Lover of luxe brings lofty plan to S.F.

San Francisco Business Times – March 17, 2006

by J.K. Dineen

Don Peebles is finally getting a piece of SoMa.

The Miami-based luxury hotel and condo developer, who has been aggressively bidding on properties in San Francisco for a year, will pay $20 million for 250 Brannan St., the brick-and-timber former Gallo Salame meat plant most recently used for dot-com offices.

Peebles said he will invest another $30 million to convert the 104,000-square-foot office building into 54 ultra luxe Soho-style lofts and multilevel townhouses that he promises will "introduce a new standard for loft living in San Francisco and the Bay Area."

…

The 250 Brannan project will feature high ceilings — up to 32 feet in some units — floating staircases, private terraces, built-in cappuccino machines, wine cellars, gyms, screening rooms and darkrooms, he said. The two-level custom penthouse will have a "spectacular solarium" and will not be priced. The smallest units will start above $800,000 and the townhouses will be priced in the $3 million range, he said.

[more]

310 Townsend St

Pricing to be released June sometime.

Completion scheduled for Mid October.

All units with primary reservation at this point and 2/3rds to 80% have backup reservations.

Palms Second Release Expected This Week

www.thepalmssf.com

Second Sales Release is expected this week! Get on the list for the second release – Contact The Choey Group Now.

Visit The Choey Group | sign up for the SF New Developments Newsletter!

“Eastern SOMA” Area Plan

The San Francisco Planning Department recently hosted a workshop concerning the continued replanning of a subset of South of Market called “Eastern SOMA” – an oddly shaped area consisting of 2 areas connected by a corridor centered around Shipley St. The 2 areas are generally centered around South Park as well as 6th and Folsom (see the picture above).

If this rezoning ever gets approved and implemented, it could mean huge changes to the area with a majority of it being rezoned from M-1, M-2 to Mixed Use Residential, height restrictions being increased in many of these areas an average of 15 feet, and new boulevards being created on Folsom, 2nd, and 7th streets.

Here’s the Workshop Handout (PDF file ~ 10MB)

http://www.sfgov.org/site/uploadedfiles/planning/Citywide/pdf/soma_2_06_workshop_handout.pdf

Visit The Choey Group | sign up for the SF New Developments Newsletter!

The Palms Is Selling on Monday!

Finally the Palms is selling this Monday. In the first of three releases, The Palms has 72 units from floors 1-4 available for sale. Completion of the building is scheduled for late summer 2006. The other 2 sales releases have not been determined as of yet.

You must get a preapproval first with one of the three preferred lenders:

Wells Fargo Home Mortgage
Michael Treon
415.247.1253 or 415.505.7558           
michael.treon@wellsfargo.com 

Washington Mutual Bank          
Eliza Wu
415.242-6304                         
eliza.wu@wamu.net

Bank of America 
Josephine Spavone
415.622.0472
josephine.a.spavone@bankofamerica.com       

and then schedule an appointment to reserve the unit you want. Right now current appointments are being scheduled a week out. Reservations will be 3% of the purchase price. A contract will be signed approximately 30 days afterwards. There will be no contingencies in the contract.

For various reasons related to construction approvals, pricing has not been finalized but here are the ranges which varies by size, view, floor, location, etc.

Jr 1 Bedroom homes
Estimated prices:     $425,000 – $545,000

1 Bedroom homes
Estimated prices:     $540,000 – $895,000
 
2 Bedroom homes
Estimated prices:     $740,000 – $1,250,000 

3 Bedroom homes
Estimated prices:     $1,195,000 – $1,450,000

Contact Mark Choey
 

Palms Update

At this point, the first public release is scheduled for the 3rd week of January.

Floors 1, 3, and 4 will be released for sale.

Again, about 1/3 have been reserved from the “friends and family sale”.

Third Street Rail Plan

“It’s counter-intuitive . . . it’s putting a solution there before a problem exists.”
—Former Muni General Manager Michael Burns, on the Third Street Light Rail project

The quote above was taken out of context. But it was taken out of context for a good reason: The first thing you should understand about Muni’s under-construction Third Street Light Rail line is that it turns the conventional…

[more]

Shipley Square Update!

According to the sales office at Shipley Square, the last 2BR for $699k is under contract now… the cheapest 2BR is $740k.

Also, one of the last 2 one-bedroom’s are gone now. Only One Left!

The Palms!

Approximately 300 new luxury condos on 4th street near Brannan designed by Ian Birschell and Miami-based Allison Spear…Sitting on a block between Welsh, Freelon, Zoe and 4th st, the project will consist of at least 300 residential condominium units with at least 249,500 square feet of interior saleable space. The project will also have 4,550 square feet of street front, first floor retail space. Hi-end cabinetry, Bosch appliances, Subzero’s on the 8th and 9th floor units, high-end finishes…

Preliminary pricing

-Jr 1 BR’s will be 550-615 sf and be priced at $395,000
-1 BR’s will be 650-1395 sf and be priced between $540,000-895,000
-2 BR’s will be mid 900-1500 sf and be priced between $715,000 – 1.3M
-There are two 3 BR/3.5 BA at 1737 sf and 2585 sf with prices from 1.195M and 1.385M

The majority of 1BR’s will have leased parking at about ($100-150 / month). Only some have deeded parking.

about 1/3 out of 300 are reserved

The project is being sold by Vanguard SF.

Do you need a buyer agent? Contact Mark Choey.

Shipley Square Update

there is only 1 “corner� two-bedroom left at $699k on the 2nd floor facing the inner-courtyard!
1 just sold Tuesday 11/29/05.