With cranes, construction equipment, and rising towers dotting the landscape, the blocks of the Transbay Neighborhood are currently swathed in a hotbed of development activity. Near the district’s center, rising towers and heavy machinery at Transbay Block 6 and 7 represent one such area. Backed by real estate investment firms Bentall Kennedy, Multi-Employer Property Trust (MEPT), and Golub, the tandem blocks are being built in phases and represent a total of 564 housing units with 26% (155 units) marked as affordable. Block 6, which includes 299 Fremont Street and 288 Beale Street, was started in phase one and currently under construction. Phase two is planned to start late next year and covers development of 222 Beale Street at Block 7. We recently toured the area to assess site location with respect to other notable projects and to measure current construction progress.
299 Fremont Street (Block 6 Market Rate) – 409 units, 6,400 sq. feet of retail
Having broken ground last December, 299 Fremont is currently under development with the main tower rising 15 stories and its sky patio parks, prominently visible in architect renderings, taking shape on the lower floors. A connected podium building is also being constructed and recently achieved its maximum height. When completed, the 409 unit complex will include a 32 story tower, six story podium building, and seven townhouses. Architect Solomon Cordwell Buenz (SCB) added a multitude of environment friendly features such as solar thermal panels, ventilation systems, sky parks, roof gardens, and exterior installation that will help the complex achieve LEED Gold status. Construction, jointly managed by Balfour Beatty and Cahill Construction, is expected to be completed by December 2015.
280 Beale Street (Block 6 Affordable Rate) – 70 Units, 2,200 sq. feet of retail
To satisfy the Transbay Neighborhood’s affordability requirements, the 299 Fremont owners are financing construction of an 8 story building at 280 Beale Street. The building will house 70 affordable units for those making 50% or less of the Area Median Income ($43,700 yearly income for individuals). Architected by Santos Prescott and Associates, the small structure will include 2,200 sq. feet of retail space and will be managed by Mercy Housing. Project completion is expected sometime in 2015.
222 Beale Street (Block 7 Affordable Rate) – 85 Units
Financing was also given to build out the adjacent Block 7 site with additional affordable homes. Construction for 222 Beale Street on Block 7 is slated to start in September 2015 once all the heavy machinery used for the Block 6 development is removed. 222 Beale Street, separated by 299 Fremont and 280 Beale by the Clementina street alleyway, will consist of three buildings incorporating a 4,500 sq. feet day care center, open space area, and 85 affordable units. Architected by Santos, Prescott and Associates, the buildings share a similar design ethos with 280 Beale Street. Mercy Housing will manage the three building complex and project completion is expected in March 2017.