Formerly owned by the Garibaldi family, the 2.2 acre Portola District block bounded by Woolsey, Hamilton, Wayland and Bowdoin streets, which is known as 770 Woolsey and is currently home to the decaying greenhouse remains of the family’s old University Mound Nursery (a.k.a The Rose Factory), was acquired by Group i for $7.5 million last year having hit the market in 2013 with a $12 million price tag.
Principally zoned for development of up to 34 new single-family homes, the parcel could potentially be developed with twice as many homes if a Conditional Use Permit for a Planned Unit Development (PUD) is approved for the site, as we first reported when the price tag for the site was reduced to $10 million in 2015. And while preliminary plans for an 86-unit development have been making the rounds, the formal application for a 63-unit development to rise up to 35 feet in height on the site have now formally been submitted to the City by Group i along with the Avant Group.
As drafted by Iwamoto Scott Architecture and newly massed below, the formally proposed development consists of 31 duplexes and a single-family home, with a total of 173 bedrooms and off-street parking for 64 cars.
And as envisioned, thirteen (13) of the proposed units would be offered at below market rates, with the “affordable” two-bedrooms priced from around $368K to $637K and the “affordable” three-bedrooms from $403K to $716K.
A grass roots campaign to co-purchase the parcel along with the PUC and turn the parcel into a community park, farm and flower garden was unsuccessful in raising the necessary funds or a purchase agreement. We’ll keep you posted and plugged-in.