Portfolio

Portsmouth Development LLC uncovers premium development sites
and enhances their value for investors.

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One Rincon Hill

Prime site acquired for 1.25 million square foot residential development

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555 Howard Street Tower Project

Portsmouth assembled three properties for prime transit center location

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SOMA SQUARE II Project

120 & 126 Hawthorne and 667 Folsom Streets

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Pipeline Projects

Unique pipeline projects currently in negotiations

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Project Detail

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One Rincon Hill

Prime site acquired for 1.25 million square foot residential development

One Rincon Hill is a luxury residential complex on the apex of Rincon Hill in San Francisco sporting spectacular views of the Bay Bridge and the entire Bay. Designed as a catalyst for urban renewal, One Rincon Hill has set a new standard for urban living in the Bay Area. The complex was designed by Solomon, Cordwell, Buenz and Associates and developed by Urban West Associates through an initial underlying site acquisition venture with Portsmouth Holdings, LLC, (Rincon Ventures, LP). Portsmouth was responsible for assembling the parcel, which consisted of Bank of America offices and a well-known clock tower along the Bay Bridge. The completed project consists of two skyscrapers that share a common townhouse podium. The two-phase, 1,250,000 square foot development contains a total of 709 residential units including 14 townhouses at the base of the towers.

The taller tower, One Rincon Hill South Tower, was completed in 2008 and stands 61 stories tall. The South Tower consists of 390 residential condominium units. The shorter tower, originally marketed as Tower Two at One Rincon Hill, was completed in 2014 and reaches a height of 49 stories. This tower houses 319 residential apartments. Tower Two was subsequently purchased by Principal Real Estate Investors and Urban Pacific Investors who financed completion of the project.

The complex is located right next to the western approach of the San Francisco-Oakland Bay Bridge. In response to the Bay Area’s frequent seismic activity, numerous architectural and engineering design innovations were incorporated to achieve the towers’ desired height, slenderness, and to utilize a floor-to ceiling glass exterior curtain wall. A unique feature of the South Tower are four large water tanks located at the top of the tower designed to help the building withstand strong winds and earthquakes. Both towers employ a concrete shear core combined with four outrigger columns. These are linked by four-story-high buckling restraint braces at two points within the towers enabling the use of a floor-to-ceiling curtain wall. At 670 feet tall, One Rincon Hill is one of the tallest all residential towers west of the Mississippi and has become an iconic landmark on the San Francisco skyline.

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SOMA SQUARE II Project

120 & 126 Hawthorne and 667 Folsom Streets

Portsmouth assembled three properties for much needed rental housing

Portsmouth Development, LLC, commencing in 2013, assembled three abutting commercial properties located at 120 and 126 Hawthorne and 667 Folsom Streets located at the intersection of Hawthorne and Folsom Streets and lying within both the TransBay Transit Center Neighborhood and Central Corridor Neighborhood of Downtown San Francisco for the development of a 13-Story, 245 unit multi-family residential For-Rent Apartment Project. In March 2015, the parcels were transferred to a new venture with Equity Residential Real Estate Investment Trust, (EQR), of Chicago, Illinois, and entered into a Development Services Agreement for the processing of entitlements and development of the planned property.

The planned Project, upon completion, will provide much needed rental housing within the district. It will join the rapidly developing Trans Bay Transit Center Neighborhood Area, which has been the recipient of a dense housing/transit oriented neighborhood re-zoning process completed in 2010 (see a comprehensive overview in the Marketplace section of the website). This location will provide immediate access to the most important local and Bay Area commuter service oriented transit systems, BART (Bay Area Rapid Transit), MUNI (San Francisco’s city-wide bus and under-ground train systems), as well as, the new high-speed rail system extending between San Francisco and Los Angeles which is currently under construction. The Project will be designed and processed for development entitlements as a single For-Rent, multi-family residential project.

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Pipeline Projects

Unique pipeline projects currently in negotiations

Portsmouth Development, LLC, along with its ongoing projects, has additional planned projects currently in the negotiation stage with their respective Sellers/Owners. These prime residential and hospitality Projects, primarily parcel assemblages, total over $1.5 Billion dollars in planned investment cost, and range from $250 million to $500 million each. All Projects are located within the Greater Downtown Area of San Francisco with one having a waterfront location.

None of the Current Projects nor Pipeline Projects, when initiated, were ever offered for sale in the marketplace. Portsmouth’s unique niche in the marketplace is the ability with its extensive San Francisco knowledge to uncover and assemble prime development sites and purchase them at a wholesale, pre-assemblage value creating highly compelling development opportunities.

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555 Howard Street Tower Project

Portsmouth assembled three properties for prime transit center location

Portsmouth Development, LLC, commencing in 2013, assembled three commercial properties located at 547, 555 and 557 Howard Street between 1st and 2nd Streets, lying within the TransBay Transit Center Neighborhood of Downtown San Francisco for the development of a 38-Story Tower, 228 room 5-Star Luxury Hotel with 110 Branded Residential Condominiums. In March 2015, Portsmouth transferred the parcels to a new venture with Great Eagle Holdings, Inc., of Hong Kong, and entered into a Development Services Agreement for the processing of entitlements and development of the planned property.

The Project Site orientation takes advantage of three key elements, namely the significant changes in allowable building height that have occurred as a result of the neighborhood re-zoning in 2010 (120’ versus 350’, currently), the rapidly developing Trans Bay Transit Center Neighborhood Area, which has been the recipient of a dense housing/transit oriented neighborhood re-zoning process completed in 2010 (see comprehensive overview in the Marketplace on this website), and immediate access to the most important local and Bay Area commuter service oriented transit systems, BART (Bay Area Rapid Transit), MUNI (San Francisco’s city-wide bus and under-ground train systems), as well as, the new high-speed rail system extending between San Francisco and Los Angeles which is currently under construction across from the Project site. The planned Tower, upon completion, will provide prominent views for the majority of the units which will be reflected in higher view-oriented hotel room rates and condominiums values in comparison to competing neighborhood projects impeded by the lack of achievable view corridors.

The 555 Howard Tower is ideally located across the street from the new Transbay Transit Center (under construction), as well as, ½ block from the new Salesforce.com Tower, which, upon completion, will be the tallest building on the west coast of the United States at 1,100 feet.