From: SF Business Times

San Francisco Business Times - by J.K. Dineen

Commercial development is dead. New retail construction is not even on the horizon. And San Francisco may not see dirt move on another new hotel for five years. But for all the grim news, the Bay Area construction industry is starting to see cause for hope.

For the first time in two years, several housing developers are pushing to break ground on major new projects. The Martin Building Co., armed with federal financing and equity from the AFL-CIO Housing Investment Trust, is set to start construction on two apartment buildings: the 179-unit 2235 Third St. and the 94-unit 178 Townsend St. The Emerald Fund could start work in late 2010 on 308 units at 333 Harrison St. Lennar Urban is starting vertical construction in Hunters Point. In Mission Bay, Bosa Development is pushing to start on 170 condos while in the Mid-Market area, Trinity Properties expects to go forward with 440 new apartments.

“We have a few little projects here and there, and there is a possibility that the housing market will return first in San Francisco,” said Michael Theriault, secretary-treasurer of the San Francisco Building Trades Council. “Anything would be a better year than last year, but it won’t keep a lot of people from starving.”

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