Approved Development on the Market in Western SoMaJanuary 25, 2018
The toned-down plans for a 24-unit development to rise up to six stories in height upon the former CrossFit site at 1228 Folsom Street were approved by the City early last year.
The demolition plan to clear the through-block site, which stretches to Clementina, for construction has been approved and the requisite permits are pending.
But rather than preparing to break ground, the project team has now placed the Western SoMa parcel and approved plans for development, which include an 1,100-square-foot restaurant/retail space fronting Folsom and a 15-car garage with its entrance on Clementina, on the market for $6.95 million.
We’ll keep you posted and plugged-in.
Comments from Plugged-In Readers
Anyboby know how much they paid for the lot. Seems like the difference between what they paid and what they sell it for to establish how much planning adds to the cost of building.
The parcel appears to have been acquired for $2.53 million in 2013. But the potential profit upon sale would represent the value of entitling the land for development, along with neighborhood appreciation over the past five years, not the cost of planning.
Are those window panels angled? Aside from the shadow cast on them, it’s hard to tell.
According to the Planning Department website, 1228 Folsom, 723 Clementina and 725 Clementina last sold for $2.53 m in February 2013. Costs that go into the current asking price include purchase price, five years of loan payments, property taxes, architect’s fee, engineers etc. fees, lawyer, PR consultant’s fee, developer’s time and opportunity cost, assumed realtor commission, transfer tax, developer’s entitlement profit, inflation, at a minimum. It’s a lot more than Planning Department delay.
This brings to about 956 the number of entitled units put up for sale rather than being built. It looks like that number is on track to reach 1000 in the first part of 2018. 524 Howard will be interesting to watch. Instead of building in 2016 Crescent leased the parking lot (site of the project) for two more years. That lease is up soon. Will Crescent move forward and build or lease the lot for another few years. If they do the later they will need to get a re-entitlement as the 3 years is about up.
its such a shame that Western Soma is zoned for low rise buildings like this. it is in the urban core. This should be zoned for 15 floors.
Entire soma should be zoned for higher density. There are so many old junk yards in the area. A lot Of these new buildings can accommodate legacy businesses.
The entire other Richmond, inner Sunset included, right?
in general yes, but SOMA is part of the downtown core and walkable t core business district. those areas should be upzoned, but they are a 45 min bus ride from downtown. Because of that SOMA is a higher priority.
Ahhh Clementina, I can smell it now.
UPDATE: Price Cut for Approved SoMa Project and Land
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