It was a plugged-in tipster that first noticed the movement on 1844 Market Street back in May. And while the builder had indeed broken ground on the 113 unit mixed-use project with 90 parking spaces and 5,000 square feet of retail, the FDIC’s seizure and sale of United Commercial Bank to EastWest Bank might throw a monkey wrench into the mix.
Builder Joe Cassidy…said the development’s financing is up in the air since United Commercial Bank was taken over. The Market Street project is the largest condo development to break ground in 2009, and Cassidy said United Commercial Bank was “the only game in town” when he went shopping for a loan. Cassidy said he doesn’t know if the loan will be funded by EastWest.
As the site looks today:
∙ 1844 Market Watch: Movement On 113 “Fabulous” Units And Retail [SocketSite]
∙ Fallout from bank failures hits Bay Area builders [Business Times]
It would sure be a disappointment if the construction was delayed/abandoned due to this. One question, and I apologize if this has already been addressed on here, but the description reads “113 rental (but condo mapped) units, 90 underground parking spaces, and 5,000 square feet of retail..”
Can anyone enlighten me as to why the builder would rather have them be rentals as opposed to condos? And also, if they were to be initially rented out, could the owner then sell them as condos once the initial tenant moves out?
Thanks.
^They’re condo-mapped rentals, meaning that they can be used as rentals or sold as condos. I’m sure that if the market for condos is good when the project is finished, they’ll be sold. Also, some could be sold and some rented.
Condo-mapping makes it so that an either/or/also method can be used with renting and selling.
The article, or at least the last part of it, looks to be behind a subscriber firewall, but if you’re looking for information about United Commercial Bank, you can get a lot more info from Kathleen Pender’s column yesterday:
$300 million worth of taxpayer money in parent company UCBH Holdings went down the toilet. Insert your favorite comment about corporate hubris here.
Thanks anon
^ anon has it exactly right wrt condo mapping and the rental option. Basically almost no one builds ‘apartment bldgs’ in SF anymore when they can map for condos. Almost impossible to build profitable apartment bldgs in this crazy-ass city!
Just a heads-up: when I walked past this site yesterday afternoon, there was a crew of about 8-10 working, including 2 on earth-movers. Did they work out some kind of financing?
Numeric TS #: 513820
Full TS#: C 513820 C
TAC # 915227
APN/Parcel #: 0871-016
Property Address: 1844 MARKET STREET , SAN FRANCISCO, CA 94105-0000 Yahoo RealEstate
Current Status: Sale scheduled:
Sale scheduled for: 10/18/2010
Sale time: 2:00 PM
Estimated total debt is: $12,329,428.48
Sale State: CA
Sale County: SAN FRANCISCO
Sale Location: *AT THE VAN NESS AVENUE ENTRANCE TO THE CITY HALL 400 VAN NESS AVENUE, SAN FRANCISCO, CA
Contact: Contact the foreclosure dept of the beneficiary or servicer at:
Phone #: (626) 371-8700
Loan #: 87814702
Map, Property Photo and Directions: