Chicago-based Higgins Development Partners has acquired one of the last remaining fully entitled South of Market development sites in San Francisco, according to the San Francisco Business Times. Higgins paid $18 million for the 12,282 sq. ft. site and plans to build a 24-story, 202,000 sq. ft. tower valued at $75 million.
The site was entitled in 1989 and is not shackled by San Francisco's Proposition M, which limits annual office space construction to 950,000 sq. ft. during the fiscal year. Higgins' office project also will contain ground-level retail and below-ground parking.