By Peter Lawrence Kane
There is a new building slowly going up at 2121 Webster Street, near Sacramento. Dubbed The Pacific, it’s taking up what used to house the University of the Pacific’s dental school, and while it’s technically in Pacific Heights, the location is also close enough to the Fillmore to capitalize on its appeal. And as The New Fillmore reported, everything about the Pacific suggests that prices might exceed $3000 per square foot, a new record for San Francisco.
Many facets haven’t yet been finalized or released, but the tower will contain 76 units. What is now the dental school’s parking lot will become 10 attached townhouses “that will reportedly look faintly Victorian to blend in with the neighborhood.” However, zero units will be below-market-rate housing; instead, the developer, Trumark, paid $5.2 million into the city’s housing fund, a black hole so opaque that almost no affordable units can escape.
Further, The New Fillmore strongly implies that the minds behind the Pacific are milking the market to up the price. Flying in consultants from some of Manhattan’s residential super-talls (those widely loathed “sliver buildings” with $95 million apartments) generated buzz, the schmoozy groundbreaking ceremony was a power broker “lovefest,” and the lackadaisical pace of construction (underway, with an estimated completion of 2016) and closely held details on costs and amenities are intended to keep the target demo of “youngish technology executives, venture capitalists and private equity firm higher-ups” salivating while the prices this “trophy” address can command go higher and higher.
[Via The New Fillmore; image via SF Planning]
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