Nearly one in 10 offices in Downtown San Francisco could be converted into housing.
That’s the conclusion of researchers at Columbia and New York universities, whose study says 9 percent of the city’s Downtown offices could be turned into homes, the San Francisco Business Times reported.
Of those, 47 buildings with 5.2 million square feet of offices in Downtown could be converted into homes. The city’s core business district contains 58.7 million square feet of offices, according to the Business Journal.
The office-to-home conversion candidates within the core business district range from 600,000 square feet to 25,000 square feet. While the bulk of the candidates were built before 1940, the newest office building was built in 1988 at 222 Front Street.
Commercial landlords in San Francisco, however, haven’t embraced office-to-home conversions. Despite public interest in replacing empty office buildings with much-needed housing, conversions can be complex, and cost just as much or more than new construction.
They point to local, state or federal policy changes that could help get residential conversions built. These include zoning adjustments, tax abatements, debt subsidies and government grants to help developers turn obsolete office buildings into more environmentally-friendly housing.
SF looks to ease rules for office-to-home conversions and storefronts
Group i wants to convert historic SF offices into apartments
Just one application for a major office-to-home conversion has been filed with the city. A developer had planned to convert 40 units at 988 Market Street. But when the Business Times revisited the application, it was marked “on hold.”
Any actual conversions spurred by the high vacancies and recent push to lower zoning regulations and fees are likely years away, analysts told The Real Deal, and will require a collective effort from government and developers to make the projects pencil.
— Dana Bartholomew
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Nearly one in 10 offices in Downtown San Francisco could be converted into housing. That’s the conclusion of researchers at Columbia and New York universities, whose study says 9 percent of the city’s Downtown offices could be turned into homes, the San Francisco Business Times reported. Authors Arpit Gupta, Candy Martinez and Stign Van Niewerburgh
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Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.