Mid-Market Development

PROJECT

Land assemblage and entitlement for a major retail project. This property is located near the corner of Market and 5th Streets, the site of the Westfield San Francisco Centre, anchored by Nordstrom and Bloomingdale's.

Urban Realty subsequently secured entitlements for a 250,000 square foot, 5 story plus lower level retail project with 2 levels of subterranean parking. The property was sold after entitlements were received and the new owner is proceeding with construction of the approved project.

VALUE CREATION

The greater Union Square area of San Francisco is constrained by the unavailability of developable land. Urban Realty reasoned that a strong demand exists from retail tenants requiring large premises at an affordable rent, and that the most logical direction of growth would be outwardly along Market Street, feeding from Westfield San Francisco Centre. Urban Realty then quietly assembled a major site while the location was still perceived as pioneering.