Pasadena, CA-based real estate investment trust Alexandria Real Estate Equities, Inc. ARE and San Francisco-based TMG Partners have submitted a revised Preliminary Project Assessment (“PPA”) plan for a mixed-use project at 88 Bluxome Street. The revised property plan, spread over 2.6 acres, in the heart of South of Market (“SoMa”) neighborhood has been submitted to the San Francisco City Planning Department.
The construction of the Central Subway station in the same block as the property adds to its attraction.
The PPA necessitates the project to be anchored by commercial office, retail, and production, distribution and repair (PDR) space. The aim is to support the Central SoMa Plan’s objective of creating jobs along the new transit line. The project delves into various community priorities for the benefit of the greater San Francisco area.
Alexandria is mainly engaged in the ownership, operation, management, selective redevelopment, development and acquisition of life science properties. Both Alexandria and TMG Partners intend to fulfill the goals of the Central SoMa Plan.
Alexandria currently carries a Zacks Rank #3 (Hold).
Investors interested in the REIT industry may consider stocks like DCT Industrial Trust Inc. DCT, Easterly Government Properties, Inc. DEA and Douglas Emmett Inc DEI. Each of these stocks holds a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment