Developers seal deal to build housing at UCSF’s Laurel Heights campus

: bizjournals – excerpt

The San Francisco-based development duo looking to bring a rare spate of new housing to the northern part of the city agreed to a lease deal with the University of California San Francisco to take control of its Laurel Heights campus.

SKS Partners LLC and Prado Group, which won exclusive negotiating rights with UCSF earlier this year, signed a 99-year ground lease for the campus this month. They will lease back the space to UCSF for the next five years while they work on development plans. The developers will meet formally with neighborhood groups in the coming months to unveil what will likely be a plan for hundreds of housing units and some retail space.

The developers have not yet filed any preliminary plans with the city. Soon, they will launch a website with more project information, said Dan Safier, president and CEO of Prado Group. Other groups that had vied for the site, like Wilson Meany and TMG Partners, had pitched senior housing for the site. SKS and Prado have been quiet about specifics…

The 10.3-acre site at 3333 California St., which has nearly a half-million square feet of building space, could hold up about 500 units, according to current zoning rules. There’s also a 40-foot height limit. The site could also still be used as offices, according to UCSF…

Supervisor Mark Farrell, who represents Laurel Heights and its surrounding neighborhoods, said developers will need to show that their plans do not further clog California Street traffic. He also pointed to the potential development on top of the California Pacific Medical Center site near Laurel Village – a hospital that will move to Cathedral Hill – as being “transformational” for the neighborhood.

The Laurel Heights campus “has been a sleepy campus for decades, but when UCSF decided to shutter this campus obviously there was a significant amount of interest,” Farrell said. “It’s going to be monumental over time. It’s a combination of being very exciting, but also there’s a burden that it happens in the right way.”… (more)

 

 

 

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