A Power Move in the Works on Ocean AvenueJuly 6, 2016
The Power Trading Company is now operating on a month-to-month lease. The two buildings the grocery store occupies at 1524 and 1532 Ocean Avenue are now on the market for $2.3 million and $1.7 million respectively. And plans to redevelop the two properties, with a proposed 18 apartments over a new retail and restaurant space, have been submitted to Planning for review:
“The proposed addition to 1524 Ocean Avenue would retain the existing building, expand the first floor, and construct three new floors to create a four-story, 45-foot-high building. The ground floor would be extended to cover the entire lot and would be developed as retail space. The second, third, and fourth floors would each include three apartments [for a total of nine].
The proposed addition to 1532 Ocean Avenue would retain the existing building, expand the first and second floors, and construct two new floors to create a four-story, 45-foothigh building. The ground floor would be extended to cover the entire lot and would be developed as a restaurant. The second floor would include three apartments and a new 434-sf roof deck that would provide common open space. The third and fourth floors would each include three apartments [for another total of nine].”
The plans, however, are rather preliminary and the sale of the two buildings is being conducted without any redevelopment guarantees.
Comments from Plugged-In Readers
Catching Knives Real Estate Development Corp
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This area is seeing a lot of changes. I find it interesting that there are no gripes about boarding platforms on Ocean, but the mere mention of adding them on Taraval and removing a handful of parking spots raises pitchforks.
Great, I’m loving all the improvements on Ocean. Whole Foods, Champa Garden, Ocean Ale House, Philz Coffee (coming soon), the new plaza being built next to the firehouse. Just don’t take away Beeps Burgers.
That WF isn’t really that great, but is better than nothing. My partner and I live in Parkside, but like to hang out at Fog Lifter Cafe after hitting 24H.
I haven’t been to Beeps since the ownership/price/ingredients change. How is it? I read it “wasn’t the same” and instantly it was dead to me, but that isn’t really fare.
The burgers are better – higher quality beef and the price increase was nothing radical. Soft serve is great. I don’t really get involved with the fried items but they have like 4 kinds of fries – regular, curly, waffle, spiced. Beyond taht it seems to be pretty much the same menu.
Just went to Beeps for the first time under the new owners. Burgers and fries were good, nice brioche-style bun, place looks clean, counter help were very nice. Needs a few more picnic table and to rationalize the parking.
some of these aren’t exactly improvements, anything in a vacant lot sure but I prefer this the way it is, it’s interesting and adds to the neighborhood, if you were to build another Avalon on this spot (which is basically the only crap that people build these days then it’ll drag everything down.
Don’t know if this is knife-catching. This is good solid infill development, land price isn’t exorbitant. This area won’t get super high rents but they should have no problem filling the apartments and aren’t subject to rent control. A good developer with decent cost control and access to cheap money should be able to do OK.
“Super high rents” is very subjective in one of the most expensive housing markets in the world. Check out what rents go for in the Avalon complex over Whole Foods…studios starting at 3k/month.
i think he means less than the price of a macbook per month
True, everything is relative. i was thinking this area wouldn’t get premium rents like Pac Heights, inner Mission or the Marina. Didn’t know the Avalon rents were that high. Demonstrates that even if the market flattens or dips, the developers can expect to get decent rents here. Ocean is well served by transit, near 280, CCSF, SFSU, so should be attractive to both workers and students.
i paid 1200 to live in a basement/garage on brighton, but that’s 1200 down from 1500 in exchange for taking care of the landlady’s dead cat.
First the Power Exchange, now the Power Trading Company?
Does anyone remember if that was in foreclosure a couple years ago? It does look pretty familiar.
Just don’t let them make another “curved” front façade faux mediteranean styled, lousy proportion and detailing nightmare that is going up at the corner where the gas station is…
So this is in the Balboa Station Area, which, as a member of the Community Advisory Committee, you actually have some responsibility for. And that’s the best you can do, Aaron?
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