524 Howard Site

As plugged-in people know, the parking lot at 524 Howard has been facing foreclosure with an estimated $23,038,931 owed. The site was approved for development twenty-two years ago, the rights for which could soon be lost.

And as a plugged-in tipster notes, on Wednesday the parcel went back to the bank with no bidders at $5,000,000 cash on the courthouse steps.

Comments from Plugged-In Readers

  1. Posted by The Milkshake of Despair

    Wow, that’s a huge disparity between the amount that the bank loaned against the property and what it is valued on the auction block, over 4X.

  2. Posted by 5th and Folsom

    Anyone know if 900 Folsom is also in the can?

  3. Posted by gellan

    “Anyone know if 900 Folsom is also in the can?”
    http://www.theregistrysf.com/RTRE_tmg_partners_covarrubias.html

  4. Posted by EH

    So the parking lot was just run and run for years, racking up bills, all for the benefit of whoever was running it? Were they Gavin contributors or something?

  5. Posted by intheknow

    “The site was approved for developement twenty-two years ago, the rights for which could soon be lost.”
    Make that “were lost on June 9.” The Planning Commission revoked the entitlement on June 9. That’s what happens when you sit on entitlements for more than two decades and watch multiple economic cycles come and go.

  6. Posted by 47yo hipster

    ….which perhaps is why the bank is seeking only $5 mil. Those emtitlememts are gold. Someone here screwed the pooch big time!

  7. Posted by sf

    This was the Heller Manus design, correct? Please don’t let him bestow one more gothic meets playskool totem pole in this city!

  8. Posted by MM2

    The Heller Manus website shows images of SF City Hall as part of their portfolio. Perhaps they playskool as part of the political game.

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