The City isn’t about to lose a key Central Subway site to condos as the Examiner recently reported, for those plans were proposed and approved years ago. Or as we reported in 2013:
“The demolition of the derelict North Beach Pagoda Theater is underway.
Once the theater is demolished, a shaft to extract the boring machines for San Francisco’s Central Subway project will be constructed upon the site which MUNI has leased for two years at $131,250 per month.
And once the machines are extracted and the shaft is closed, construction of The Palace at Washington Square, a five-story building with 18 dwelling units over a 4,700 square foot restaurant and parking for 27 cars, but no new North Beach Subway station, is slated to commence.”
What is news, however, is that Supervisor Julie Christensen is now pushing the City’s Real Estate Division to newly explore an acquisition of the site before the Palace project breaks ground.
Developer Joel Campos, who purchased the shuttered North Beach Pagoda Theater for around $4 million in 2004, has intimated that the 1731 Powell Street site is worth at least $10 million today.
Keep in mind that Campos was actually in contract to sell the building to a New York-based developer back in 2012, at which point the City likely could have acquired the site for significantly less and avoided paying Campos over $3 million in rent for the site over the past two years.