Purchased as an un-entitled Tenderloin parcel for $1.6 million in early 2014, plans for an eight-story, market-rate building with 23 residential units to rise at 430 Eddy Street were approved by the City in early 2016.
Having returned to the market as a “Fully Entitled!” site listed for $5.0 million, a price of roughly $220K per entitled unit, which was around the price per unit that developers had been paying for luxury sites around the city at the time, the asking price for the parcel was first reduced to $4.8 million and then dropped to $3.5 million in 2017.
The list price for the 430 Eddy Street parcel was further reduced to $2.998 million or roughly $130,000 per entitled studio unit in 2018, with building permits for the project having been approved by the city as well.
And once again, for those wondering how new developments could possibly start to pencil in San Francisco without a radical drop in the cost of construction and/or affordable housing requirements, here’s another hint: the now “formerly approved” site at 430 Eddy Street, the development of which has been abandoned, is back on the market with a $2.099 million price tag.
We’ll keep you posted and plugged-in.