Having sat vacant since the former house which had occupied the prime Russian Hill parcel on the northwest corner of Broadway and Taylor was demolished back in 1910, big plans to redevelop the oversized 1000 Broadway site were pitched back in 2006.

In 2012, the hedge fund which had provided a $15 million loan to help finance the proposed “Wysteria Residences on Russian Hill” project foreclosed on the property without the project having ever broken ground.

And three years ago, the refined, but yet to be approved, plans for two single-family homes and a two-unit building to rise up to four stories in height across the site and yield 17,000 square feet of living space over a shared 10-car garage were submitted to the city for review along with a request for building permits.

The parcel/project was recapitalized in November of 2017 by way of a new $13,335,000 loan.

And as a plugged-in tipster notes, the owners of the verdant corner parcel are now facing foreclosure anew, with $14,979,608 past due on the loan (including fees, unpaid interest and principal) and an auction slated for this Thursday, September 5, on the steps of City Hall.

UPDATE (9/4): The opening bid on parcel has been set at $10.8 million.

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Comments from “Plugged-In” Readers

  1. Posted by MDG399

    hmmmm

    maybe I’ll bid on it

    assuming the bidding starts at $145.00

  2. Posted by jenofla

    Don’t develop it, that lot grows money!! 15 mil to the first would-be-developer, 13 mil to the current owners. Just keep taking loans on it, not paying them back, and passing it on! (Please note: Needs fertilization by regular mulching of gullible lenders)

  3. Posted by Notcom

    Yeah …whatever. Of course we’re all really more interested in the WAYback story: why was the housed demo’ed in 1910 – in the middle of a ‘housing crisis’ no less – or was it? If the address is 1601 Taylor (as it appears to be from the this fire map) then there are listings for a ‘Parker’ family for this address thru at least 1918…so maybe the property hasn’t been available for even a century yet? (Why the soil must still be moist…)

  4. Posted by Dave (Seattle dude)

    It’s in foreclosure. The local neighborhood group should try to purchase it and leave it as is – a very rare spot of verdant open space in the City.

    • Posted by Mutal Kudi

      Sure, let’s save this “rare spot of verdant open space” – that isn’t actually open space and has a public park one block north.

  5. Posted by SocketSite

    UPDATE: The opening bid for the 1000 Broadway parcel has been set at $10.8 million.

  6. Posted by Some Guy

    I don’t understand how a parcel that size, in a good residential area in a city like SF, can just sit there unused for over a hundred years. Nobody wanted to buy/sell/develop it sooner? Why not?

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