Bayview condo project bought

Houston developer Noteware Development and Goldman Sachs (GS)have purchased 5800 Third Street, a 338 condominium project slated for construction at the former Coca Cola (KO) plant in San Francisco’s Bayview-Hunters Point neighborhood, the firms said in a release.

The $146 million development is the second new housing collaboration between Noteware and Goldman Sachs in the Bayview. Their first project is the 198 unit development under construction on Jamestown Avenue near Monster Park at Candlestick Point, slated for occupancy in January 2008.

The firms have invested nearly $250 million in southeastern San Francisco, according to Goldman Sachs Urban Investment Group Managing Director Alicia Glen.

The firms said the 5.75 acre site, previously owned by the Lennar Corp. (LEN) and Levin Menzies & Associates, will include 291 market-rate and 47 below-market-rate condominiums and 11,000 square feet of retail on Third Street. The condos will likely start in the mid-$500,000s, the firms said. The below-market-rate units will likely start in the mid-$200,000s.

“I think it’s a pretty good project. It depends on how well they interact with the community. We just hope they live up to the entitlements … that we had with the former owners of that project,” said Al Norman, president of the Bayview Merchant’s Association.

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