While approved for the construction of a six-story building, with 24 residential units over 3,000 square feet of ground floor retail space and a 14-car garage back in 2013, a legal battle over the ownership and control of the prominent RC gas station site on the northwest corner of Castro and Market precluded the development from moving forward.
But with the legal battle having since been resolved, as we first reported at the time, the 376 Castro Street site and plans are now back on the market with an undisclosed price and soliciting offers.
Developer Joe Tierney, who lost the aforementioned legal battle to secure full ownership of the parcel, paid $340,000 in exchange for a 10 percent interest in the property back in 2004.
And while appraised for $4.2 million, or roughly $175,000 per unit, back in 2013, the majority owners of the parcel were seeking an eye-popping $12 million, or roughly $500,000 per entitled unit, for the site at the time.
Having failed to solicit an acceptable offer in 2017, the property was subsequently withdrawn from the market and the approved building permits for the project have since expired.
At the same time, the corner parcel has since been rezoned, which would allow for an additional two stories to be built upon the site, for a total of eight, if approved.
And with that in mind, the now Castro Gas and Food Mart site is now back in play with a price that’s “To Be Determined By Market.” We’ll keep you posted and plugged-in.