CIM Group has scooped up a Mission Bay site with approved plans for 350 condominiums.
Located at 1000 Channel Street, the two-acre parcel is slated for two apartment buildings with 14,000 square feet of retail space and parking, the San Francisco Business Times reported. The seller was Strada Investment Group.
The site, currently a parking lot, is perched along Mission Creek with nearly 650 feet of frontage along the waterfront, according to a news release. It will also contain an entitled 250-room hotel developed by SOMA Hotels, which purchased part of the land earlier this year. The groundbreaking for the hotel is scheduled for the end of 2014.
1000 Channel represents the sixth acquisition in San Francisco for Los Angeles-based CIM, which owns 330 Townsend Street, 260 Townsend, 211 Main Street, 246 First Street and Central Tower, a two-building complex at Market and Third streets. The company has also partnered with Macklowe Properties to develop New York’s 432 Park Avenue, the Western Hemisphere’s tallest residential building, which topped out last month at 1,396 feet.
The selling price for the development site was not announced. CIM has yet to release details on when it will break ground on the new condos.