density bonus AB2011.
With AB2011, a 100% increase in density is allowed for a total of 188 units under State Assembly Bill 2011 with the inclusionary housing units. The current height limit is 130 feet.
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