1355-1375 Sutter
According to a tipster, we can reduce SocketSite’s “Cii” pipeline by 130 new homes (or not, see UPDATE below):

“1355-1375 Sutter (@ Franklin) had won approval for residential condo conversion- they were going to add 6 floors to the building and convert it. [O]wnership got entitlements thru the redevelopment agency, 1-3 bdrm units, 600-1200 sq ft. 130 units total- 3 floors of parking underground- Anyway they were keeping the building pretty much vacant so they could convert it- took longer than they had hoped- heard [Wednesday] they just lost the building to the bank…”

At the same time, the long-term development of 6,000 new homes on Treasure/Yerba Buena Island is one step closer to reality.
UPDATE: Our tipster was on the money with regard to the development of 1355-75 Sutter, but might have missed the mark with regard to the bank. From the developer, “The property…does have SFRA approval for adding height and converting to a residential tower. Currently we are in a holding pattern pending finalization of financing and the construction budget. The property was not foreclosed by the lender.” Our thanks to AGI Capital Group for the clarification!
SocketSite’s Complete Inventory Index (Cii) [SocketSite]
Treasure Island project gets nod [SFGate]

6 thoughts on “Lose Some Now, Win Some Later”
  1. I know nothing about this property – but I thought that, in San Francisco, it was completely impossible, under the law, to convert any building with more than 6 units to condominiums (and buildings with 3-6 units can only convert if they win the condo conversion lottery.)
    So how would this property have been allowed to convert?

  2. I don’t know about anyone else, but I personally am pretty happy that they’re finally moving forward on the Treasure Island project. Such a huge waste of space, just sitting there. Lots of people think this will just become San Francisco’s Roosevelt Island, full of hospitals and looney bins. But I think there’s a lot of potential if it’s developed properly.

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