Strada Investments paid $44.9 million for a large portion of its planned site for a 500-unit apartment complex in San Francisco’s SoMa neighborhood, according to city records.
The properties involved in the deal — 565-585 Bryant Street and 80 Welsh Street, comprise three of the four parcels for a planned 16-story residential tower. The address for the proposed project is 555-585 Bryant Street. The biggest parcel in the deal is 585 Bryant Street, which is the two-story location of Marina Auto Body Shop. The two other lots in the transaction are both one-story buildings, according to documents filed with the city’s Planning Commission.
The deal was recorded on July 1. Strada also closed on its acquisition of 555 Bryant Street, a through lot that also occupies Welsh Street. The purchase price for the parcel is undisclosed.
Strada filed plans for the site in November, proposing a mix of 55 studios, 243 one-bedrooms and 205 two-bedrooms. About 20 percent of the apartments were earmarked as affordable units. At the time, Strada estimated the cost of building the property at $200 million. In a memo to the Planning Commission last May, Strada filed revised plans for a 160-foot-tall mixed-use building with 20,605 square feet of production, design and repair (PDR) space and 115 parking spaces.
In 2014, the site was planned for an 11-story mixed-use property with 190,000 square feet of office space. Three years later, the proposal for the site changed to a 12-story, 300-key hotel.
Strada has several large projects in the neighborhood. In April, the company filed permits for a 347-foot-tall skyscraper at 395 3rd Street. The project, if accepted as proposed, would contain 559 apartments and have a construction cost of $200 million. The firm is also looking to build a 12-story mixed-use property at 490 Brannan Street. The proposed project includes 269,296 square feet of office space, 12,506 square feet of PDR space and 3,272 square feet of retail.
The new project comes as home prices in the Bay Area rebound from the effects of the pandemic. According to the latest report from Compass, many areas in San Francisco’s suburbs have seen price hikes of more than $200,000 since the end of last year.
Strada did not respond to a request for comment.