Building permits have been issued and the site prep for the 42-story Transbay District tower to rise up to 400-feet in height on the northwest corner of Folsom and First, across the street from Transbay Block 8, is now underway.
Also known as 500/510 Folsom, the Transbay Block 9 tower will yield a total of 545 apartments of which 436 (80 percent) will be Market Rate. The 109 Below Market Rate (BMR) units, which will be distributed across the lower 21 floors of the tower and the building’s 9-story podium, will be available to households earning up to 50% of the Area Median Income (AMI).
The ground floor of the development will include nearly 7,000 square feet of retail and a 3,000 square-foot open space, with an underground garage for 206 bikes and 267 cars.
TMG Partners and Essex Property Trust paid $43,630,000 for the Block 9 parcel and construction for the $276 million development is scheduled to take 39 months, which means the Transbay District tower should be ready for occupancy in early 2019.