Webcor will within months break ground on Parkmerced, one of San Francisco’s largest multifamily projects that has been in the pipeline for about seven years, The San Francisco Business Times reports.
Parkmerced Investors, which includes Maximus Real Estate Partners and 601 West Cos., will begin construction on about 1,000 units, putting shovels into the ground for an initiative that was originally stalled by a lawsuit soon after it was approved.
Parkmerced Investors sought permits in 2015 for the initial phase, which were approved in December. Overall, the 152-acre project will add 5,679 units, a mix of rentals and condos. At least 15 percent of the new units will be affordable.
The project will include up to 310,000 sq. ft. of commercial use and about 27 acres of public open space, planning documents report.
The publication reports that three projects within the master planned community have been issued building permits including: A $131 million 17-story building designed by Kwan Henmi with 299 units at 1208 Junipero Serra Blvd; A Woods Bagot-designed 11-story building with 248 units costing $91.5 million at 455 Serrano Dr,; and 89 units at 300 Arballo Dr. in a $31M eight-story building designed by LMS Architects.
As well, there will be another 329 units at 21 and 25 Chumasero Dr, through a project designed by SOM, the Parkmerced master plan architect. Fourgeron Architecture has also designed a 69-unit building at 99 Vidal Dr.