While Artthaus made headlines earlier this month for filing plans to construct a seven-story building with 131 Group Housing Units and shared kitchens at 1798 Bryant Street in the Mission, and another 36 Group Housing Units at 45 Dore in SoMa, it doesn’t appear that the developer actually plans to build them.
Earlier this week, the 1798 Bryant Street parcel and plans, as rendered above, quietly hit the market listed for $5.75 million as “a unique development opportunity…to capitalize on the increasingly popularity of this intersection of the Mission, Potrero and SoMa.”
And yesterday, the 45 Dore Street parcel and plans hit the market as “an unparalleled opportunity to be a part of the tremendous growth in the SoMa neighborhood” for $3.5 million.
No official word on why Artthaus suddenly appears to be passing on the two unparalleled/unique opportunities it has been pitching, but proposed legislation which would require group housing projects to abide by San Francisco’s Inclusionary Housing Program could be approved next week.
As we wrote about the potential legislation earlier this month: “Don’t be surprised if a number of previously proposed group housing projects have a market-driven change of heart if the new ordinance is approved.”
Wow, now THAT is bottom-of-the-barrel design. Who wants to live in a cardboard box?
Have you been to the Embarcadero neighborhood in Oakland? Pretty bleak. 🙁
Brutalism is back! Yes agee, absolutely horrific design.
I have no doubt the legislation is at least partially driving their decision to sell, but when developers start selling unentitled land…watch out.
Is this the beginning of the end?
You answered your own question. Developer doesn’t want to chance this legislation, hoping there’s a more optimistic buyer out there. Greater fool theory? Perhaps, as buying untitled land now is a risky proposition, especially when the market changes direction. Is it worth it for a deep pocket investor to buy/hold/re entitle this land long term? Perhaps.
For the record, as a long term buy/hold investment I never liked this new construction group hosting concept. It’s short sighted, opportunistic and a sophomoric “idea” some MBA came up with, if you ask me. Once this ‘hackathon’ generation grows up a bit, no one is going to dig extending college dorm life. Another white elephant in 10-15 years time. Actually if the city was smart (they’re not), they’d welcome this. Good chance they can buy these buildings on the cheap 10-15 years once they are out of favor, and presto, instant cheap housing for all the needy. Right up SF’s ally.
At the end of the day whoever owns these parcels will probably end up building expensive “luxury” condos, cause that’s the only thing that will pencil out. It’s just a matter of the right timing. Could be too late for this cycle.
Is it just me or is the dame hanging her, uh, chest out the top window wearing nothing but black Victorias secret bra & garters?
UPDATE: The listings for both 1798 Bryant and 45 Dore have been withdrawn from the MLS without a reported sale.