At least three developers are vying for a University of California, San Francisco property that could be turned into senior housing units, according to a San Francisco Business Times report.
The 10-acre Laurel Heights campus of UCSF has received interest from at least five potential developers including Wilson Meany, MacFarlane Partners, Strada Investment Group, Tishman Speyer, TMG Partners, and SKS Investments (with Prado Group), according to the report, in what promises to be a “controversial” project development.
The university put out a request for proposals following feasibility studies last year and received the proposals in response.
“On May 17th five teams submitted proposals to take on the 10.3-acre property which consists of 447,000 square feet of building space — a 350,000-square-foot main building, a 13,000-square-foot annex, and 543 parking spaces split between surface lots and an underground garage,” the report states.
Of the five teams, three are linked to senior housing developers: The Strada Group is working with Vi by Hyatt; Wilson Meany has partnered with Mather LifeWays and TMG Partners is working with Sares Regis Group, which has developed 55+ communities across California, San Francisco Business Times reports.
“The property could continue to be used as offices or knocked down to make way for condominiums, rental apartments or senior housing, according to UCSF. A deal with a developer could be either a sale of the property or a ground lease arrangement. The zoning allows one dwelling unit per 800 square feet of land, which translates to about 550 housing units. If the project were approved as a “planned unit development” under the San Francisco planning code, the number of allowable units would jump to 700.”
UCSF had not returned a request for comment as of press time.
Written by Elizabeth Ecker