10-08-2013 09:54 PM

Work begins on Rincon Hill's next skyscraper

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The tremendous hole at 45 Lansing




It took 366 trucks carrying 3,294 cubic yards of concrete, but the foundation for Rincon Hill’s next residential tower is now in place.
With the first residents moving into into the 754-unit NEMA apartment tower at 14 10th St., Crescent Heights is going full speed ahead on its next San Francisco highrise: a 400-foot tower at 45 Lansing that will add 320 units to the growing Rincon Hill neighborhood.
On Saturday night San Francisco-based contractor Build Group completed an 21-hour mat pour for the tower, which is being designed by HKS. The pour started at 6 p.m. on Saturday night and didn’t wrap up until 2:30 p.m. the next day. Mat sections ranged from five to seven feet thick to 14-feet thick in the shear walls around the core of the building. Over 120 people were on-site throughout the pour including field staff, off-site support, and truck drivers. Concrete batches came from two plants, one in South San Francisco and one in Oakland. Build Group provided coffee, bagels, and workers provided free “concrete lessons” to curious neighbors to keep them informed of what was happening.
The tower is one of three residential buildings under development on Rincon Hill at the moment, and two others are expected to start soon. At One Rincon Hill, Principal Real Estate Investors have topped off a 52-story, 299 unit second phase of that project. Equity Residential is getting ready to start work on 340-350 Fremont St., a 348-unit, $110 million skyscraper. And UDR is gearing up to start 399 Fremont. a 452-unit, $115 million luxury rental tower.
The Lansing Street tower has been a long time in coming. It was originally entitled by Jackson Pacific Ventures, which sold the site to Turnberry Assoc. in 2006 for $30 million. Turnberry then lost the property to the bank during the financial crisis and cancelled its building permits. The lender unloaded it for $13 million to Crescent Heights, which redesigned the building, increasing unit count from 227 to 320. If the land were to sell today it would likely top $38 million, based on recent comps.
“We couldn’t be more excited to see 45 Lansing becoming a concrete reality after eight years and two different ownership groups,” said Brendan Dunnigan, senior vice president with HKS. “It’s just special to finally have this project come to fruition and see density coming to Rincon Hill.”
J.K. Dineen covers real estate for the San Francisco Business Times.


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