As we outlined early last year:

Purchased for $1.1 million in 2002, owned by the Delaney Trust, and positioned as “one of the last privately held properties on the waterfront,” the two-story industrial/arts building at 600 Illinois Street, on the southwest corner of Illinois and Mariposa, across from The Ramp and home to Delaney + Chin, is on the market with an $8.8 million price tag.

The 5,236-square-foot parcel is zoned for development up to 68 feet in height, not including any bonuses, and Urban Mixed Use (which discourages office uses but allows for light manufacturing, arts activities, entertainment and retail). And yes, Urban Mixed Use allows for residential developments, without any density limits, but with at least 40 percent of the units two-bedrooms or larger unless they’re Group Housing projects that conform to the definition of Group Housing per San Francisco’s Planning Code.

The asking price for the site has now been reduced to $6.8 million. And once again, even if you’re not interested in the site or trend(s), it’s good to know if you happen to own or are thinking of buying one of the condos at 610 Illinois with lot-line windows that currently overlook the parcel.

4 thoughts on “Two Million Dollar Price Cut for Prime Waterfront Parcel”

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