When LA-based investor CIM group bought 330 Townsend Street last year for a reported $30 million, the opportunity to recreate the property into a much bigger space was already under consideration. Now, plans have been submitted to demolish the existing building on the land and construct either a 21-story tower with retail and office space or a 26-story tower that would also include a residential element. In both versions of the plans, a two-story galleria would provide the required open space. The land sits in a prime spot right across the street from Caltrain and a block away from the new Central Subway.
The first plan calls for 204,000 square feet of residential space, 4,368 feet of retail and 153,064 square feet of office space. The second includes 47,678 square feet of retail and 335,064 square feet of office space. Both options would have underground parking, with three levels for the first and two levels for the second. The building that currently stands on the site is a two-story brick warehouse that is not considered historic but is 96% leased and houses the popular restaurant Marlowe.
CIM Group Grabs Possible SoMa Development Site for $30M [SF Business Times]
330 Townsend Preliminary Project Assessment (Version 1) [SF Planning]
330 Townsend Preliminary Project Assessment (Version 2) [SF Planning]http://www.sf-planning.org/ftp/files/notice/2014.0405U.pdf
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