Presidio Bay Ventures obtained a site for approval to build two office buildings that are five stories high. The building is in San Francisco, South of Market, and they got approval after getting a three-year extension of the loan payment. The affiliate of the local developer led by Sanandaji has signed a foreclosure for a half-acre property at Townsend Street and Stanford Street. Both are two blocks away from South Beach Harbor. The news is released by the San Francisco Business Times.
The affiliate, the owner of Townsend Property, a limited liability business run by a Seattle company, gave up a commercial building about a century old along with a parking lot next door to the TDA investment Group sitting in San Mateo.
The action came after the news that Presidio Bay managed to get a time extension of three years to finish the project. TDA will also collaborate with Presidio Bay Ventures to give an advancement on a two-building office campus. The pair released the news in a joint statement. Presidio Bay bought the place in 2019 for about $ 24 million. The office project, which people called Ampersand, gained approval in 2021 but needed to catch up. The developer released plans to reuse and read compartments to the historic brick building, with a new building right next to it.
TDA then gave Presidio a loan of $15.5 million for pre-development in 2019. The debt read about 416.5 million in May. On the other hand, Presidio Bay managed to get approval in 2021 for the two buildings. The two buildings have offices, shops and restaurants. TDA and Presidio said they would work cooperatively to advance their envisioned development. TDA also believes San Francisco will be a good location for groundbreaking businesses. News Source – Therealdeal
