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Another Golden Gate Branch Chapter May Workshop Review

The Golden Gate Branch held an intriguing workshop on May 16.  The location was in one of San Francisco’s largest high rise office buildings: One Market Plaza.  The start time was intentionally set at 3 pm so attendees could conveniently walk to the event.

There were three presentations from developers with projects in San Francisco.  One involved the renovation of a mid-sized South of Market warehouse building into “creative space”.  How many cities have “creative space” as a category in their zoning language?  Well San Francisco does.  It is a city full of creative people who need places to work.  The second presentation involved a property in Mission Bay.  Mission Bay was actually part of San Francisco Bay at one time, but was filled in.  So despite its name, Mission Bay now contains dry land.  The property in Mission Bay is designated for hotel use.  The developer is seeking to change the approvals to allow both hotel and residential use.  The third presentation involved the re-use of the Bethlehem shipyard at Pier 70.  The time horizon is 10 to 20 years.  So will the re-use plan formulated today still be workable that far in the future?

The highlight of the workshop was the question/answer session.  One question from the audience: “Where are we today in the cycle?”  One answer: “What is a cycle?”  I doubt that developer will be around for the next cycle.

Here is some good news.  None of the developers replied:  “It’s different this time.”

Larry Mansbach

BA, MA, MBA, MAI, State Certified General Real Estate Appraiser

President, Mansbach Associates, Inc.