SOMA Attracting More Apartment Developments

SAN FRANCISCO-Despite San Francisco’s real estate troubles, development continues, at least in the multifamily market. Three new properties are in the planning stages.

AvalonBay Communities will spend an estimated $50 million to build a 360,000 sf apartment complex at 255 King Street. The 13-story building will have 250 units and retail space on the ground floor.

Mercy Housing is building a similar project nearby at 10th, 9th and Jessie Streets with an estimated development cost of $42 million. This 256,000 sf apartment complex offers 240 units of affordable and senior housing with 50 parking spaces. It will be broken up into 10,895 sf of non-profit office space, 7,250 sf of retail space, 13,500 sf if performing arts space, and 6,000 sf of commercial property.

Finally, Mercy Housing is planning to build the Fourth Street Lofts, a 225,000 sf mixed-use project that includes 172 units of live/work spaces, and apartments with 480 underground parking spaces. The developer, Joe Cassidy Construction, estimates that the 11-building project will cost about $15 million.