Market St. & Van Ness Ave.
The intersection of the two largest and well-known streets in San Francisco, Market Street and Van Ness Avenue represented a special opportunity to address the needs of a neighborhood that sits at end of San Francisco’s Financial District and serves as a gateway to the lively and culturally diverse residential areas including the South of Market, Van Ness Corridor, Upper Market and the Castro Districts. The Market-Octavia Plan was expected to rezone certain properties near the intersection of Market St and Van Ness Avenue and increase the building height limits from 120 feet to 400 feet in order to accommodate the neighborhood’s needs for additional housing and transit-oriented developments.
Mr. Choo formed an investment partnership, in which the Choo Family was a minority investor, that anticipated the ultimately successful passing of the Market-Octavia Plan and that acquired 4 parcels in two separate transactions from two different
owners in 2006. The Market-Octavia Plan was fully approved in 2008. The group hired Richard Meier, the renowned Pritzker Architecture Prize-winning American architect (perhaps best known for the Getty Center Museum in Los Angeles) to design a 400-foot tall, 34-story signature high-rise residential tower.
The 2008 downturn and the difficult years that followed created liquidity problems for several of the project’s investors and the majority of the investors, contrary to Mr. Choo’s appeals to continue with the entitlement of the Project, decided to sell the property rather than pursue the construction of the Richard Meier designed tower. The group had paid $13.7 Million for the project site, and the site was sold for $37 Million.

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.