Hines and Invesco Real Estate recently began construction on 41 Tehama, a new 389,000-square-foot luxury multifamily high-rise complex in San Francisco’s South of Market (SoMa) neighborhood.
Designed by Arquitectonica, 41 Tehama will include 403 luxury urban-style residences in a 35-story building, and will feature a “best-in-class” amenity package. The complex is surrounded on two sides by Oscar Park and is situated one block from the Transbay Transit Center.
According to sources that are aware of the transaction, Hines and Invesco paid about $50 million to acquire the site from longtime owner Tehama Partners.
“Hines is pleased to be able to respond to the significant demand for new, high-quality luxury housing in the San Francisco area,” said Charlie Kuntz, Hines managing director. “We are committed to delivering a superior product at 41 Tehama, and we are excited about its excellent location near the Transbay Transit Center.”
The development will have 85 percent market rate residences with 15 percent of those slated to be affordable. Construction is scheduled for completion in late 2017, and leasing commence in the third quarter of 2017.
Rendering by steelblue