For the second time since 2012, the verdant Russian Hill parcel on the northwest corner of Broadway and Taylor, big plans for which have been drawn, has been taken back by the bank.
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.
The opening bid for the parcel was subsequently set at $10.8 million. And with no bidders, the parcel at 1000 Broadway has been foreclosed upon anew and taken back by the bank.