Home News Developer Barreling Forward With $1 Billion Van Ness Office-Condo High-Rise, Despite Office Market Being in Toilet

Developer Barreling Forward With $1 Billion Van Ness Office-Condo High-Rise, Despite Office Market Being in Toilet

by admin
0 comment

The 47-story development at 30 Van Ness will actually be called Hayes Point. And its developers are said to be obsessed with building office space in the current recession, but either way, they’re rolling up a brink truck.

The old saying “follow the money” is usually used when speculating about suspected corruption or high-paying malfeasance. Consider another context for the phrase “Follow the Money.” How do the most effective investors in a particular industry spend their money, and what does that mean for the future prospects of that industry?

The flow of money in San Francisco’s commercial real estate investment market shows that the office economy may not be as stagnant as people say.yes damn near all downtown tech companies desperately trying to sublet their office space. But after money bought for $700 million When $250 million renovation The Dropbox building in the Transamerica building has surpassed $1 billion and now, as The Chronicle reports, $1.15 billion project at 30 Van Ness (actually called “haze point”).

47 storey project Started construction last month, as first reported by the San Francisco Business Times. And this is a very unusual mixed use project. It combines over 300 condominiums, approximately 300,000 square feet of office space, his essential ground floor retail store, and ground floor art space.

Clearly, office space is now widely viewed as a toxic proposition. The Chronicle describes the dire state of the current office real estate market as follows: Vacancy is even higher at 24.7% in mid-market districts, where the tech boom of the 2010s attracted tech companies like Twitter, Zendesk, and Uber. ”

Lendlease, the Australian developer behind the project, feels that being outside the financial district helps buck that trend. surely, Proposed unusual architecture About to frown on some of this structure. But once Van Ness’ construction is finished and a healthy amount of new development comes to the area, the Van Ness-Hayes Valley’hood has the potential to do very well.

After all, how do you know your San Francisco neighborhood is on the upswing?hub

Related: Revised design of 30 Van Ness’s 47-story tower revealed [Joe]

Image: Lendlease

You may also like