San Francisco - The Real Deal

Silicon Valley pol wants state to insure multifamily loans as spur for resi development

TRD Staff — Thu, 22 May 2025 22:07:43 +0000

A new bill in the California State Senate could make it easier for developers to move forward on multifamily projects across the state. Sen. Dave Cortese, who represents San Jose, recently filed SB 750, which would allow the state to use its credit to insure construction and permanent loans for multifamily housing. The proposed legislation […]

This article originally appeared on The Real Deal. Click here to read the full story.

Landa looks to waterfront park as land-bank, hospitality on hold

TRD Staff — Thu, 22 May 2025 21:30:00 +0000

The former Potrero Power Station in San Francisco’s Dogpatch neighborhood is poised to become a waterfront hotspot. Developer Enrique Landa, a managing partner at San Francisco-based Associate Capital, is spearheading the effort to transform the site with the mixed-use Power Station project. But his plan for a boutique hotel is being put on the back […]

This article originally appeared on The Real Deal. Click here to read the full story.

What doom loop? Wells Fargo sees ‘new cycle’ for SF offices

TRD Staff — Thu, 22 May 2025 20:52:19 +0000

The San Francisco office market, once scraping the bottom of the barrel, is rising up once again. That’s the conclusion of economists from locally-based Wells Fargo, who tracked an 11.3 year-over-year jump in U.S. commercial sales last quarter to $98 billion, according to the San Francisco Business Times, citing a recent report. Wells Fargo economists […]

This article originally appeared on The Real Deal. Click here to read the full story.

VTA snaps up downtown San Jose office tower for $64M

TRD Staff — Wed, 21 May 2025 22:46:16 +0000

The Santa Clara Valley Transit Authority is moving into a new home in downtown San Jose. The VTA has completed its purchase of the 17-story Almaden Crossing tower at 488 South Almaden Boulevard for $63.7 million, The Mercury Times reported. EQ Office, owned by the New York-based Blackstone Group, sold the property along with Menlo […]

This article originally appeared on The Real Deal. Click here to read the full story.

State Farm seeks 30% home insurance rate hike in California

TRD Staff — Wed, 21 May 2025 22:10:43 +0000

It wasn’t enough for State Farm General to win approval to hike homeowner rates by 17 percent this month. Now the insurer wants to jack up rates by another 13 percent. The unit of Illinois-based State Farm Mutual Automobile Insurance seeks a 30 percent increase in home insurance premiums because of claims tied to the […]

This article originally appeared on The Real Deal. Click here to read the full story.

Meta quietly abandons ambitious $1B affordable housing goals

TRD Staff — Wed, 21 May 2025 20:14:29 +0000

Meta has seemingly given up on its $1 billion affordable housing plan in the South Bay Area. The tech giant has pulled back from its efforts to bring affordable housing to Menlo Park, The Mercury News reported. The company, headquartered at 1 Hacker Way, has slowly pared down the team overlooking the operation in recent […]

This article originally appeared on The Real Deal. Click here to read the full story.

Tech investor sets new sales record with Glen Park “fortress”

Emily Landes — Wed, 21 May 2025 15:05:34 +0000

A tech investor who decamped for Miami during the pandemic has set a new record for a home sale in San Francisco’s Glen Park neighborhood — even though it closed at about $10 million less than his initial asking price. Ben Ling, founder of early stage tech-focused Bling Capital and a former executive at Facebook, […]

This article originally appeared on The Real Deal. Click here to read the full story.

SF mayor floats plan to transform vacant retail space into tenant gyms, lounges

Chris Malone Méndez — Tue, 20 May 2025 22:45:26 +0000

San Francisco Mayor Daniel Lurie has a plan to transform vacant offices across the city. Lurie’s proposed legislation, unveiled today, allows downtown building owners to skirt the existing approvals process and turn spaces zoned for retail into office amenities, the San Francisco Chronicle and San Francisco Business Times reported. Under the new guidelines, the ground […]

This article originally appeared on The Real Deal. Click here to read the full story.

Oakland puts up $5M to move fire station via eminent domain

TRD Staff — Tue, 20 May 2025 20:15:00 +0000

Oakland is poised to use $5 million in eminent domain funds to move the city’s oldest fire station into the Clinton neighborhood. The East Bay city offered the sum, disbursed by the state last year, to Grace Von Querner, the owner of East Bay Blue Print & Supply, The Mercury News reported. The print shop […]

This article originally appeared on The Real Deal. Click here to read the full story.

Douglas Wilson takes over beleaguered Parkmerced

Emily Landes — Tue, 20 May 2025 19:59:19 +0000

The court-appointed receiver of San Francisco’s largest multifamily community has taken it over, almost a year after owner Maximus Real Estate Partners first defaulted on $1.8 billion in loans. Douglas Wilson Companies has assumed control of Parkmerced, located in southwestern San Francisco next to San Francisco State University, and plans to invest more than $70 […]

This article originally appeared on The Real Deal. Click here to read the full story.