Miami-based Crescent Heights, the development firm that has already created two high-end apartment buildings in San Francisco and has another in the works, has secured the rights to build a high rise tower on Parcel F in the Transbay District, according to the San Francisco Business Times. Parcel F sits between First, Second, Howard, and Natoma Streets. According to the SFBT, Crescent Heights paid $165 million in cash for opportunity. The Florida firm is no stranger to building in San Francisco—according to their website, they are the people behind the Jasper (pictured above) and NEMA. Another building is planned at 10 South Van Ness.
The SFBT report says that the Crescent Heights bid came out on top because 35 percent of the apartments in their plan would be priced below market rate and reserved for households "making half the city's median income." Of those units, 10 percent would be directed to families making the city's median income.
· Luxury developer wins bidding war to build Transbay apartment tower [San Francisco Business Times]
· Parcel F Coverage on Curbed SF [Official Site]
· Crescent Heights [Official Site]