Several tall residential towers are in planning and pre-construction stages in central SoMa, and together they’ll be bringing almost 1,400 new residential units to San Francisco — because contrary to many headlines of the past year, developers still think people are going to want to live here.
The tallest of the projects is a proposed 35-story tower at 395 Third Street — what would be a highly visible new building coming from Strada Investment Group, which is also working on that massive redevelopment project on Piers 30-32 that includes a floating pool beside the Bay, and 850 residential units on the lot where the Embarcadero Navigation Center now sits.
As first reported by Socketsite, the tower at Third and Harrison would include 559 apartment units, including 127 studios, 207 one-bedrooms, and 225 two-bedrooms — ad 88 of these units would be designated affordable, per the SF Business Times. The developers are invoking the state’s density bonus law to increase the height of the tower to 35 stories.
Another 30-story tower is being planned for an area behind the Twitter building, as the Business Times reports, by San Mateo-based Malex Holdings. Designed by SmithGroup, the tower is set to include 287 housing units, with 44 of them designated affordable.
Add to these, another SoMa development called One Vassar that is going to include 491 apartments that already has its approvals, and is supposed to break ground this year. It’s part of a huge, 12-parcel project that’s been in planning for years. There’s a large office component to this one, and office real estate isn’t exactly a hot market right now, so who knows if that could hold things up.
That’s nearly 1,400 new units, not including the 850-unit Embarcadero project. Lots of housing, all of it coming online in the coming years when, the developers hope, rents are rising again across the city and/or people are clamoring to buy condos again.
Rendering via Solomon Cordwell Buenz