524 Howard Street
This was the second project that Mr.
Choo invested in (with one Investor/Partner) in The Transbay Center District
(the first being the project now called the Oceanwide Plaza Project). The Pritzker Family of Chicago acquired this
Downtown San Francisco South of Market Financial Center development site which
was entitled for a 200,000 SF, 22-story office building. Mr. Choo acquired the Project site, which was
connected directly to the new $4 Billion Transbay Transit Center and one block
down from the Oceanwide Center site also owned at the time by the Choo
Family. Mr. Choo and his minority
Investor/Partner acquired the Project site from the Pritzker Family for $22.5
Million in 2007 and began plans to acquire other neighboring sites in
furtherance of his belief in the strong likelihood that the Transbay Center
District Plan would get approved. The
2008 downturn prevented Mr. Choo from being able to fund the holdings costs for
the Project and the Project site was lost to foreclosure in 2009.
The site was acquired by Crescent
Heights, a large developer out of Chicago. They proposed and received
entitlements for a 495-foot-tall residential tower. The site has since become
part of the Transbay Redevelopment Project Area. The Transbay Redevelopment Project Area is
located south of the Financial District in San Francisco, runs 4 blocks by 2
blocks and is approximately 40 acres in size.
The Project Area is home to the Salesforce Tower and includes Salesforce
Park. Crescent Heights sold the project
site in 2019 for $78 Million, more than 3 times what Mr. Choo had paid in 2007
prior to losing the property in 2009.

HMV Land Assembly is a family office investment and development firm that owns significant real estate assets in Nevada, Idaho, and California, and is focused on the ground-up development of various Class-A property types.
© 2022. All Right Reserved. HMV Website.

HMV Land Assembly is a family office investment and development firm that owns significant real estate assets in Nevada, Idaho, and California, and is focused on the ground-up development of various Class-A property types.
© 2022. All Right Reserved. HMV Website.