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 we subsequently revealed, the project team is planning to employ a State Density Bonus waiver for the additional height and San Francisco’s Planning Department didn’t raise any major red flags with respect to the approach and preliminary plans.
And with the draft plans for the “618 Octavia Street” project having since been redesigned, further densified and newly rendered by Kwan Henmi for March Capital, the proposed 7-story, 74-foot-tall development will now yield 38 condos (a mix of 12 one-bedrooms, 20 twos and 6 threes), with eight (8) of the units to offered at below market rates (BMR), a ground floor retail space and a garage for 25 cars if approved and the ground is broken.