A 101-unit project on the site of the former Lucky Penny restaurant is moving forward with approval from supervisors.

The 11-story building, located at 740 S. Broadway, is being restored by San Francisco-based Presidio Bay and Los Angeles-based 740 South Broadway Associates. Plans call for more than 50,000 square feet of office space on its upper floors, with 3,200 square feet of retail at street level.

The 93-year old California Theatre building has changed hands again in its long history as it prepares to become a large condominium building. The property sold for $21.1 million, said real estate tracker CoStar.

The office fit perfectly with Kinship Capital’s commitment to owning high-quality properties in supply-constrained markets, where additional opportunities exist to enhance value for tenants and the community.

SAN FRANCISCO — CBRE has arranged the sale of 200 Kansas Street, a production, distribution and repair facility located in San Francisco. An entity sponsored by Ascent Real Estate Advisors sold the property to a joint venture between Presidio Bay Ventures and Kinship Capital for an undisclosed price. The two-story, 90,060-square-foot building was fully leased to four tenants at the time of sale.

Presidio Bay Ventures (PBV), a leading Bay Area commercial real estate investment and development firm with a portfolio valued at nearly $1 billion, has hired Lindsey Fisher as Director of Development. In this role Fisher will oversee all current and future development activities for the company.

The site of the former Lucky Penny restaurant in San Francisco's Inner Richmond neighborhood is one step closer to becoming a 101-unit apartment complex after the project got a key thumbs up from the Planning Commission on Thursday.

A blighted lot once home to the Lucky Penny restaurant cleared a major hurdle Thursday toward a long-awaited transformation into 101 apartments in a neighborhood that has seen little new housing development in recent years.

While Planning balked at the proposed approach for securing two separate office allocations for the redevelopment of the historic Central SoMa building at 130 Townsend Street, which is currently home to Tres SF, and the parking lot at 100 Stanford Street which occupies the remainder of the former Inglenook Vineyard warehouse parcel behind, the plans have since been refined and Presidio Bay Ventures is pushing ahead and seeking a streamlined approval of the project.

Two and a half years ago, San Francisco adopted an aggressive plan to add more housing, including affordable homes, along transit corridors. Under the Home SF program, officials hoped to see 16,000 units completed by 2037.

At an October 24 hearing, Planning Commissioners denied an appeal of the approval of a residential project at 65 Ocean Avenue in proximity to the Balboa BART station. Presidio Bay Ventures plans to construct 193 dwelling units on a 0.9-acre site that also includes a 5,942 square foot childcare facility, ground floor commercial, both private and shared open space, and below-grade parking. The residences will be a mix of studios, one, two and three bedroom units with a total of 48 below-market rate units. The planning process involved over three years of community outreach.