Boston Properties Gets Nod For Central SoMa District Project
Zacks Investment Research | Dec 23, 2019 07:54AM ET
The City of San Francisco Planning Commission recently unanimously approved Boston Properties, Inc.’s (NYSE:BXP) 4th and Harrison development project.
The approval includes the Large Project Authorization for the massing and designing of the entire project, spanning around 820,000 square feet. It also includes the initial allotment of 505,000 square feet of space under the San Francisco Office Development Annual Limitation Program (Prop M), as part of the first phase of the project.
The company has already filed for initial building permits for San Francisco’s Central SoMa District project and expects construction to commence in second-half 2020.
Notably, in 2014, Boston Properties had entered into an option agreement to acquire the land for the above-mentioned development. This project will be constructed on the company’s longstanding and expanding portfolio of Class-A office properties in the Bay Area.
The 4th and Harrison development project will offer Class A office space, spanning roughly 770,000 square feet of space, 36,000 square feet of street-level micro retail, onsite childcare and PDR space, as well as public open area spanning 16,700 square feet.
Further, as part of the project, Boston Properties will grant a 15,000-square-foot portion of the site to the City of San Francisco to develop a 144-unit affordable housing project.
Moreover, the project is aiming for LEED Platinum certification, and to be the largest scale-development in the city to implement carbon mitigation measures and energy efficiency. The project is well-situated, and will be connected with two stations, which are part of SFMTA’s new Central Subway expansion.
Per management, “4th and Harrison combines an ideal location, a city-leading sustainability program, and thoughtful design to create the best workspace to recruit and retain top talent.”
Further, the development will enable the company to fortify its presence in the Bay Area region, where it currently owns 35 properties,spanning 7.5 million square feet, including the iconic Salesforce Tower and Embarcadero Center realties.
Shares of this Zacks Rank #3 (Hold) company have gained 4.8% in the past three months, as against the Original post
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