By Joel Scanlon
San Francisco’s South of Market (SoMa) district will house the residential complex, One Rincon Hill Phase II, to be promoted by Principal Real Estate Investors along with Urban Pacific Investors (UPI).
One Rincon Hill Phase I and II (Photo: Solomon Cordwell Buenz)
The development will constitute 52 floors and 299 units and aim for LEED authentication. It is also a neighbour to the Phase I high-rise of 64 floors. Phase II is scheduled to begin in July 2012 with final completion by fall 2014. Principal Real Estate Investors, a huge real estate manager in the USA, is promoting One Rincon Hill Phase II for Principal Green Property Fund I.
UPI is in charge of managing the development of Phase II and the new unit formed by the main promoter of One Rincon Hill Phase I. Perched atop Rincon Hill, the One Rincon Hill undertaking is one of the tallest buildings in the region. One Rincon Hill Phase II will include one-, two- and three-bedroom houses. More than half the floor plans of Phase II will be the same as those of Phase I. The project will present breath-taking views of the bay and the surroundings through full-length windows and spacious balconies. Weather beacon lights atop both towers will enhance visibility of the surroundings. A 3600-sf fitness studio and a 4000-sf penthouse “Sky Lounge” on the 49th floor will be new attractions of Phase II. Other facilities will be repeated as in Phase I. Phase II units will be initially rentable with a later option for buying them. The developer will have to pay various fees to the city. The project has access to important roads and highways in the area.