San Francisco, CA (PRWEB) November 06, 2012
Sean Sullivan San Francisco real estate new construction specialist is excited about the new development 1998 Market Street because it represents two important milestones. It is one of the first residential condominium projects to bring modern glass architecture to Upper Market residential real estate, and it is also the first high-density residential project entitled as part of the city's Market Octavia rezoning plan.
1998 Market Street, located at the corner of Buchanan/Duboce is expected to have 115 units and be completed by the end of 2013. The project is designed by Arquitechonica. Developer Brian Spiers is teaming up with basketball Legend Magic Johnson’s Canyon Johnson Urban Funds. The Market Octavia rezoning plan allows for housing with higher density along Upper Market Street and along the Octavia Boulevard parcels that became available nearly a decade ago when the Central Freeway was torn down.
Spiers and Canyon Johnson are also teaming up for a 24 unit project at 1600 Market Street, which will satisfy the city’s affordable housing ordinance for the 1998 Market Street project. The ordinance requires that 15 percent of a project’s units must be affordable to low-to moderate-income households. This requirement rises to 20 percent if the affordable units are build off-site, as in this case. The architect on the affordable development is Forum Design.
The units at 1998 Market will include mall one-bedrooms targeting first-time home buyers, and larger penthouses. The curtain-wall glass design will be unique for the area because so much of the recent new construction has consisted of box-like profiles with bay windows and stucco exterior. The glass design is usually only seen in downtown and in Mission Bay.
The real estate news site SocketSite.com reported in April that the building will have 5,800 square feet of ground-floor retail and two public roof decks on the ninth floor. The sales office is expected to open mid-2013. Stay tuned for updates from Sean Sullivan on this exciting project.
About Sean Sullivan San Francisco Real Estate Agent
Sean Sullivan, real estate agent and senior sales leader at broker ClimbSF, is known for his expertise in the complex San Francisco market, including new construction, where he got his start in 2000. He has seen several different selling cycles and their outcomes, which helps him refine how he assists different types of clients.
Sean Sullivan, Senior Sales Leader
ClimbSF Real Estate Brokers
San Francisco, CA