18th Street Arkansas, San Francisco, California
Duties: Acquisition, land-use-entitlements for subdivision, land financing and sale to partner.
This was the third joint venture project undertaken between The Triangle Group and our San Francisco-based partner. Unlike the first two projects—conversions of warehouses to Live-Work Loft Condominiums—18th Street Arkansas was the development of unimproved land on a steep hillside. With the Anchor Steam brewery virtually next door to the subject parcel, we were opposed by a vigorous and well-funded company that feared the consequences of a residential development next to an industrial plant. After more than two years of bitter fighting, entitlements were finally approved for approximately 93 residential units. With a changing economic climate, Triangle decided to sell its interest in the project to its partner after entitlements were approved.