The minimum bid for Transbay Parcel F, which is located mid-block between First, Second, Howard and Natoma Streets and zoned for building a tower up to 750-feet in height, has been set at $160 million and the live auction has been scheduled for 10am on September 2, 2015.
The Transbay Joint Powers Authority will collect sealed written bids for Parcel F from pre-qualified bidders at the end of August. The highest written bid will be revealed at the time of the auction. And all bidders who had submitted a written offer will then be allowed to orally raise their bids for the parcel which includes the potential for connecting to the 5.4 acre rooftop park to be built atop San Francisco’s new Transbay Transit Center by way of a pedestrian bridge over Natoma.
At least two-thirds of any development on Parcel F, which has the potential to support up to 750,000 square feet of building, is designated for commercial use per the City’s approved Transbay District Plan.
For perspective, Hines ended up paying $192 million for the Salesforce Tower site which is zoned for 1,200-feet in height and 1.6 million square feet of space. Hines had originally bid $350 million for the site but was subsequently allowed to reduce their bid along with the height of the tower.