F4 Transbay Locks Down Last Super-Tall Building Site

F4 Transbay Partners LLC announced this week that it has closed on the acquisition of Transbay Parcel F from the Transbay Joint Powers Authority (TJPA), securing the last remaining site available for development of a super-tall building in downtown San Francisco. F4 Transbay Partners, a joint venture between Hines, Urban Pacific Development, Broad Street Principal Investments and Goldman Sachs, paid $175 million for the site on Howard Street, between First and Second streets, where it plans to build a 60-story, 750-foot-tall, mixed-use tower containing office space, a luxury hotel and residential units.

"With the sale of Parcel F, we will have sold more than $660 million worth of land to fund construction of the Transit Center," said Maria Ayerdi-Kaplan, executive director of the Transbay Joint Powers Authority. "The land sold for private development will also generate more than $1 billion in tax increment to fund the Transit Center." With the Parcel F sale, TJPA has the funding for Phase 1 of the Transbay project, having sold more than $660 million worth of land to fund construction of the Transit Center; according to a report from The Registry, private development will also generate more than $1 billion in property tax increment for the project.

F4 Transbay Partners also received an extra $15 million for the site because it was able to acquire a contiguous piece of privately owned land at 540 Howard Street, referred to as Block 4. "Our vision for Parcel F and Block 4 will create core located transit-oriented Class A office space, hotel rooms, and a substantial supply of affordable housing in the most dense and dynamic neighborhood in San Francisco. The success of our proposal would not have been possible without the combined efforts of F4, the TJPA, the OCII and the City,” Hines Senior Managing Director Cameron Falconer said in a press release.

"We are pleased to have this opportunity to develop one of the key buildings in the dynamic Transbay Project area,” added Mike Kriozere, Principal of Urban Pacific. "What we create will be an asset to this vibrant neighborhood, and we look forward to enhancing San Francisco and its skyline with our plans for a mixed-use tower on Parcel F."

F4 Transbay Partners has announced the project will be designed by Pelli Clarke Pelli Architects in partnership with the local office of HKS Architects, Inc., who will act as architect of record.

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