Market Street Development Back in PlayJuly 28, 2017
While approved for development at the end of 2015, the paperwork to secure the demolition and building permits for an 8-story Hub District building to rise upon the two-story FastFrame building site on the northwest corner of Market and Gough wasn’t filed until the second quarter of last year.
And with the necessary permits for the approved project – which includes 42 residential units, a mix of 14 studios, 21 one-bedrooms and 7 two-bedrooms, over 2,000 square feet of new commercial space and a storage room for 42 bikes – nearly secured, the 1700 Market Street site is now back on the market as a development opportunity and seeking bids rather than preparing to break ground.
Comments from Plugged-In Readers
Damn, I wish I bought this building when is was for sale for under 500K 20 years ago…
A perfectly adequate filler building. We’ll see if someone has the appetite to acquire the entitlements and develop now rather than sit on it.
Wrong part of the cycle…
This entitlement runs out in late 2018 so there is a good chance there will be little interest in it given the price situation for new construction condos. This joins a growing list of projects which developers have decided against building. Besides the large 7th Street project recently axed, a number of fairly large entitled projects are up for sale – among them two of the 6th Street “housing block” projects.
Whatever the projected housing pipeline is for 2018, 2019 and beyond, it is set to take a hit. Annual housing production could drop significantly below 3K units/year which, ironically, it only recently reached.
More discouraging,, during the recent boom time, the affordable component was weak. Other metro areas do much better in this regard. Now there is Prop C but if a prolonged dearth of new housing production is about to set in, it’s impact will be minimal.
With prices appreciating more quickly in a number of other markets its a good bet investors will pass on entitlements such as this in favor of much better bets in other cities.
That Cardiobarre studio has had a three-day notice to pay or quit and “for lease” signs in the window for the last couple weeks. Along with the requisite sob stories on Yelp . Seems like I’m seeing a lot of “for lease” signs in the SOMA/Hub neighborhoods these days.
“The Hub” is such a bogus name, another product of marketers and realtors and government to force an appellation on SF. But of course, this site picked it up.
As plugged-in people know, “The Hub” was dubbed over a century ago. But sure, beyond its actual history and organic reason for being named, the appellation is totally bogus and we’ve been played!
I’ve lived in SF since 1969 and had never heard The Hub used as a name for the Market/Valencia/VanNess area until about a year ago. Thanks for the link re: history. I first heard the name on the SFMTA site on a page for Van Ness BRT. They referred to the intersection of Van Ness and Market as The Hub.
The present building was originally The Hub Pharmacy (Recall, I believe).
Another Market Street apartment building from Copy&Paste Architects, I see.
UPDATE: Having failed to secure an acceptable bid, the 1700 Market Street parcel has just been listed with a $9.75 million price tag.
I walked by this site today and was surprised to see demo happening. Any updates on this one?
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