Noteware and Goldman add 2nd Bayview project

by J.K. Dineen and Ryan Tate

James Noteware and Goldman Sachs Urban Investment Group have wrapped up their purchase of 5800 Third St., a 338-unit condo project slated for the former Coca-Cola plant site in the Bayview/Hunters Point neighborhood. Citigroup is providing the construction financing for the project. The sellers were Lennar Corp. and Levin Menzies & Associates.

The $146 million development is the second collaboration between Noteware and UIG to build housing in the Bayview. Their first project is the 198-unit family housing development under construction on Jamestown Avenue near Monster Park. The first homes will be ready in January.

The new project will be across the street from the new Carroll Station on the Third Street T line. Noteware Development CEO James Noteware said the project would help “kickstart the revitalization of the Third Street corridor.” Between the two projects, the partners are investing $250 million in the southeastern corner of the city.

Christiani Johnson is architect on the project. Chris Foley of Polaris Group brokered the deal for both sides with Skip Whitney and Clayton Jew of GVA Kidder Mathews also advising the seller.

Alicia Glen, managing director of Goldman Sachs’ Urban Investment Group, said the project — with units starting in the $500,000s — would provide “moderately priced, quality housing that working families can afford and bring much-needed retail to diverse and vibrant neighborhoods like the Bayview.”

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