Five teams have been pre-qualified to bid a minimum of $160 million for Transbay Parcel F which is located mid-block between First, Second, Howard and Natoma Streets and zoned for the development of a tower up to 750-feet in height. Sealed written bids from the teams are due on August 26.
The highest written bid will be revealed on September 2, 2015, at which point the qualified teams will be allowed to orally raise their bids for the parcel in a live auction.
At least two-thirds of any building on Parcel F – which has the potential to support up to 750,000 square feet of development and will connect to the 5.4 acre rooftop park atop San Francisco’s new Transbay Transit Center by way of a pedestrian bridge over Natoma – is designated for commercial use per the City’s approved Transbay District Plan.
In terms of the identities of the five pre-qualified teams, the Transbay Joint Powers Authority does not intend to identify the bidders prior to the live auction, “to preserve the integrity of the competition,” but we’ll allow for speculation and bragging rights with respect to the teams and winning bid below.
And we’ll raise the possibility of a non-traditional player like Apple or Alphabet (Google), although they would be in the figurative shadow of the Salesforce Tower until the Salesforce lease expires in 17 years.