9-Story Condo Complex Wins Approval of CCDC
The city’s downtown redevelopment agency Friday approved a nine-story condominium project on a key site described by one agency director as “a little jewel.”
Centre City Development Corp., the governmental entity in charge of downtown revitalization, picked a development team led by Neil Senturia over one composed of Catellus Development Co., the renamed development entity of Santa Fe Pacific Realty Corp.
In doing so, CCDC said the striking design and urban-style architectural amenities of the Senturia project, which is broken into three main buildings and has numerous pedestrian entrances off the sidewalk, was superior to Catellus’ proposal, which has a much more suburban flavor.
The $21-million, 81-unit complex is to be built next to the popular Cost Plus import warehouse store on a block bounded by J and K streets and 3rd and 4th avenues.
The high-profile location is across the trolley and train tracks from the Convention Center. “The site, we believe, is very important to the city because it is so visible from the Convention Center,” said CCDC director Tom Carter, who likened it to “a little jewel.”
If everything goes smoothly, the condominium project, which includes two floors of underground parking, will open in 1993. Called Bay Parc Townhomes, it will consist of units ranging in size from 400-square-foot studios to three-bedroom, 2,100-square-foot penthouses, and will have a 1,200-square-foot child-care center.
Average sales price for the units, according to CCDC, will be about $296,000.
Friday’s unanimous vote by the CCDC board means the agency will open formal negotiations with the developer, a joint venture of Senturia Investments, Shapco Inc. and Haseko Inc.
The project is to be entirely privately financed, although CCDC may have to condemn the property, which is owned by Catellus. Any condemnation costs incurred by CCDC will be reimbursed by the Senturia development team.
Catellus said it wanted more time to revise its proposal, saying in part that, as owner of the property, it deserved more consideration than Senturia, which holds a lease on the site. But CCDC’s board of directors disagreed, saying Catellus had plenty of time and should have lodged a complaint when it entered the design competition in June.
In other action, CCDC approved basic concept drawings for a 10-story office building at the southeast corner of India and A streets proposed by Pointe Development Investors. A spokesman for the developer said construction on the building will begin next year if financing can be arranged.
In yet another development-related decision, the CCDC board agreed to negotiate with developer Michael Kriozereand his Marina Village Associates on a proposal to build a $117-million, 300-unit condominium complex on the site of the Frost Lumber building, a plan that includes renovating the historic four-story, brick Pacific Soap Factory building into housing units.
The multistory project, called City Front Terrace, is to be constructed on a triangular parcel bounded by Market and Union streets and the Bayside Trolley line.
Prices of units would range from about $165,000 to $365,000. If eventually approved by CCDC and the City Council, construction would begin the middle of next year and be completed in 1993.
The now-vacant Pacific Soap Factory was built in 1919.
