by J.K. Dineen
A group backed by California Mortgage and Realty is assembling a development site on a key corner at Van Ness Avenue and Market Street, a parcel that the pending Market-Octavia plan has designated for a 400-foot residential tower.
The group, 1540 Market St. NV LLC, recently shelled out $7.8 million on 1510-1520 Market St., a wedge-shaped parking lot running along the intersection of Market and Oak streets.
In June, the same group purchased the abutting 1540 Market St. for $6.5 million. CMR President David Choo and Vice President Henry Park signed a $9 million loan with the First East National Bank on the parking lot purchase, according to Old Republic Title Co. and public documents.
With the deal, CMR and David Choo become key players in two of the city's most important redevelopment areas.
In addition to the purchases in the Market-Octavia area, CMR has also been quietly assembling parcels for a proposed tower across from the Transbay Terminal that may be designed by star architect Renzo Piano.
Headed by Choo, 42, CMR bought 62 First St. in 2004 for $10 million, and this year the company has shelled out another $50 million for three other buildings on the block: 76-80 First St., 88 First St., and 50 First St., an acquisition which closed in late May.
Ron Heckman, a spokesman for CMR, declined to comment.
John Billovits, a city planner who is working on the Market-Octavia rezoning, which is expected to be approved by the Planning Commission in January, said the plan calls for four thin towers "punctuating" the vast and chaotic intersection where Market, Van Ness, and South Van Ness converge.
Billovits said the idea is to create a vibrant mixed-use 24-hour district at what will eventually be the terminus of the rapid bus transit planned for Van Ness. A variety of street improvements are also planned to allow better pedestrian access at one of the most dangerous pedestrian intersections in the city.
"It's an area we recognize needs a lot of help," he said.
He said increasing density and providing groundfloor retail on the four corners, would be "a way of closing the intersection up and creating a place that becomes more livable and desirable."
San Francisco Business Times
April 21, 2006
by J.K. Dineen
Developers will be flocking to the San Francisco Honda at 10 South Van Ness Ave. in the coming weeks, but they won't be car shopping.
The property is about to go on the block and is expected to fetch north of $50 million, according to brokers. Colliers International's Tony Crossley has the listing.
The Boas family has hired Brand + Allen architects to study the parcel, which has an interesting place in San Francisco history. It was the site of the old Fillmore West where The Band's last concert was played and captured by director Martin Scorcese in the classic film "The Last Waltz."
The site could accommodate a 400-foot tower and up to 600 housing units, according to architect Koonshing Wong.