1000 Mississippi Site

Speaking of Potrero Hill parcels which are approved for development but are on the market rather than preparing to break ground, the 1000 Mississippi Street site, which sits just below the massive public housing site to be redeveloped on the southeastern slope of Potrero Hill, is now being marketed anew.

1000 Mississippi Rendering

Originally approved for development back in 2008 but then waylaid by the economy, the entitlements to build 28 condos on the 1000 Mississippi Street site expired after three years of inactivity. But the development, which will actually front Texas Street, was revived, redesigned and re-approved last year.

And while the building permits for the project were recently approved and issued, which could make for a quick start, the ground has yet to be broken and a (make me an) offering memorandum is making the rounds.

11 thoughts on “Development Deja Vu on Potrero Hill”
  1. Great site if you don’t mind the proximity to the projects. Very convenient to 280 and Caltrain. Panoramic bay views. Why so few units?

  2. Wonder if making the project face Texas was the best option. Regardless, looks like expensive with grading on the site and building Texas St in front of your property. Probably more difficult to access from the Mississippi side. Anyway, good luck to the developer.

  3. I was wondering if the 16th St Portrero Hill entitlement featured yesterday, and also up for sale, was open-ended. As in, if the developer does not get their asking price, can they sit on it for 4, 5 or more years until the next cycle upturn and build it out at that point?

    Based on this project the answer is no. The original 1000 Texas entitlement expired after 3 years and the project had to be re-entitled.

    Entitlements are for a limited time it would seem.

    Which brings up interesting points. Is the developer selling the entitled rights for this project as they don’t feel the project pans out financially because of a possible coming down-cycle?

    And, if someone purchases the rights, they seemingly have a window (3 years?) within which they have to build the project or the entitlement lapses. And they have to apply for re-entitlement.

    Fair enough, but given the recent increase in BMR requirements won’t a re-entitled project have to conform to the higher BMR requirements? This might be an issue for all the entitlements put up for sale at this point. Lowering their value unless the purchaser intends to build “immediately”.

    1. The first project, by Bridge, is preparing for development now. But it’s on a vacant lot at the corner of Connecticut and 25th. Not sure when the real work will begin (demolition of existing units, regrading, new roads, rebuilding). Not imminent in any case.

  4. So not surprised that this isn’t going forward. It includes not only a huge amount of site work on site (it’s a huge hunk of serpentine), but also requires completion of Texas Street, which is essentially undeveloped in this location. I can’t believe it ever pencilled out, but the property value must have been low.

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