The $500 million Mexican Museum and luxury condo tower, potentially one of the most expensive residential buildings in San Francisco, will begin construction by March after a decade of fundraising, approvals and lawsuits delayed the project.
Building permits have been filed to construct a four-story museum and up to 190 condos at 706 Mission St. Developer Millennium Partners filed a permit for excavation, shoring and underpinning for the 501-foot tower in December, but is still awaiting approval, said an official at the city’s Department of Buildings Inspection.
The tower is expected to be completed by early 2019, said Millennium Partners. With units averaging 2,700 square feet and prices expected to exceed $2,000 per square foot, sales at the tower could break an average of $5 million per unit and $1 billion in total sales. The project’s budget is $500 million with HSBC providing financing, said Millennium Partners.
A final name for the tower will be announced soon, said the developer.“We’re excited to be moving toward the next phase in the development of the Millennium Partners and Mexican Museum project at 706 Mission Street. This development is poised to become the city’s next great residential address in the heart of the Yerba Buena cultural district,” said Sean Jeffries, vice president of Millennium Partners, in a statement.
The developer has also come to an agreement with neighbors at the Four Seasons Residences at 765 Market St., who fought the project for years, saying they objected to its height and its impacts on traffic. Millennium also was the developer of the Four Seasons Residences.