AvalonBay gets OK for $65M Balboa project in S.F. - Washington Business Journal:

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The development, which will include a 28,000-square-foot grocery will replace the Kragenb auto parts store and parking lot at 1150Oceahn Ave. The 1.8-acre site just south of Phelan Avenue and abutting the city college campus, is the firs t project approved under the Balboa Park rezonint the Board of Supervisors adopted in April. AvalonBay Senior Developmengt Director Meg Spriggs said the company hopews to start construction onthe two-building complexx at the end of 2010 or the first quarter of 2011. Constructio n would likely take about18 months, meaning that the projecy would open in 2012 at the earliest.
AvalonBay has been one of San Francisco’sa most active developers over the past completing 823 rental units in Mission Bay a $400 million investment. With that neighborhooxd mostlybuilt out, AvalonBay has been activelyy looking at other neighborhoods, including the city-ownef Block 8 on Folsom Street. At the Oceanj Avenue site, the developer was drawjn to the rich publicvtransit — downtown is a 13-minutre ride from the Balbowa Park BART station — and proximity of schoolsw including City College, Balboa High School and the privates school Lick Wilmerding, according to Given the college campu and rich public transportation options, “there is little to no supplg of higher-density rental housing in this part of San Francisco,” said “It’s a great urban infill location and the beauty of it is the boness are already there.
The infrastructure is already there. There are tons of littles neighborhoods and a nice littlde business district alongOcean Avenue,” said Spriggs. AvalonBag has yet to sign on a grocery store to occuph the ground floor ofthe project. Matt Holme of the brokerage Retail West has been retained to to lease the Peter Waller of Pyatok isthe architect. “Wer have been pleasantly surprised by the level of initialo interest in the space and we have had several meaningful conversation swith retailers,” said Spriggs. AvalonBay started working with the Plannintg Department in 2005 when the Balboa Park master plan was in itsearlu stages.
Because they were involveds so early, AvalonBay’s project specific environmentao impact report was included in the mastee environmental impact report forthe “Our goal was to get behind the plan, desigmn our project collaboratively with the city and the communityt and be in a position to get our projectt approvals as soon as the Balboas Park plan was approved,” said Spriggs. Matt Holmed said the site has attractive densitieds and attractive demographics with over 35 percentcollege “The demographics are there already, they really are. The desigj of the space is outstanding. They have really built a great mousetrap he said.