As we wrote about the infill building site at 430 Eddy Street in early June:
“Approved for the development of affordable senior housing over a decade ago, neither the financing nor permits for a five-story building to rise on the Tenderloin parking lot at 430 Eddy Street were secured and the entitlements to build were cancelled and lost.
Two years ago the un-entitled parcel sold for $1.6 million.
Two months ago the City approved plans for an eight-story, market-rate building with 23 sub 500 square-foot residential units to rise on the site, along with a 970-square-foot retail space and a ground-floor room for the storage of 24 bikes.
And yesterday, the “Fully Entitled!” 430 Eddy Street site returned to the market listed for $5 million or roughly $220K per entitled unit in the Tenderloin, which is around the price per unit that developers have been paying for luxury sites around the city.”
This afternoon, the asking price for the 430 Eddy Street site was reduced to $4.8 million, or closer to $200,000 per entitled unit (which remains in the current luxury price range).