Having paid $900,000 for the Bruce’s Automotive building at 159 Fell Street back in 2012, the French American International School placed the former garage back on the market earlier this year with a $3.6 million price tag.

As we noted at the time, while the circa 1927 building has been flagged as a potential historic resource by the City, the 3,300-square-foot Hayes Valley parcel upon which it sits extends to Hickory Street and is zoned for development up to 85 feet in height.

And having since sold to a development team which is partially based in Toronto, plans to raze the garage and build a new seven-story development on the site, with 16 residential units over 2,700 square feet of office space and a storage room for 16 bikes, have been drafted.

Keep in mind that the adjacent Rickshaw Stop building at 155 Fell Street, which was purchased for $1.2 million in 2003, is zoned for development up to 85 feet in height as well (as is the parcel on the other side of the garage).  We’ll keep you posted and plugged-in.

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Comments from “Plugged-In” Readers

  1. Posted by oui de l'argent

    parlez-vous profit?

  2. Posted by Karl

    Based upon the PPA drawings submitted, the proposed design is a money loser.

  3. Posted by Alai

    So why is it that two buildings, seemingly similar in size and lot, sell for $900k in 2012 and $1.2m in 2003?

    • Posted by sfres

      There was this thing called a global financial crisis. 2012 was a very good time to buy real estate in SF. We bought our place at the end of 2012 at the same price the sellers had paid in 2001.

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