The Goldman Sachs Group, Inc. held a ceremony today in San Francisco with Mayor Gavin Newsom for 5800 Third Street, a mixed-income 340 unit condominium project, located on the site of a former Coca-Cola bottling plant.
This is the second investment in San Francisco’s Bayview-Hunters Point neighborhood headed by the Goldman Sachs Urban Investment Group. The project, which includes 20,000 square feet of retail space, is conveniently located at a stop on the new Third Street “T” rail line.
Tesco, the UK-based multinational, is to open a branch of its new US subsidiary, Fresh & Easy. The world’s third largest retailer will now sell food to a neighbourhood that has, for decades, apparently lacked shops that sell food.
“I applaud the Goldman Sachs Urban Investment Group for its vision and I am excited that an institution like Goldman Sachs is making a long term commitment to this city. This project represents exactly the kind of growth we are trying to encourage across the city,” says Newsom.
“A project like 5800 Third Street demonstrates our firm’s commitment to using our own capital to bring moderately priced, quality housing that working families can afford and much needed retail space to neighborhoods that have suffered from disinvestment,” adds Alicia Glen, managing director and head of Goldman Sachs’ Urban Investment Group.