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.