In order for office towers, apartment buildings and parks to rise on publicly owned land around the future Salesforce Tower, a lot needs to click.
Developers and investors need to sign onto San Francisco's stringent affordable housing and open space requirements in the Transbay redevelopment area, while the Board of Supervisors needs to make sure new private landowners are paying a fair price for the parcels.
All that came together Tuesday when publicly traded real estate investor Essex Property Trust, Inc. and local developer TMG Partners finalized the $43.6 million purchase of Transbay Block 9, on the corner of First and Folsom Streets.
The purchase paves the way for construction to start this fall on the apartment complex with 536 units. It will likely be completed by 2017, making it one of the first projects to finish in Transbay. The Board of Supervisors approved the project last week.