Related California said Monday it has formed a joint venture with Los Angeles-based McCourt Partners to develop the Jackson, a 41-story office and hotel tower planned for 530 Sansome St. in San Francisco. The San Francisco Chronicle reported that the deal would give McCourt an equity stake in the project, although the size of McCourt’s contribution and terms of the partnership were not disclosed.
The development has already been entitled by Related and remains in the design phase. It still requires construction financing and sufficient pre-leasing commitments before the project can break ground.
“These projects take a certain amount of capital to move forward,” Jordan Lang, president of McCourt, told the Chronicle. “This joint venture reflects our conviction in San Francisco’s resurgence.”
As envisioned, the Jackson would stack 24 floors of about 390,000 square feet of new office above a 200-key five-star hotel in the North Financial District, where neither type of development has been built in decades.
Rendering courtesy of Skidmore, Owings & Merrill.
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