340 Fremont Rendering circa 2006
The plans to raze the two existing and vacant buildings at 340 and 350 Fremont between Folsom and Harrison and construct a 400 foot tower over an 85-foot podium with up to 332 condominium mapped apartments at 340 Fremont Street was first approved in 2006.
340 Fremont Tower Rendering circa 2006
Having since received three extensions to start construction, the latest of which officially expired last month, this week the developers of 340 Fremont will ask the Planning Commission for another twelve months.
In the words of developer Ezra Mersey:

The U.S. and Bay Area for-sale housing markets have endured a major recession that is not yet over. However, the rental housing market is showing signs of strength (both market rents and occupancy) which, if sustained, should be sufficient to allowing [sic] financing and construction of new downtown, high rise rental projects on a selective basis.

In anticipation of this more promising environment, Archstone has authorized up to $4,000,000 additional capital to be invested in 340 Fremont Street. We are using this investment to proceed with completion of project design and construction documents during 2012, and to prepare for financing and construction. During the coming year we will also be coordinating with City staff and preparing the site for construction. We believe that with this additional investment and commitment to the project, and a consistent and stable rental financing capital market, we will be in a position to commence construction in approximately 12 months time.

The extension is expected to be approved. And as always, we’ll keep you plugged-in.
New Developments: 340 – 350 Fremont [SocketSite]

15 thoughts on “340 Fremont Seeks 12 More Months As Housing Recession Remains”
  1. I really hope the south side of the tower and podium designs are tweaked. They look extremely uninspired and dated in the old renderings. Regardless, it’d be great to get some more towers built on Rincon Hill as it is still pretty desolate feeling up there.

  2. I’m torn. I like more density and that area suits it. It would also be nice so fill in the skyline around there as Ricon looks silly on its own.
    However, I hate tall anonymous apartment buildings. SF isn’t really ‘urban’ enough for them to look like they belong.

  3. Sf is quite urban. Is is urban “enough”? I have no idea since I don’t know how to define “urban enough”.
    But, for sure, more new tall urban residential buildings will continue to make SF very urban.
    I like this one.

  4. Well I can define ‘urban enough’ and its not a city full of low density housing and then a few high rise apt buildings here and there.

  5. Solid ground underneath, relatively easy walk to CalTrain, BART, MUNI, the Ferry Building, and soon the TransBay Center. Seems like a good place for a high-rise. Wouldn’t want ORH to get lonely.

  6. One of the reasons why 1 Rincon is seeing price declines is the area. Next to the traffic, next to the on ramp. Nothing great within two blocks or more. Not a great area. Adding another tower to this boring area is just going to have more traffic. Have fun getting home during commute time.

  7. The rounded patios and small windows on the back side make it look old. I like the modern front.
    But I am always for new, tall housing. I’d love to see SF become very densely packed with high rises bringing in thousands of new residences.
    I like New York but don’t want to live there, but I’d like to see SF have some New York style features like all night restaurants, more restaurants and retail, etc.

  8. I think almost all the future high rises in the area will be valet or limited parking. The days of 1:1 deeded parking are gone. You can thank the city for that.

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