By Alex Girda, Associate Editor
The biggest news San Francisco real estate had to offer this past week was undoubtedly the announced expansion of the city’s Museum of Modern Arts. The development is set to contrast the architecture of the original Mario Botta-designed SFMOMA building and will be a modern counterpart to the citadel-like original structure.
According to a San Francisco Business Times report on the ambitious project, the new building will total more than 225,000 square feet and will run along the back of the existing structure. Costs for the development will reach a total of approximately $250 million. The team of developers comprises SFMOMA, Snøhetta and EHDD of San Francisco; Webcor is the contractor.
The Business Times quoted SFMOMA director Neal Benezra as saying that this new project will transform not only the museum but the city. The project will instantly give back to the community in the form of a new state-of-the-art fire station that will optimize response times. Because of the fact that the current project is set to take down Fire House 1, developers have included a $10 million state-of-the-art fire station in the cost. To be erected in a different location, the new facility will improve response times in case of emergency, he said.
Also making headlines in development news is a housing project on Upper Market. The proposed 113-unit residential development is set to turn an otherwise decrepit site into 99 market-rate apartments and 14 affordable units.
The proposed project is a sign of trust from developer MacFarlane Partners, as the value of the development stands at $55 million. The site was formerly owned by builder Joe Cassidy, who was unable to develop it; it was sold to the investment firm as a non-performing note.