Add the 10-story office building at 706 Mission St. to the list of “older, smaller office structures snapped up by luxury housing developers” over the past couple of years (others include “the former Chronicle building at 690 Market St.; 333 Grant Ave.; 74 New Montgomery St.; and 201 Sansome St.”). And although it hasn’t been confirmed, “sources with knowledge of the deal said the developer wants to build a mixed-use housing and retail development”.
According to the San Francisco Business Times, while 16 developers made offers on the property, “about half the bidders were interested in converting the building to housing, but perhaps more surprisingly, about half saw its promise as a revamped Class B office building.” And while “the conventional wisdom in real estate circles has been that the conversion market is slowing down” architect Dan Huntsman offers the following: “We are still getting contacted literally every week by people who want to do these projects”.
And a little to the South, the Mission Bay area continues to boom with “more than 1,000 residential units completed and 6,000 more slated for completion within the next 36 months”.
Homes are in and retail seems sure to follow [BizJournal]
Building bagged for condos, with more on the way [BizJournal]

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