88 At The Park: New Construction Update

Oct 20, 2021

We first reported on 88 at the Park this past June, at which time official marketing for the new 127-unit condominium development indicated it would begin selling Summer 2021. Fog-filled months came and went with only silence on the matter. Then, as August was coming to a close, we received word that sales would commence in the fall.

With prospective home buyers champing at the bit, we connected with a source in-the-know to find out what’s really going on…

It turns out, our insider revealed, materials for finishing the homes — e.g. quartz countertops and light fixtures — had not yet arrived. No materials means no mock-up of residence interiors in the sales center, no model homes in the building itself, and definitely no Certificate of Final Completion and Occupancy.

Our source explained that the supply chain disruption had pushed back project completion to December 2021. And while the sales center could be equipped to open around the same time, doing so in the midst of the holiday season (historically a time of minimal market activity), was not in the cards. Realistically, sales are anticipated to commence in February 2022.

Meanwhile, work on other building components at 88 at the Park continues to progress. Visit the site and you’ll see it is very active. The sales center, on the other hand, is currently an empty shell at 73 Arkansas Street.

Scaffolding has come down at 88 at the Park. New commercial space will activate the 17th Street frontage. Above it, three floors of residences featuring private terraces and floor-to-ceiling windows overlook Jackson Playground. Photo credit: VULCCA.

An article published last week by San Francisco Examiner elaborates on the wrench thrown into the development’s timeline:

Calvin Li of First City Development, the firm that’s leading the project, says his company thought about opening the building without these finishes but ultimately decided against it. “We don’t want to compromise the quality or the first impression for the buyers.”

Virtually every construction project in San Francisco is being affected in some way by the current state of the global supply chain, developers, contractors, and architects say. Some, like 88 at the Park, are seeing delays. Other projects are receiving minor redesigns midway through construction, while those that haven’t broken ground yet are going through far more extensive pre-planning than they would have before the pandemic.

Etched channel glass at the corner of 17th Street and Arkansas Street satisfies both form and function. The oversized address marker may be one of the city’s largest. Photo credit: VULCCA.

Making lemonade of the situation…

It’s to the developer’s advantage to sell a fully realized product rather than attempt to get top dollar with renderings and promises. Positioning 88 at the park favorably relative to competing inventory pivots on showcasing all the wow-factor design details, high-end appointments and amenities. And a prospective buyer’s ability to see, touch and experience those is essential in creating irresistible appeal that’ll seal the deal.

Moreover, San Francisco’s condo market is gaining strength as it recovers from the pandemic shock, trending toward a robust 2022. Unit pricing and absorption rate at 88 at the Park should follow demand upward. *cha-ching!*

As for buyers, the convergence of construction completion and sales debut will make for relatively short escrows and near-term resident move-ins. Drop us an email and get on our VIP early access list.

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Home buyers who want this coveted northern side of Potrero Hill but cannot wait any longer have a couple compelling condo options currently for sale:

First up, the last remaining new home at 540 De Haro Street. This 2-bed/2-bath/1335sqft unit seeking $2,495,000 is detached on three sides, features downtown views and an expansive private terrace, and comes with deeded parking › Listing details

540 De Haro Street #401 is marketed and exclusively listed by cooperating broker Vanguard Properties. Listing photos below courtesy of SFAR MLS.

Secondly, consider this 2-bed/2-bath/1271sqft home at Onyx on the Park, listed at $1,689,000. The corner unit has downtown views from living area and both bedrooms. Parking and deeded storage are included › Listing details

310 Carolina Street #307 is marketed and exclusively listed by cooperating broker Compass SF. Listing photos below courtesy of SFAR MLS.