Principal Real Estate and Urban Pacific Investors Commences Phase II Project [Professional Services Close – Up]
The Phase II project, which the Company said is designed to achieve LEED certification, is a companion to the existing 64-story Phase I tower.
"The Phase II development of Rincon Hill is an attractive addition to our real estate investment portfolio," said
"One Rincon Hill was always envisioned as a two-tower development," said
The 52-story Phase II tower, offering 299 units, will complete the development, which the Company said will eventually feature a total of 689 private residences and be home to more than 1000 people.
The addition of the 485,000-square-foot (Total Gross Building Area) Phase II tower is the fulfillment of a journey begun nearly eight years ago when Kriozere identified the site on Rincon Hill as the location for this iconic development.
According to Kriozere, One Rincon Hill's second tower will be a "52-story 450-foot version" of the existing tower with some subtle internal changes and new features:
-The 299 units include a mix of one-, two- and three-bedroom homes, ranging from approximately 613 square feet for a junior one- bedroom to approximately 3,214 square feet for three-bedroom plus den penthouses.
-Approximately 60 percent of Phase II unit floor plans are the same as in Phase I. Phase II will combine the two adjacent small one- bedroom units at the center of the building curve above floor 25 into one two-bedroom unit. The number of two-bedroom units will increase and the number of one-bedroom units will correspondingly be reduced. Like the first tower, the second tower units will feature views of the city and bay from panoramic floor-to-ceiling windows and extra-large balconies.
-The weather beacon lights on Phase I will be mimicked on the new tower, offering a view to a much greater expanse of the city.
-Significant new features in the Phase II building will include a 3,600-square-foot fitness center on the plaza level and a 4,000- square-foot penthouse "
The Company reported that Phase II will be offered as rental apartments, with condo mapping allowing for making units for sale at a future date. The core project team for Phase II remains as it was for Phase I, including architecture by
As with the
One Rincon Hill is situated in the heart of one of
The Principal Green Property Fund I is a closed-end commingled fund sponsored and managed by
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