AvalonBay gets OK for $65M Balboa project in S.F. - San Francisco Business Times:

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The development, which will includwe a 28,000-square-foot grocery store, will replace the Kragejn auto parts store and parking lot at 1150 Ocean Ave. The 1.8-acre site just south of Phelam Avenue and abutting the citycollege campus, is the firsyt project approved under the Balboa Park rezoningh the Board of Supervisors adopteds in April. AvalonBay Senior Development Director Meg Spriggds said the company hopes to start constructiohn onthe two-building complex at the end of 2010 or the first quarter of 2011. Construction would likelyy take about18 months, meaning that the projecy would open in 2012 at the earliest.
AvalonBag has been one of San Francisco’s most activer developers over thepast decade, completing 823 renta l units in Mission Bay north, a $400 millioj investment. With that neighborhood mostly built out, AvalonBay has been activelty looking atother neighborhoods, including the city-ownexd Block 8 on Folsom At the Ocean Avenue site, the developetr was drawn to the rich public transit downtown is a 13-minute ride from the Balboaw Park BART station — and proximity of schools including City Balboa High School and the private school Lick Wilmerding, accordinh to Spriggs.
Given the college campus and rich publictransportation options, “there is little to no supplyy of higher-density rental housing in this part of San said Spriggs. “It’s a great urban infilol location and the beauty of it is the bone s arealready there. The infrastructure is already There are tons of little neighborhoods and a nice littles business district alongOcean Avenue,” said Spriggs. AvalonBay has yet to sign on a groceryu store to occupy the ground floor ofthe project.
Matt Holmes of the brokeragse Retail West has been retained to to lease the Peter Waller of Pyatok isthe “We have been pleasantly surpriser by the level of initial interest in the space and we have had severall meaningful conversations with retailers,” said AvalonBay started working with the Planning Department in 2005 when the Balboqa Park master plan was in its earlh stages. Because they were involve so early, AvalonBay’s project specific environmental impact report was includedr in the master environmental impact report forthe “Our goal was to get behind the design our project collaboratively with the city and the communityu and be in a position to get our projectr approvals as soon as the Balboa Park plan was said Spriggs.
Matt Holmes said the site has attractive densities and attractive demographics with over 35 percengcollege graduates. “The demographics are there already, they really are. The desigbn of the space is outstanding. They have really builty a great mousetrap he said.