National Real Estate Advisors, LLC (National) celebrated the start of construction on the redevelopment of an existing 1970’s era office building into luxury, high-rise rental apartments at 100 Van Ness Avenue. Among the roughly 150 invited guests in attendance at the ceremonial groundbreaking event were the Mayor of San Francisco, Edwin M. Lee, District 6 Supervisor, Jane Kim and IBEW Local 6 Business Manager, Tim Donovan. Mayor Lee’s remarks included praise for National and its development partner, Emerald Fund, for their adaptive re-use of the 400-foot tower which was the former headquarters building of the California State Automobile Association. The mayor credited the project for making a major contribution to bringing new life to the Civic Center neighborhood. Dignitaries used golden sledge hammers to smash ceremonial concrete panels to symbolize the pending replacement of the building’s dated concrete façade with a sleek, modern glass and metal exterior.
100 Van Ness is located near the intersection of Van Ness Avenue and Hayes Street at the heart of the renaissance occurring in the Civic Center and Mid-Market neighborhoods of downtown San Francisco. The 28-story, 379,000 square-foot building will contain 400 luxury apartment units featuring ceiling heights of up to 10 feet with unmatched views of San Francisco seen through floor-to-ceiling windows. Importantly, 48 of the project’s units will be made available to low and moderate income residents. The building’s signature amenity will be the city’s highest residential roof deck. Located on the 29th floor, roughly 380 feet above street level, the 12,000 square-foot roof deck will boast an outdoor dining area with barbeques, an outdoor lounge with fire pit, a sunbathing lawn, a bocce ball court, community garden areas and a pet area – all with panoramic views of the city. 100 Van Ness will feature other market-leading amenities available for resident use such as a state-of-the art fitness center with a massage room, a private dining room with kitchen and wine storage, a lounge and game area served by a kitchen and espresso bar, and a library area and conference room. Approximately 5,000 square feet of ground level retail space will add life along Van Ness Avenue.
Residents of 100 Van Ness will experience the best of urban life in San Francisco with access to the city’s mass transit systems, including BART and Muni Metro, just steps away. Many of San Francisco’s cultural institutions surround the project including the San Francisco Symphony, San Francisco Opera, San Francisco Ballet, SF Jazz, the Graham Civic Auditorium and the Asian Art Museum. The unique shops and restaurants of the idyllic Hayes Valley neighborhood are only one block away. In total, 100 Van Ness will be in the middle of the best San Francisco has to offer.
The 100 Van Ness project represents a continuation of the successful development and investment relationship between National and Emerald Fund. The two firms’ tireless efforts to design and re-purpose the building from 1970’s office space to 21st century residences will result in a structure will meet or exceed the state’s CALGreen and city’s GreenPoint rating requirements. Construction will be completed in late 2014.
Specializing in real estate investments on behalf of large institutional investors, National Real Estate Advisors, LLC (National) manages more than $1 billion of client capital. To learn more about National, please visit our website at www.natadvisors.com.
Founded in 1979, Emerald Fund is a San Francisco Bay Area based real estate developer and property manager. Over the past 33 years, Emerald Fund has completed over 25 projects with a value in excess of $2 billion. Emerald Fund has developed a wide range of product type including over 2000 units of new construction condominiums and apartments and over 1900 units of residential renovation and conversion projects.