Iconic Castro Building Back on the MarketOctober 14, 2021
With plans to convert the prominent Bank of America/Italy building on the southwest corner of Castro and Market into a “Randy Rooster” burlesque club having fallen through back in 2013, at which point the building was in contract to be sold to the backers of the club for $7.7 million, the building was subsequently leased to Soul Cycle and LaserAway.
While SoulCycle’s lease runs through July of 2030, and LaserAway’s through 2028, the 5,622-square-foot building, which was acquired for $7.7 million in October of 2008, is now back on the market without an advertised price.
And yes, plans for an overhaul of Harvey Milk Plaza, which the historic building, which was built for the Bank of Italy in 1922, effectively fronts, have been drawn and the corner gas station parcel across Market, upon which a six-story development was approved to be built, recently returned to the market as well.
Comments from Plugged-In Readers
A tower would look real nice coming out of that roof.
I agree! With a Muni line next door, it seems like this lot is under-developed compared the city-owned infrastructure that is in place. If the city encouraged more intensive development here I would expect that they will earn more tax revenue from the new construction. The SFMTA would also see more revenue from increased transit ticket purchases, and the government would also receive more revenue from taxes on additional sales at local businesses. From the city’s perspective, what’s not to like?
The approved project across Market St. is ancient history, its entitlements expired years ago and were not renewed. I don’t think too much pencils out at what that seller is asking for the property.
I think the seller of the B of A building can now suggest to buyers that the reconstruction of the adjacent plaza and transit entrance, which was designed to benefit his building, is a sure thing (even though it may not be) and so he wants to sell now and receive the benefit of that ethereal added value. It’s a beautiful, classic building, but I wonder how unrealistically high the price expectations are?
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