The little four-unit building at 630 Octavia Street and its adjacent parcel, which is currently used as a parking lot, recently traded hands for what would appear to be a total contract price of $4.6 million.
A few years ago, plans to merge the two lots, level the existing building, and develop a new building upon the combined 9,453-square-foot parcel were considered but never pursued. And while the two lots are currently zoned for development up to 40 feet in height, it would appear the recent buyer has even bigger plans.
In fact, preliminary plans to merge the two lots, level the existing building, and construct a new 7-story building upon the combined lot, with 30 units of housing over a ground floor commercial space and a garage for 15 cars, have been drafted. But exactly how the additional height would be achieved has yet to be revealed.
As newly massed by Elevation Architects, the proposed development would, in fact, rise to a height of 74 feet, with 35,300 square feet of residential space wrapped around a central courtyard and over a 5,500-square-foot, at grade, garage and 1,100-square-foot retail space.
And the additional height would be reached by way of a State Density Bonus waiver, in exchange for which 7 of the 30 proposed condos (a mix of 10 one-bedrooms, 11 twos and 9 threes) would be offered at below market rates (including 4 replacement one-bedrooms for the existing, but currently vacant, units which would need to be razed), as envisioned.
We’ll keep you posted and plugged-in.