Hines is pushing ahead with its plans to add hundreds of affordable units to two mixed-use residential towers in SoMa.
The Houston-based developer and owner of the block-size property at 200 Main Street, gained approval from the city’s Planning Commission to increase the tallest highrise from 450 feet to 513 feet, the San Francisco Chronicle reported.
The extra five floors adds up to 681 units, with 34 percent – or 307 units – earmarked for affordable, or below market rate.
The development, known as Transbay Block 4, is bounded by Beale, Howard, Main, and Folsom streets and would replace a temporary bus terminal for the Transbay Transit Center.
The Block 4 design is led by Solomon Cordwell Buenz, and is slated to include apartments, condominiums and townhomes in and around two adjacent towers overlooking a proposed Transbay Park.
Hines, New York-based Goldman Sachs and Urban Pacific, based in Long Beach are all involved with the development.
An 840,000-square-foot tower standing 47-stories would also include 8,400 square feet of ground-floor shops and restaurants and an underground parking garage for 224 vehicles and 556 bicycles.
The highrise plans include 324 market rate and affordable apartments and 135 condos, plus 20 townhomes in a six-story addition.
A 16-story podium building of nearly 200,000 square feet would include 202 affordable units.
The towers would feature a large number of family-size apartments, including 52 three-bedroom units and 105 two-bedroom units.
Pending approval, a groundbreaking on the Block 4 project is scheduled for late next year or early 2024.
Hines, in conjunction with Boston Properties, developed the nearby Salesforce Tower at a cost of $1.1 billion. The 61-story tower, the tallest in the Bay Area at 1,070 feet, is part of a larger San Francisco Transbay development, including the Transbay Transit Center. It opened in 2018.
An F4 Transbay Partners consortium, led by Hines, is behind a 1.1 million square-foot condominium-and-hotel tower planned in the East Cut. It has agreed to pay $40 million for delaying the 61-story residential highrise.
– Dana Bartholomew
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