Purchased for $1 million back in 1991, the parcel upon which the restaurant’s 8,600-square-foot building sits is currently only zoned for development up to 55 feet in height. But if San Francisco’s Central SoMa Plan is adopted as proposed, which could happen as early as this May, the height limit for the 816 Folsom Street site will be raised to 180 feet and it’s likely to soon hit the market touting its potential.
Or as we foreshadowed two days before LuLu’s demise: “Expect height limits to dominate the discussion of San Francisco development in 2017. And if you thought they already had, you haven’t seen anything yet.”
Lo and behold, we can now report that plans for an 18-story CitizenM hotel with 218 rooms to rise upon the 816 Folsom Street site are in the works. And while the aforementioned Central SoMa Plan requires a privately-owned but publicly accessible open space (POPOS) be included in the development of the up-zoned parcel, the project team is angling to pay an “in lieu fee” as a ground floor, open air POPOS “is not compatible with the proposal.”
As always, we’ll keep you posted and plugged-in.