Downtown San Jose residences draw dozens of buyers

SP78 housing development is part of emerging downtown San Jose village near rail station, Google project

PUBLISHED:

SAN JOSE — A new residential development in downtown San Jose being built by Trumark Homes is poised to launch an emerging urban village near the Diridon rail station and Google’s future transit-oriented community.

SP78 has already landed dozens of buyers, even while units are being constructed in the 78-unit development, which is perched on the edge of the bustling San Pedro Square restaurant and entertainment district in San Jose.

“The recent announcement of Adobe’s new downtown office tower and Google’s proposal for a transit-oriented village coupled with the city’s greater effort for urban revitalization of the area further demonstrates the tremendous opportunity associated with downtown San Jose,” said Tony Bosowski, Northern California Division President at Trumark Homes.

Tech titans and developers are actively planning millions of square feet of offices in downtown San Jose.

Google has proposed a transit village near the Diridon train station consisting of office buildings, homes, shops, restaurants and open spaces where 25,000 would work, including 15,000 to 20,000 of the search giant’s employees.

San Jose-based Adobe intends to expand its three-building downtown headquarters campus by adding a fourth office tower on an adjacent parcel, saying 4,000 of the tech titan’s employees would work in the new high rise.

“The impact of the tech industry on housing supply is very apparent and has created a real demand for new construction, for-sale homes like SP78,” Bosowski said.

The new homes might be a hot ticket. By the end of last week, at least 28 of the 78 residences had been sold, according to a Trumark Homes sales representative who was on site.

The prospect that the Diridon rail hub, which already provides links to Caltrain, Capitol Corridor, Amtrak, ACE Train and light rail line, will also become a BART stop in the next several years, has fueled much of the activity lately in downtown San Jose.

The SP78 project consists of three-level town homes on the north side of West Julian Street between Coleman Avenue and North San Pedro Street.

Prices for the residences start in the mid-$900,000 range, Trumark Homes said. The Zillow website estimated the low end asking price at around $959,000 and the high end around $1.14 million.

Sizes for the various models range from roughly 1,300 square feet to 1,970 square feet, according to the development’s website.

“It’s a very dense overall development,” said Bob Staedler, principal executive with San Jose-based Silicon Valley Synergy, a land use and planning consultancy. “Glad to see it’s selling well.”

SP78 is part of what could evolve into a village and new neighborhood in the North San Pedro Square area. Officials with San Jose’s now-defunct Redevelopment Agency had in years past envisioned a village in the long-blighted district.

“This was a former brownfield site that we cleaned up,” said Staedler, a former city redevelopment staffer. The goal of the improvements, Staedler added, was to pave the way for “a new neighborhood in the downtown.”

All told, at least 1,500 residential units are being eyed in an area bounded by State Route 87 on the west, freight railroad tracks and Bassett Street on the north, Coleman Avenue and North Market Street on the east and West St. James Street on the south.

“San Jose continues to draw new residents who seek convenience and jobs in emerging tech markets,” Bosowski said.

March 25, 2019

 

 

 

CFO Moves – week ending February 8, 2019

February 11, 2019

Trumark Companies [SAN RAMON, Calif.] announced that it has appointed the company’s corporate controller Eric Lindquist to serve as its Chief Financial Officer of the Trumark Homes and Urban divisions. Lindquist previously served as Corporate Controller of Trumark Homes for the past year. Prior to joining Trumark, Lindquist served as the Vice President of Finance for the Bay Area Division of Lennar Corporation (formerly CalAtlantic Homes). He has also held positions as a Controller at Blu Homes Inc. and Audit Senior Manager with KPMG.

February 11, 2019

 

 

 

LINDQUIST NAMED CFO OF TRUMARK HOMES AND URBAN DIVISIONS

February 4, 2019

Will oversee new real estate investment and development opportunities.

Trumark Companies, the California-based real estate developer, announced today that it has appointed the company’s corporate controller Eric Lindquist to serve as its chief financial officer of the Trumark Homes and Urban divisions.

In a press release, the company stated, “As Trumark looks to expand across a diverse collection of new real estate investment

and development opportunities, Lindquist will utilize his in-depth real estate financing knowledge to strengthen Trumark’s portfolio, and position the company as an innovative leader in the home building industry.”

A Trumark home.
A Trumark home. 

“In the time that Eric has been with Trumark, his energy, business expertise and strong drive have proven instrumental to our company’s continued growth as one of the West Coast’s leading private home builders,” said Gregg Nelson, principal and co-

With more than 17 years of experience in the real estate and finance industry, Lindquist previously served as corporate controller of Trumark Homes for the past year, where he oversaw financial planning, accounting strategy, financial risks and analysis of economic forecasting. Prior to joining Trumark, Lindquist served as the vp/finance for the Bay Area Division of Lennar Corporation (formerly CalAtlantic Homes), where he was responsible for $250 million in revenue for the public home builder, growing revenue by more than $100 million in just two years. He has also held positions as a controller at Blu Homes Inc. and audit senior manager with KPMG. With broad experience in public accounting and finance strategy, Lindquist has extensive experience leading the finance, accounting, HR and IT functions and supporting the long-term financial positioning of public and privately held companies.founder of Trumark Companies. “We are thrilled to usher him into this new role, and confident in his ability to maximize our sustainable growth and profits to further steer Trumark’s legacy of creating inspiring residential communities.”

“With Eric’s strong track record of increasing revenue for leading developers in the homebuilding industry, we are poised for prosperity as he helps us maximize our profits and success and strategically plan for our revenue in the growing secondary markets across Northern California and Southern California,” said Michael Maples, principal and co-founder at Trumark Companies.

Lindquist holds a bachelor’s degree in business economics with an emphasis in accounting from the University of California at Santa Barbara. As a licensed CPA in the State of California, he is also a member of the California Society of CPAs.

 

February 4, 2019

 

 

 

Trumark Communities Breaks Ground On First Wellness-Centric Age-Qualified Residential Community In Manteca, California

The Collective to Radically Transform the Paradigm for 55+ Communities by Rooting Every Element in Wellness including the First WELL Certified Clubhouse

SAN RAMON, Calif., Nov. 19, 2018 — Trumark Communities, the national award-winning master planned development division of California development company Trumark Companies, has commenced construction on The Collective, the country’s first age-qualified community devoted to wellness. Located in Manteca, California, The Collective features 478 detached homes and a stunning 10,000-square-foot community clubhouse registered to achieve WELL Certification by the International WELL Building Institute™. The gated community marks the first community within Trumark Communities’ recently launched TruLiving division, dedicated to redefining the age-qualified residential sector.

Committed to improving health and human environments through design, the WELL Building Standard® by the International WELL Building Institute™ partners with communities to benefit health and well-being by aligning with the seven concepts of the WELL Building Standard – air, water, nourishment, light, fitness, comfort and mind.

A rendering of the clubhouse interior at The Collective in Manteca, CA.

“We recognized an incredible opportunity to create a new, disruptive community that would break the mold for the age-qualified housing market,” said Mike Maples, co-founder and principal of Trumark. “Focusing on what we call the ‘unAQ’ and engaging our audience, The Collective will represent an innovative place where residents can live ageless, diverse, healthy lives. There is yet to be anything like this future TruLiving community in the surrounding market, and we anticipate strong interest from homebuyers once sales launch next year.”

Situated on over 120 acres, The Collective will include six distinct neighborhoods. Phase one, consisting of the first three neighborhoods, will be built by Trumark Homes, Taylor Morrison and Anthem United. The detached one- and two-story homes will range in size from 1,502 to 2,870 square feet. Each home will be designed with two-car garages and ground floor master bedrooms, providing convenience for the primary 55+ residents.

The community will feature a 10,000-square-foot WELL Certified clubhouse, called The Campus, featuring a pool, coffee and wine bar, demonstration kitchen, expansive fitness center, game room and more. The fitness center will feature a spin studio, weight room, fitness studio and yoga studio, and a spa room, offering a variety of health and wellness enrichment programs. Outdoors the community will boast amenities including: fire pits and lounge areas, outdoor kitchen, an event lawn, dog park, bocce ball and pickleball courts, trails for walking and jogging, and an amphitheater for outdoor concerts.

Located about an hour and a half from the Sierra Nevada mountains, a two-hour drive from Yosemite National Park, and less than two hours from San Francisco, Manteca offers future residents of The Collective easy access to outdoor adventure destinations.

Sales are anticipated to launch in summer 2019 with model homes slated to debut in fall 2019.  The Collective is located between Louise Avenue and Southland Road off of Highway 99 in Manteca. For more information, visit Thecollectivemanteca.com.

Trumark has a robust portfolio in Northern California comprised of four new home communities, including Glass Bay in Newark, Perch in Downtown Dublin, SP78 in San Jose, and Fielding at Wallis Ranch in Dublin, all of which are at various stages of development. Trumark has been recognized by the National Association of Home Builders (NAHB) at The Nationals Awards and Building Industry Association (BIA) for the Excellence in Home Building Awards.

About Trumark Group of Companies
Celebrating its 30th anniversary in 2018, The Trumark Group of Companies is a diversified real estate development and building firm that includes: Trumark Communities, a master planned community developer; Trumark Homes, a next generation homebuilder; Trumark Commercial, which builds, leases and sells commercial buildings; and Trumark Urban, a vertically integrated residential developer focused on core urban neighborhoods. www.trumarkco.com

About Trumark Communities
Trumark Communities is a nationally award winning residential land development platform focused on acquiring, developing and selling improved lots in master planned communities; current pipeline includes 3,100 lots in prime core-accessible areas of California representing total projected revenue in excess of $500 million. Trumark Communities has realized lot sales to builders of over $300 million since 2015. www.trumarkcommunities.com

About The WELL Building Standard®
The WELL Building Standard® is a performance-based system for measuring, certifying and monitoring features of the built environment that impact human health and well-being through air, water, nourishment, light, fitness, comfort and mind. WELL is managed and administered by the International WELL Building Institute™ (IWBI), a public benefit corporation whose mission is to improve human health and well-being through the built environment. WELL is grounded in a body of medical research that explores the connection between the buildings where we spend more than 90 percent of our time and the health and wellness of its occupants. WELL Certified™ spaces and WELL Compliant™ core and shell developments can help create a built environment that improves the nutrition, fitness, mood and sleep patterns. www.wellcertified.com

January 24, 2019

 

 

 

With new director, condo developer Trumark Urban hunts for smaller projects due to rising construction costs

November 7, 2018


Rachel SandlerUpscale condo developer Trumark Urban is moving to build smaller projects because the cost of constructing high-rises has skyrocketed, mainly due to an industry-wide shortage of skilled construction workers, new managing director Kim Diamond told the San Francisco Business Times.

Trumark Urban has built seven high-rise luxury condos in San Francisco and one in downtown Los Angeles over the past six years. Its San Francisco projects include the Pacific, which sold out $300 million in condos in July, with prices ranging from $1.45 million up to nearly $16 million. Trumark Urban sold several sites where it won approval for new projects due to rising construction costs.

While the majority of the prolific developer’s buildings are at full occupancy, Diamond said the company is pursuing three low-rise residential projects outside of San Francisco because finding enough workers to build high-rises is a headache.

Diamond pointed to the developer’s 25-story Los Angeles project, which went on sale in 2017, as a cautionary tale of trying to build amid a labor shortage. Finding skilled workers was so difficult, she said, it caused significant “disruption to our business.” The construction industry has been grappling with a recent labor shortage, as the sector fails to attract new workers, especially those with the skills needs to build complicated high-rise buildings. According to an August survey from the Associated General Contractors and Autodesk, 80 percent of contractors reported having trouble finding skilled workers, an increase of 70 percent from last year.

The Pacific by Trumark Urban

To accomodate Trumark’s shift into building low and mid-rise projects — which are also easier to finance — the developer is also looking outside of San Francisco. Diamond said Trumark is in the “final stages” of securing deals for smaller, boutique residential projects in San Jose, Los Altos and San Carlos.

“We have expanded into looking at lower rise projects, which generally can be better suited for some of these Peninsula projects and communities,” she said. “Typically it’s a little more uncommon down on the Peninsula to see as many highrise projects being developed.”

The difficulty in getting highrises built is an industry-wide problem, Diamond said. Even as the demand for housing increases and the Bay Area economy grows, developers still have to contend with a minefield of local regulations and ballooning construction costs.

“At least that’s what we’ve found to be the case for us, the ones that tend to be more economically feasible are low-rise and mid-rise projects,” she said.

Diamond was appointed head of Trumark Urban last week, taking over the position vacated by Arden Hearing. Hearing left Trumark in June to join Forty Six North Advisors, an investment company started by Laurence Pelosi.

Previously, Diamond was senior vice president of development and operations at Trumark and was also principal and co-founder of 7×7 Development, a communityfocused real estate development and investment firm.

Trumark Urban condos

November 7, 2018

 

 

 

Trumark Urban Appoints Kim Diamond As Managing Director
To Lead Development Of Upcoming Portfolio Of Homes
Across California

November 6, 2018

Building on its Recent Success, Trumark Urban Eyes New Development Opportunities in San Francisco and Los Angeles

Trumark Urban, a real estate development company with an exemplary track record of creating mixed-use, residentially centric development projects, today announced that it has

elevated company executive Kim Diamond to serve as Managing Director of the company. Following the successful and swift sellouts of Trumark Urban’s portfolio in San Francisco and Los Angeles, including The Pacific, Rowan, Knox and TEN50, the prominent developer is seeking new deals across California. Under Diamond’s leadership, the company will continue to focus on core urban neighborhoods, while extending its reach into key suburban markets on the Peninsula and in the South Bay.

“Kim has been instrumental to the success of Trumark Urban and a critical part of our entitlement efforts, helping us in securing six consecutive project entitlement approvals in San Francisco,” said Gregg Nelson, Principal and Co Founder of Trumark Urban. “We are confident in her ability to champion Trumark Urban’s tradition of creating inspiring communities and homes that enhance the lives of its residents.”

Diamond has over 19 years of experience in the multifamily development business, specializing in both condominium and rental development projects, spanning all phases and aspects of real estate development from land acquisition, due diligence, project entitlement and community outreach, and project financing to construction management, marketing and sales, customer care and warranty management.

In her new role as Managing Director, Diamond will oversee development for Trumark Urban’s projects from property acquisition through build out and sales. In her previous role as Senior Vice President of development and operations for Trumark Urban, Diamond oversaw all aspects of the company’s operations and development, including project entitlement management and due diligence oversight, as well as customer care and warranty management.

“I am eager to take on this important role within Trumark Urban and lead the company to new heights,” said Ms. Diamond. “We have experienced great success with our past projects in San Francisco and Los Angeles and are aggressively seeking out new deals across both Southern and Northern California.”

Prior to joining Trumark Urban, Diamond was principal and co-founder of 7×7 Development, a community-focused real estate development and investment firm. Prior to forming 7×7, Diamond formed ev8 to provide clients with a broad array of real estate development and advisory services, including asset acquisition strategies, entitlement management, and community and stakeholder outreach.

Diamond holds a Master of Arts degree in Urban Planning from the University of California at Los Angeles and a bachelor’s degree from Tufts University, with a concentration in urban design and planning. She currently serves as the Chair of the Board of the Urban Land Institute’s San Francisco District Council, past Chair of Mission Advancement and Chair of the Program’s Committee. Diamond is also a member of Lambda Alpha International, the former Chair of the Green Working Group for the Building Industry Association of the Bay Area and the Chair of the Board for Lao Family Services, a social services organization focused on immigrant communities.

Trumark Urban develops condominiums in core urban neighborhoods in close proximity to jobs, transit and employment centers. Recognizing the depth of the market, Trumark opened its first urban development operation headquartered in San Francisco in 2012. Within 12 months, Trumark Urban became San Francisco’s largest for-sale condominium developer. Trumark has entitled and/or built nine projects in San Francisco and Los Angeles totaling 1,200 units and representing over $1.5 billion in revenue. Since its inception, the company has sought approvals for seven projects from the San Francisco Planning Commission and received unanimous approvals for all requested entitlements.

About Trumark Group of Companies
Celebrating its 30th anniversary in 2018, The Trumark Group of Companies is a diversified real estate development and building firm that includes: Trumark Communities, a master planned community developer; Trumark Homes, a next generation homebuilder; Trumark Commercial, which builds, leases and sells commercial buildings; and Trumark Urban, a vertically integrated residential developer focused on core urban neighborhoods. www.trumarkco.com

About Trumark Urban

Trumark Urban develops high-density condominiums and mixed-use projects in global gateway markets with a focus on core urban neighborhoods close to jobs, transit and local businesses. With offices in San Francisco and Los Angeles, the firm has built or entitled a portfolio of more than 1,200 condominiums and over one million square feet representing more than $1.5 billion of revenue. www.trumarkurban.com.

November 6, 2018

Hundreds of more homes planned for Newark’s Bayside area moving forward

New housing is seen at the Bayside development area from this drone view in Newark, Calif., on Monday, April 9, 2018. The development is next to the Cargill Salt Ponds and wetlands. Over 300 homes in two new developments recently won approval from the city’s Planning Commission. (Jane Tyska/Bay Area News Group)

Over 300 new homes planned for a formerly industrial area at the western edge of Newark has received the green light from the city’s Planning Commission, and will likely be considered for final approval by the City Council in October.

Two new developments would bring 331 detached homes and townhomes to the Bayside area of the city, where officials have earmarked over 200 acres of land for housing development.

The land meets with the bay, west of the railroad tracks, the Cargill Salt facility and dozens of businesses and industrial buildings.

So far, about 1,600 homes have already been built, are under construction, or have been approved for the area, according to Terrence Grindall, Newark’s assistant city manager.

“This project is really a part of Newark embracing the bay as part of our front yard, as part of an amenity that helps to define our community,” Grindall said of the boom of housing development in the area.

“Rather than being the place that traditionally was where you put your junk yards and your industrial areas and your dumps, we’re really turning it around, putting in trails and parks to embrace the bay.”

Integral Communities, a real estate company based in Newport Beach, is proposing a 193-home project on a 17.4-acre piece of land west of the intersection of Hickory Street and Enterprise Drive.

The homes would be constructed in either Farmhouse, Craftsman, or Agrarian style, and would encompass several different floor plans ranging in size between 2,100 and 2,700 square feet each. They would all be three stories high.

The developer also would be required to build a five-acre park to provide open space for the future residents, though Grindall said the park will not be completed before the homes are finished.

Contaminated soil cleanup needs to be done on the project site before the homes can be built, but there is also groundwater contamination that needs to be cleaned at the planned park site, according to Mark Butler of Integral Communities, who spoke at the commission’s Aug. 28 meeting.

There would also be two small “pocket parks” in the development, as well as a 20-foot-wide trail along the borders of the project. The project was approved by the commission on a 4-0 vote, with one commissioner absent.

Trumark Homes, a San Ramon-based developer, is proposing to build 138 detached homes and attached townhomes on a nearly 10-acre piece of land at 8610 Enterprise Drive.

The land was previously used by a business that packaged and processed chemicals. That project also received a 4-0 approval from the commission.

The project comprises 53 detached, two-and three-story homes, between 2,000 to 2,600 square feet across three different architectural styles; Farmhouse, Craftsman and Victorian. The plans also call for 85 townhomes proposed ranging from 1,885 square feet to 2,060 square feet, all at three-stories tall.

If approved by the City Council, the developer cannot sell the homes until a park it has already started building is complete. Trumark had built another development in this area, Glass Bay, which features 217 homes. The park being built will service both developments, city reports said.

Grindall took questions from commissioners about the logic of building thousands of homes on former industrial sites with contaminated soil and groundwater, which has concerned some residents.

He said developers have done “millions and millions of dollars of cleanup already” in the area, and that the city “would never allow residential use unless it was fully clean” and vetted by state or regional agencies.

September 7, 2018

TRUMARK HOMES PUTS BAY AREA MODELS ON THE MARKET

Glass Bay community in Newark is 90% sold out in one year.

Trumark Homes said Friday it was releasing for sale its Saltcreek and Seagrass model homes at its Glass Bay community in Newark, California., which is 90% sold out.

New homes within neighborhood Saltcreek at Trumark Homes’ Newark-based community, Glass Bay. (PRNewsfoto/Trumark Homes)
Hand-outNew homes within neighborhood Saltcreek at Trumark Homes’ Newark-based community, Glass Bay. (PRNewsfoto/Trumark Homes)

“The sales velocity we’ve experienced to date at Glass Bay underscores the continued demand for housing in the Bay Area,” said Tony Bosowski, Division President, Northern California. “It’s remarkable because we began selling homes from a dirt lot prior to our sales office opening and long before buyers could even tour the model homes. From that point forward, we knew that these homes would not last on the market for long.”

Glass Bay consists of three distinct neighborhoods surrounding a central park, including: Saltcreek comprised of two- and three-story homes with three to five bedrooms; Boardwalk with three-story, four-bedroom homes; and Seagrass, featuring two-story homes with four to five bedrooms. Homes range from 1,829 to 2,420 square feet and all boast 10-foot ceilings on all main living floors. Prices started in the low $900,000s.

August 17, 2018

Trumark Homes Releases For Sale 5 Model Homes At Glass Bay Community In Newark On Heels Of Reaching Over 90 Percent Sold

SAN RAMON, Calif., Aug. 16, 2018 – Trumark Homes, the national award-winning California homebuilder, announced today the release for sale of the Saltcreek and Seagrass model homes at its Glass Bay community in Newark, CA. In just one year, Trumark has already achieved an impressive sales milestone of more than 90 percent or almost 200 of the homes sold, including a full sellout at one of its neighborhoods, Boardwalk. Featuring three distinct neighborhoods, Glass Bay introduces 217 new single-family detached homes to the Tri-City area. This marks Trumark Homes’ second residential community in Newark having reached a sellout of the 164 homes at its Timber community in late 2016.

“The sales velocity we’ve experienced to date at Glass Bay underscores the continued demand for housing in the Bay Area,” said Tony Bosowski, Division President, Northern California. “It’s remarkable because we began selling homes from a dirt lot prior to our sales office opening and long before buyers could even tour the model homes. From that point forward, we knew that these homes would not last on the market for long.”

Glass Bay consists of three distinct neighborhoods surrounding a central park, including: Saltcreek comprised of two- and three-story homes with three to five bedrooms; Boardwalk with three-story, four-bedroom homes; and Seagrass, featuring two-story homes with four to five bedrooms. Homes range from 1,829 to 2,420 square feet and all boast 10-foot ceilings on all main living floors. Prices started in the low $900,000s.

“Our buyers have run the gamut from Silicon Valley professionals to first-time homebuyers and everyone in between,” said Tony Bosowski. “We have welcomed 80 families to Glass Bay and are proud to introduce the new homeowners to the caliber of home crafted in every Trumark community.”

Located at the intersection of Willow Street and Enterprise Drive in Newark, Glass Bay provides convenient access to public transportation, schools, such as the University of Phoenix, Decry, ITT Tech, and Ohlone College, parks, sports facilities and shopping.

About Trumark Homes

Recently named the 3rd fastest growing private builder nationwide and celebrating its 30th anniversary in 2018, Trumark Homes is a visionary, next generation homebuilder with a robust portfolio of new home neighborhoods spanning the state of California. Emphasizing distinction and innovation in every home, Trumark Homes focuses on core infill developments in locations that exhibit strong job growth and provide access to major job centers. The nationally award-winning homebuilder is part of the Trumark Group of Companies, a diversified real estate development and building firm that also includes: Trumark Communities, a residential land development platform; Trumark Commercial, which builds, leases and sells commercial buildings; and Trumark Urban, a vertically integrated residential developer focused on core urban neighborhoods. For more information, visit www.TrumarkHomes.com

August 16, 2018

More Condo Towers Selling Out As Deliveries Continue To Diminish

August 14, 2018

Julie Littman

The number of unsold new condominiums is decreasing in San Francisco as units sell and fewer condos deliver this year. As of July, there are 584 new condos on the market, a 31.9% decrease from the previous year, according to data from Polaris Pacific.

Unsplash/Gordon Mak

Unsplash/Gordon Mak Comparatively, condo deliveries peaked in 2008 with just over 2,000 units delivered. Low supply has helped increase condo prices and price per square foot increased in the low and mid-single digits for low-rise, mid-rise and high-rise buildings in July, according to Polaris Pacific.

Condo deliveries declined during the recession and have not come close to pre-recession levels, especially as developers and lenders switched their focuses toward rentals. Apartment unit deliveries ratcheted up in 2013, when developers began delivering about 2,500 units. In 2017, over 2,700 units were delivered in San Francisco, according to Polaris Pacific.

With fewer condos available, prices have risen since the start of the recovery and condos are spending less time on the market. Condos averaged about 23 days on the market during the second quarter and average condo prices increased 11.8% during the second quarter to $1.2M. Polaris Pacific estimates about 2.2 months of remaining inventory on the market, a 6.8% decrease from the previous year. In a balanced market, there is usually six months of supply.

More supply is expected with 1,764 new condos under construction, including 120 units from One Steuart Lane, which broke ground in July. Another 118 units are under construction at Related California’s The Avery, which began selling units in July. Grosvenor Americas also broke ground on a 44-unit Nob Hill condo project in July, becoming the last major residential project under construction in the area. Over 7,000 condos are entitled, according to Polaris Pacific. Check out the latest sales activity from some of the most talked about condo projects:

The Pacific

Photo by www.scotthargisphoto.com/Courtesy of Trumark Urban Trumark Urban’s The Pacific in San Francisco

Trumark Urban’s The Pacific in San Francisco Trumark Urban’s The Pacific, designed by Handel Architects with interiors by Glenn Rescalvo, sold out in July, two years after it launched sales for the 76 residences. Sales garnered over $300M, including its final grand penthouse, which was listed for about $13.75M. Marketing and sales were led by Polaris Pacific and the developer used virtual reality to showcase residential units and its penthouses. The developer also sold out its 91-unit condo complex in Dogpatch late last year.

The Pacific, which is at 2121 Webster St., was one of the first newly constructed residential developments in Pacific Heights in decades. Amenities include private vehicle valet, full-service concierge, a private observatory and a private guest room.

181 Fremont

Courtesy of Jay Paul Co. A rendering of the living room at 181 Fremont’s penthouse

Jay Paul Co.’s 181 Fremont, which is being marketed by The Mark Co., sold a penthouse for $15M ($4,509/SF) — the most expensive penthouse sale by square foot in San Francisco. The half-floor penthouse has three bedrooms and two-and-a-half baths within 3,326 SF. It opened in May and move-ins are underway.

The mixed-use tower also has a full-floor penthouse priced at $42M on the market. The condos sit on the top floors of the 802-foot tower above 436K SF of office, which was previously leased to Facebook’s Instagram. The current list price for units starts at $3.4M, according to recent data from The Mark Co.

Amenities on the Sky Lounge include an observation terrace, fitness and yoga room, conference room and bar and catering kitchen. Heller Manus designed the building while Hornberger + Worstell designed the residential units with interiors by Orlando Diaz-Azcuy.

Lumina

Courtesy of Steelblue

Tishman Speyer’s Lumina in San Francisco Tishman Speyer’s Lumina, designed by Arquitectonica, is close to selling out with about six units available as of August.  As of February, the 656-unit condo tower had 28 units left. Current list prices are about $1.5M to $7M, which breaks down to $1,429/SF, according to data from The Mark Co.

Some of the amenities of note are a music room, a 70-foot lap pool, a climbing wall, access to Audi car-sharing, a pet grooming station and a rooftop terrace. Lumina, which is being marketed by Polaris Pacific, is the largest condo tower actively selling units. Its ground-floor retail is anchored by Woodlands Market.

One Mission Bay

Rendering by Steelblue / Courtesy of CIM Group One Mission Bay

CIM Group’s One Mission Bay, which was designed by Arquitectonica with interiors by II By IV Design, has sold 85% of its 350 units as of August, according to the condo’s website. In February, it had sold about 75% of the units. Listing prices are about $900K to over $3M ($1,300/SF), according to The Mark Co.

Amenities include an outdoor heated pool with poolside cabanas, a fitness center designed by celebrity trainer and nutritionist Harley Pasternak, private meeting rooms and library and dining center. Ground-floor retailers include Wine Merchant and LagreeFit 415.

The Harrison

Photography by Douglas Friedman / Courtesy of Ken Fulk and Maximus Real Estate Partners The private lounge, Uncle Harry’s at The Harrison in San Francisco

Maximus Real Estate Partners has sold 187 units at The Harrison as of July, selling about seven units per month, according to Polaris Pacific. The starting price is about $825K ($1,031/SF) at the 299-unit condo development with interiors by Ken Fulk. Amenities include a private top-floor lounge, a 2,500 SF fitness center and concierge service. Compass Development is marketing and selling units.

August 14, 2018