The Disposition and Development Agreement for Transbay Block 1, upon which Tishman Speyer is planning to build a twisty 400-foot-tall tower designed by Jeanne Gang at the corner of Folsom and Spear, is slated to be conditionally approved by the City’s Office of Community Investment and Infrastructure Commissioners this afternoon.
Assuming San Francisco’s Board of Supervisors approves the Agreement this summer, the sale is expected to close escrow in the first quarter of 2017. And per the Agreement, construction is then required to commence within 30 days and finish within four years, which would be March of 2021 at the latest and likely in mid-2020 based on Tishman’s own estimates.
In addition to the 400-foot “Bay Tower,” the 160 Folsom Street project includes an eight-story podium building at Folsom and Main and a four-story townhome structure along a new landscaped Clementina Alley between Main and Spear.
In total, the 160 Folsom Street project is designed to yield 391 condos, 156 of which will be below market rate (BMR), over 10,200 square feet of retail space and underground parking for 340 cars.
And while the site was originally only zoned for development up to 300 feet in height, San Francisco’s Board of Supervisors approved an amendment to raise the height limit for Transbay Block 1 in April.