The National Electrical Benefit Fund which took title to the former AAA headquarters clustered around the intersection of Van Ness and Hayes in January 2010, having been deeded the 600,000 square foot complex in a deed-in-lieu of foreclosure, has selected Emerald Fund to redevelop the property.
NREA and Emerald Fund will analyze both office and residential uses. Once a project is settled on, the two groups will form a joint venture, with Emerald Fund as the local developer and NREA as the equity partner. [Ryan Whitaker of National Real Estate Advisors] said he hoped to have at least a portion of the redevelopment under way within a year.
NREA had written the $91.7 million mortgage which the previous owner (Vornado Realty Trust) had employed to purchase the complex for $120 million.
∙ S.F.’s AAA site will rise again [San Francisco Business Times]
More rental housing, please!
Let’s start by chopping off 18 stories from the tower and redistributing it around the old AAA campus. So much site potential but that tower is ugly ugly ugly!
Seriously? Of the buildings in the picture, you’re going to take aesthetic umbrage with the tower? In the face of the Ur-Aquaturd, which has to be among the most singly depressing structures ever raised in this town? Heaven forfend one even mention Fox Plaza behind it. The AAA tower may be uninspired, but both of those others were forged into being by Herculean beatings with the ugly stick.
Sorry, but I just had to say.
hah, if that’s all it takes to depress you, consider pulling the trigger sooner than later.
lol “ur-aquaturd”. There’s actually a historic building facade (mission style I believe?) under that awful early 60’s facade, but I’m assuming so chopped up it would be difficult to save? But it would be a great start to rip off that facing and start fresh.
Is it actually conceivable that they’d demo the buildings? Personally, I’d hope they keep the height of any new development the same.
Here’s what they covered up
http://webbie1.sfpl.org/multimedia/sfphotos/AAC-6560.jpg
They must have obliterated the facade to get those long banks of windows. I never would have guessed that building was a redo.
^Look closer. There are not any “long banks of windows” on the current building.
Watch out. The aquaturd remodeling is fifty years old…The Society to Save the Turquoise Curtain Wall will be landmarking it if they get half a chance.
They have to get rid of the glass covering this building (as Jim put it.. aquaturd). Bringing back the original facade will make it a much more inviting property. While many do not like 77 Van Ness across the street, I think it looks great and would be a great building to model this after.