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Related California Launches Construction on $458M San Francisco Tower
Related California commenced construction on the $458-million 1500 Mission Street, a 1.2-million-square-foot mixed-use development in San Francisco. The 39-story residential tower and 16-story office building is envisioned as a mixed-income development.
The project consists of a 550-unit luxury apartment tower and a separate 460,000 square foot office building that will be the new home of the San Francisco Planning, Building and Public Works Departments. The residential tower will include 50,000 square feet of neighborhood serving retail, with 20% of the residential units for affordable and low-income households.
The 2.5-acre development site is located on the Van Ness transit corridor at Mission Street and South Van Ness Avenue. That’s the nexus of three of San Francisco’s iconic neighborhoods; SOMA, The Mission and Hayes Valley. The project is anticipated to deliver in early 2020, and is being built with $316.8 million in tax-exempt bonds, California’s largest-ever such construction financing.
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