Purchased as an un-entitled Tenderloin parcel for $1.6 million [in the first quarter of 2014], plans for an eight-story, market-rate building with 23 sub-500-square-foot residential units to rise on the 430 Eddy Street site were approved by the City [in the first quarter of 2016].
Two months later, the now “Fully Entitled!” site returned to the market listed for $5 million, a price of roughly $220K per entitled unit, which was “around the price per unit that developers have been paying for luxury sites around the city“, as we first reported at the time.
The asking price for the parcel was subsequently reduced to $4.8 million, or “closer to $200,000 per entitled unit (which remains in the current luxury price range)“, as we also first reported at the time.
And today, the asking price for the 430 Eddy Street parcel is down to $3.5 million or roughly $152,000 per entitled unit (not including the value of its ground floor commercial space) with the building permit for the project having been requested and expected to be approved within the next four to five weeks.
With the aforementioned building permit subsequently approved but never requested to be issued, the list price for the 430 Eddy Street parcel and plans were further reduced to $2.998 million, or roughly $130,000 per entitled studio unit, last year.
And without a recorded sale nor having broken ground, 430 Eddy Street Associates is now seeking a three-year extension of the entitlements for the parcel which were conditionally approved subject to the entitling team having securing a building permit within three years of the project’s approval, the deadline for which expired this past March.