Category: Other categories
Real Estate Developer Soaked by Multimillion Dollar Loss on San Francisco Office Building – Yahoo Finance UK
Real Estate Developer Soaked by Multimillion Dollar Loss on San Francisco Office Building Real estate developer Clarion Properties took a $60 million loss on a San Francisco office building it bought five years ago. The property at 410 Townsend Street is a four-story, 76,000-square-foot building. During the halcyon days of the tech industry, 410 Townsend was known as a startup village and was valued at $1,100 per square foot. That adds up to $86 million, which is what Clarion Partners bought the property for in 2019. That high price is…
Read More
Bay Area Affordable Projects Need $9.7B in Subsidy to Move Forward – Connect CRE
The 433 affordable housing projects currently in predevelopment across the San Francisco Bay Area need $9.7 billion in public subsidy to move forward, according to a report issued Wednesday by Enterprise Community Partners and the Bay Area Housing Finance Authority (BAHFA). A regional bond measure, potentially valued at $20 billion and planned for inclusion on ballots this November, could help close the gap. While each of the nine Bay Area counties has affordable projects in the pipeline, the report notes that each city, town or county is currently working on its own to address the…
Read More
Pittsburg adopts blueprint for future growth, allowing for more housing and industrial uses – The Mercury News
A drone view from the Pittsburg Marina in Pittsburg, Calif., on Wednesday, March 22, 2023. (Jane Tyska/Bay Area News Group) The Pittsburg City Council this week approved a long-anticipated general plan that maps out the city’s future for the next 20 years. Dubbed “Envision Pittsburg,” the 2040 general plan offers a blueprint for the city’s physical development, as well as its economic future, and sets forth goals and policies for everything from land use to traffic and paths for bicyclists and pedestrian to resource conservation. “This is a document the…
Read More
Newsom backs bill to add more affordable housing for California’s poorest residents – The Mercury News
Governor of California Gavin Newsom speaks during a press conference on Wednesday, Jan. 3, 2023, at the Los Angeles General Medical Center to urge support for Proposition 1 on the March 5, 2024 ballot. The proposition would overhaul California’s mental health funding system, and a $6.4 billion bond will expand access for hundreds of thousands of Californians, fund substance abuse treatment, and help get those suffering from mental health crises off the streets and into care. (Photo by Hans Gutknecht, Los Angeles Daily News/SCNG) After pledging to hold local governments…
Read More
East Bay sites are grabbed for $100 million-plus in big property deal – Vallejo Times-Herald
FREMONT — An East Coast investment group has widened its shopping spree for Bay Area commercial real estate by grabbing some big properties in Alameda County for well over $100 million. The buying group paid $133 million for multiple buildings in Fremont and another big building in Oakland, documents on file with the Alameda County Recorder’s Office show. (Google Maps) 41444 Christy Street, an office and industrial building in Fremont. DRA Advisors, an investment firm, is listed as the managing member of the buying group for the buildings. The purchases…
Read More
San Jose office buildings flop into default in weak real estate market – The Mercury News
(George Avalos/Bay Area News Group) 1955 The Alameda (L) and 1961 The Alameda(R), office buildings in San Jose. SAN JOSE — Two smaller San Jose office buildings perched on a prominent site have toppled into a loan delinquency, fresh evidence that the economic woes still hound the Bay Area office market. The office buildings, located on The Alameda near downtown San Jose, could be seized through foreclosure if the loan isn’t repaid or a restructuring of the financing isn’t accomplished. 1955 The Alameda, an office building in San Jose. (George Avalos/Bay…
Read More