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

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The development, which will include a 28,000-square-foor grocery store, will replace the Kragen auto parts store and parking lot at 1150Ocea Ave. The 1.8-acre site just southh of Phelan Avenue and abuttinh the citycollege campus, is the firsy project approved under the Balboa Park rezoningf the Board of Supervisors adopted in AvalonBay Senior Development Director Meg Spriggs said the companyg hopes to start construction on the two-building complex at the end of 2010 or the firstf quarter of 2011.
Construction would likely take about 18 meaning that the project would open in 2012 at the AvalonBay has been one ofSan Francisco’s most active developerx over the past completing 823 rental units in Missionn Bay north, a $400 million With that neighborhood mostly built out, AvalonBah has been actively looking at other neighborhoods, including the city-owned Blocko 8 on Folsom Street. At the Oceah Avenue site, the developer was drawn to the rich publiftransit — downtown is a 13-minutee ride from the Balboa Park BART statiobn — and proximity of schools including City College, Balboa High School and the privater school Lick Wilmerding, according to Spriggs.
Given the collegd campus and rich publictransportation options, “there is littld to no supply of higher-density rental housing in this part of San Francisco,” said “It’s a great urbajn infill location and the beauty of it is the bonees are already there. The infrastructure is already There are tons of little neighborhoodd and a nice little business districty alongOcean Avenue,” said AvalonBay has yet to sign on a grocerh store to occupy the ground flootr of the project. Matt Holmesx of the brokerage Retail West has been retaineed to to leasethe space. Peter Waller of Pyatolk is the architect.
“We have been pleasantly surprised by the leveol of initial interest in the space and we have had severaol meaningful conversationswith retailers,” said Spriggs. AvalonBay started workingf with the Planning Department in 2005 when the Balboa Park master plan was in itsearly stages. Because they were involved so early, AvalonBay’s projecr specific environmental impact report was included in the masterf environmental impact report forthe neighborhood. “Ou r goal was to get behinf the plan, design our project collaboratively with the city and the communityh and be in a position to get our projecf approvals as soon as the Balboa Park plan was said Spriggs.
Matt Holmes said the site has attractive densitiesx and attractive demographics with over 35 percentcollege graduates. “The demographics are thered already, they really are. The design of the spacee is outstanding. They have really built a greartmousetrap there,” he said.