Around the Bay: Local News Bites
This post first appeared in the April edition of: Cirios Trends: In Search of Real Estate Opportunities.
Tower in Pyramid Shadow One Step Closer
(San Francisco Business Times)
Liberty Hill Development, the developer working on a controversial project to build a 248-unit condo tower adjacent to San Francisco’s Transamerica Pyramid received good news last month, as the San Francisco Planning Commission approved the Environmental Impact Report for the project. While far from a done deal, the project is one step closer to getting the final seal of approval from the city. While development of the 400-foot tower would use private funds to expand Redwood Park and deed the area to the city at no cost, neighbors fear the shadow and traffic implications more than warrant stiff opposition to the project. Plus, does the city really need more luxury condos?
(Read more here: http://tinyurl.com/ciriostrendsapril1)
“Champagne Space at Beer Prices”
(Silicon Valley Business Journal)
At least someone is taking advantage of the abysmal 
state of Silicon Valley commercial real estate. As frequenters of Highway 101 are well aware, the two towers next to the freeway which used to don the Yahoo! moniker have been a constant reminder of the market’s woes since the Internet firm vacated almost a year ago. Lease rates have tumbled, and McAfee, a leading provider of anti-virus software, reportedly snatched up 241,000 square feet, or the entire tower located at 2821 Mission College Blvd in Santa Clara, for a song. According to brokerage Cornish & Carey, rental rates in Santa Clara have tumbled to $2.02 per square foot from $3.21 a year ago as vacancies have edged up to almost 20%.
(Read more here: http://tinyurl.com/ciriostrendsapril3)
San Francisco Unemployment Hits New High
(San Francisco Business Times)
Despite an easing in the national unemployment outlook 
this month, unemployment in San Francisco hit 10.3%, the highest level since the Great Depression. Looking underneath the data, shopping, parking and hotel occupancy remain weak, as home sales slipped and rents kept falling. As dire as that headline sounds, however, the data is from January, and by most metrics the employment outlook has brightened somewhat since that time. The report, issued by the Controller’s Office, also indicated that declines were less severe than earlier in the recession.
(Read more here: http://tinyurl.com/ciriostrendsapril3)
Fans Mull Ellison as Warriors’ Savior
(San Jose Mercury News)
The state of Bay Area sports is, in a word, abysmal. The 49ers 
are hoping youthful energy can make up for their play on the field, the Giants can’t hit their way out of a wet paper bag and the Raiders and A’s make their cross-bay rivals look championship-bound by comparison. The only bright spot is the Sharks – wait, they still play hockey in this country? Oh, and then there’s the Warriors. With the team up for sale (finally), fans are crossing their fingers Oracle founder Larry Ellison will save the team from its legendary mediocrity. Now, with an America’s Cup crown under his belt, Ellison just may set his sight’s on Your Golden State Warriors.
(Read more here: http://tinyurl.com/ciriostrendsapril4 )
Tags: 2821 mission college blvd, 555 washington san francisco, larry ellison buying the warriors, mcafee office space, san francisco unemployment, transamerica pyramid