Plans to raze the little retail building at 105 Turk Street and shutter the adjacent parking lot are in the works. And as envisioned by the Smith Group for Veritas Investments and roughly rendered below, an 18-story building would be entitled to rise up to 177 feet in height upon the 111 Turk Street site.
The development would yield 116 apartments as proposed, a mix of 62 studios, 12 junior one-bedrooms, 12 ones, 18 twos and 12 threes, leveraging California’s Density Bonus law for the density of the development as proposed and with a 3,900 square foot open space on the tower’s roof for the building’s future residents.
And while the rendering might seem to include a garage entrance and perhaps some retail space, it doesn’t. We’ll keep you posted and plugged-in as the plans progress.
Does demand exist for this kind of project to be built profitably? It doesn’t seem like it right now.
Sell the land with the approved plans?
right now doesn’t matter, will it pencil out in 4-5 years when it’s done (if they push full speed ahead) that is the question?
“little retail building”
Wow! Talk about begging us to root for the underdog.
If a 177 foot building, made up of 116 units and no garage, on that sized lot, doesn’t pencil we’re in a world of trouble.
this looks great and height is good. But is this really a “tower”? i dont know if there is a formal definition, but in my mind a tower is over 30floors at least
Technically speaking, a “tower” isn’t defined by its absolute height but rather by the relative proportions of the building. And technically speaking, due to the depth of the building, this is right on the cusp. But based on its context and facade, “tower” is the descriptor we chose.
I’m not aware that Veritas has any history of development. They are more of the “buy on the cheap, operate, try to get rid of the low-paying tenants, sell at a profit” types, right? Somebody please correct me if I’m wrong and they have experience with actual development.
So unless I’m wrong, I’m thinking this will get entitled and then sold, with little chance of seeing a bulldozer on the site anytime in the next few years.
You’re correct about Veritas having no history of development and how they operate. They do get approvals and build ADUs (Accessory Dwelling Units) but they have never built any new apartment complexes. I know because I use to work for them.
They own the building on the corner of Turk & Taylor (57 Taylor) that’s next to the current parking lot. If I remember correctly they bought the property back in 2018. It’s a four story building with approx 100 units that are mostly small SRO’s (200 or less sq ft) and remodeled a ton of units since they bought the building. Construction was non-stop. Their main business model is to acquire properties that need soft story retrofits so they can convert the garage spaces into rentable units (ADUs).
Basically any building they acquire they immediately draw plans to convert any additional spaces into rental space. They do put a lot of money into these properties but they don’t leave any additional storage space (bike storage or outdoor areas) to the residents and the construction usually last years until all is done.
They market their apartments very well and with the boom of the Tech industry, they’ve grown with the demand of young Tech millennials moving into the city. They have a high turnover rate which helps with constantly raising their rents as the rental market keeps rising. It’s a business model that works if they don’t get too many complaints from the tenants but they have a couple of current lawsuits.