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 [in 2016], 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 5,418-square-foot parcel at 1000 Broadway was foreclosed upon taken back by the bank.
And touting an “incredible opportunity to build or develop one or more luxury homes on this coveted Russian Hill corner site,” 1000 Broadway has just been listed anew with a $13 million price tag. We’ll keep you posted and plugged-in.