Looking to rent a place? You’ll shell out more to live in San Francisco than anywhere else in the nation, given that the median rental price is almost $3,500 for a one-bedroom. Looking to buy? Consider this: Bravo’s newest season of Million Dollar Listings is going to be set here. And let’s not even get started on affordable housing options or lack thereof.
In light of the construction cranes on (what feels like) every San Francisco street corner, let’s take a look at a few residential projects slated for completion within the next year. The lease rates for many of them are not yet available, but a quick glance at the details and amenities offers a clue as to the general range (read: not cheap). Then again, sky-high prices are a little more justifiable when you’re getting a brand-new unit in a sky-high tower with almost endless amenities … right? Decide for yourself.
Transbay Block 6, SOMA
First conceived over a decade ago, the Transbay Redevelopment Project Area includes the highly anticipated Transbay Transit Center and the new Salesforce Tower, which should both be completed in 2017. A large chunk of residential construction is underway as well, including Transbay Block 6 on Folsom and Beale Streets.
While it’s no Salesforce Tower, the sleek main building contains 32 stories—nothing to sneeze at. That tower will house over 400 units, which will be turned over this spring. The project also includes seven three-story townhomes to be completed in April or May, in addition to an eight-story, 70-unit affordable-housing unit that wrapped up last year.
340 Fremont, SOMA
Just a few blocks away from that building sits 340 Fremont, another high-rise housing project that speaks to the pace of development and construction in SOMA. This project was first approved in 2006, suffered appeals and delays, and finally started two years ago. Construction of its skyscraping 40 floors—which will make it one of the tallest buildings in San Francisco—topped out last year.
Besides its proximity to countless big-name tech companies, 340 Fremont is not far from the future home of the Golden State Warriors, though the Chase Center is facing appeals and delays of its own. Pre-leasing for 340 Fremont’s high-rise units—which range from studios to three-bedrooms—is scheduled for April.
388 Fulton, Hayes Valley
If SOMA’s skyscrapers are too city for you, this project in Hayes Valley (also beginning pre-sales) could be just right. 388 Fulton is a modern, stylish six-story unit just blocks from Civic Center, with access to Hayes Valley boutiques and dining, the neighborhood’s walk-in theater (although that’s temporary), the classy Nourse Theater and much more.
The units are cozy, though. The studios weigh in at less than 400 square feet, while the two-bedroom condos are twice as large. Still, you can get some fresh air on the building’s roof, which includes a sun deck, a film-screening area and an outdoor grill, plus beautiful city views.
The District at 2655 Bush Street, Lower Pac Heights
Just north of Hayes Valley, an entire community is rising from the dirt. Divisadero is already home to the Independent and numerous dining options and will soon also be home to The District—a collection of housing and retail spaces located right across the street from the San Francisco Athletic Club at the Bush Street intersection.
Specifically, the District features over 80 residential units with an average size of 1,080 square feet on top of 3,800 square feet of retail space. The smallest units are just 575 square feet, while the penthouses are around triple that size. Prices hover around $1 million thanks to an average valuation of $1,250 to $1,500 per square foot. But they also come with parking, which is arguably a priceless amenity in San Francisco.
The San Francisco Shipyard, Hunters Point
Head southeast, and you’ll find an even more impressive community springing from the waterfront. Over 5,000 homes are in the works at the San Francisco Shipyard—a Superfund site consisting of hundreds of waterfront acres. The area was used as a naval base during World War II, which prompted the migration of thousands of African Americans recruited by the Navy to work there.
That naval base housed the Naval Radiological Defense Laboratory, which left the area contaminated when the shipyard closed in 1974. Fifteen years passed before the Environmental Protection Agency added the site to its National Priorities List for cleanup and restoration. Now, another 15 years later, the first batch of 88 homes has already sold out, while two more batches recently went on sale.
The second batch of 159 units includes a four-building cluster called Thayer, which houses one- and two-bedroom condos. Prices start in the mid-$500,000s, although that price is for the smallest units, naturally. Last fall, 105 more units went on sale as part of the third batch.
Some are worried that longtime residents of Hunters Point will be pushed out of the neighborhood as the San Francisco Shipyard comes to life and drives up housing prices. While the San Francisco Shipyard’s pricing seems reasonable when compared to the million-dollar condos being built in the heart of the city, that simply speaks to the rate at which housing costs are soaring.
Image courtesy of Equity Residential.