Several new developments are on track for construction in San Francisco, despite the economic downturn. Most prominently, according to a report Friday in the San Francisco Business Times, Bosa is planning to build Phase Two of The Radiance in Mission Bay this summer. They’ve scaled back the number of units from 318 to 170, and expect to finish the property within two years. Bosa is currently getting a new round of construction cost estimates and will be presenting that info to its lenders, Scotiabank and Bank of America.
Another anticipated project that seems to be on track is Lennar’s Hunter’s Point Shipyard. The company started work on the first 88 homes this month, and is already looking ahead to the next 159 units (breaking ground in second half of 2010).
The SF Business Times also mentions the possibility of 308 units breaking ground at 333 Harrison later this year, as well as a couple large apartment buildings.
It’s good to see projects being greenlighted in San Francisco. My sense is that we’ll see more new developments breaking ground over the next two- to three years. But Radiance and Hunter’s Point are good starts.