By Alex Girda, Associate Editor
As the San Francisco Bay Area’s office market took off just before the end of the year, a major boost was also given to the area’s luxury residential market. MetLife, the provider of insurance, annuities and employee benefits, has announced its commitment in the development of a brand new multifamily high-rise building that would set the bar for luxury apartment units in San Francisco.
The insurance giant has teamed up in a joint venture with development company UDR, Inc. for an investment in the area’s multifamily sector worth over $300 million. According to a recently released press statement, MetLife will own a stake of 49 percent with UDR holding the majority share.
The JV is set to start work on a 42-story residential tower on a development site located at 399 Fremont Street in the Rincon Hill neighborhood of San Francisco. According to data from MetLife, the total investment will have a value of $317 million and has a construction deadline set for 2016. The high-rise will offer a total of 447 residential units, all of which will be made available at market rate. According to Global Head of Real Estate for MetLife, Robert Merck, the company has “a successful relationship with UDR, and this significant deal in the Bay Area further cements our partnership.”
Set to increase the available stock of high-end residential units, the building will offer residents a generous amenity package. A sky lounge with an observation deck will be part of the package, while a pool, a fitness center, pet care center and a retail component of 3,500 square feet, will also be included. The area features a number of nightlife spots, dining venues as well as the city’s bustling financial district. Transportation will be ensured via nearby BART stations and the in-development Transbay Transit Center.