On the right path

“Third Street is what we call the Path of Progress,” said Rick Holliday, president and founder of Holliday Development. The street runs through the South of Market, downtown, Mission Bay, Potrero Point, Dogpatch and the Bayview-Hunters Point areas.

Situated along the Third Street corridor, specifically Carroll Station and the new light rail, 5800 Third offers 137 one-, two- and three-bedroom homes with modern features.

Eventually, 5800 Third will be a set of four buildings with approximately 400 housing units: half for sale and half for rent, designed for older residents and first-time homebuyers, plus two restaurants, a grocery store and a new transit line.

“We feel like we’re finishing up the three blocks that make up Carroll Station, which is a renovated park, a new indoor pool, some affordable elderly housing, some first-time homebuyer housing,” Holliday said. “Ours is market-rate housing with a grocery store and a rail stop.”

“The project at one point was overly aggressive,” said Patrick Bartlett, the current project architect, as the plan was to simultaneously construct four buildings with about 360 condominiums. But the economy soured and plans changed.

The process then took on a phased construction, making it financially feasible and more practical.

“The original idea was more traditional,” Bartlett said. But the development team wanted to “give it a look more in tune with the times.”

“We created much more interior-focused courtyards,” Holliday said. The units benefit from the fresh air the three courtyards provide, which he considers better for an urban condominium.

The interior went through a massive renovation as well. The original architecture had large rooms, so niches and half-walls were constructed for a more intimate atmosphere. The oversize master bedrooms were scaled down, and an office space was inserted.

Finishes were altered to a more unique Corian style, and the builders “would upturn the flooring against the walls,” Bartlett said, “so it would look like continuous finish from the floor up the wall, which you don’t see too often.”

In the second building of 5800 Third, a Fresh and Easy grocery store will be constructed.

“They’re a big new concept out here,” said Paul Zeger, president and CEO of Pacific Marketing Associates, “to bring fresh produce and all kinds of nice groceries into a neighborhood that historically hasn’t had that.”

Holliday said, “The city redevelopment agency has worked with us in getting employees for the grocery store, and that’s gone really well in terms of local hiring.”

“That’ll draw people who are living in the area to congregate here, and create a little bit of a downtown experience,” Zeger said.

The condos at 5800 Third also benefit from attractions around the area. For example, the Martin Luther King Jr. Pool across the street was also renovated by the city and offers a large in-ground pool and a children’s wading pool.

“It’ll be nice to have that mix of grocery store, restaurants and condominium units all mixed together to make a nice city block along that edge,” Bartlett said. “Give the neighborhood something back, a destination for people.”

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July 6th, 2011  in Real Estate Trends No Comments »

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