Acquired for $4.125 million in June of 2016, plans to level the shuttered nightclub space at 280 7th Street – a through block building which was once home to “Rawhide II,” the only Country Western club in San Francisco – and build 20 condos upon the Western SoMa site were soon drawn, revised and approved by Planning back in 2018.
Demolition and building permits for the six-story development were subsequently requested and approved in August of 2019, but the ground for the development has yet to be broken. And the fully-entitled development/site, which was designed to yield a mix of 12 one-bedrooms, 6 twos, 2 threes and a ground floor retail space, is now back on market with a $3.25 million price tag.
Having failed to trade last year, despite being fully approved, permitted and listed at a loss, the 280-282 7th Street property and plans are now making the rounds with an even lower price of $2.998 million, touting “potential seller carryback” financing “to further enhance [its] appeal.” We’ll keep you posted and plugged-in.
As with most of these, it’s Site Permit approved but not paid for. Lots of fees and still all the architecture and engineering to do before you submit and then wait another 2 years to get the actual permit.
OK but that’s typical for SF market right? Developers understand the time frames. Lets estimate 3.5 years before first unit is sold. That timing would be about right for the market to be in recovery, hopefully with new city government leadership. Or maybe with location the glass is half empty there?
Yes they do. But projects are placed on the market at different stages of “approved” so that it is nearly apples and oranges sometimes. This one is the least complete you can be and still say “approved”, next would be if the site permit was paid for (in this case a big check is needed), next would be if you had the foundation permits/structural addendum complete, etc.
Submit Site Permit, then Addenda follow-up. Most large buildings in SF are topped out and often have exterior installed before receiving the actual permit!
That’s completely wrong. You can’t build anything with a Site Permit. That only gets you Planning Approval. Structural drawings aren’t even necessary for a Site Permit. Going through the rest of the process will take a minimum of another 6 – 8 months, and that’s after your drawings are ready (architectural details, structural, mech/plumb/elec.) and done to today’s code. I guarantee you that they don’t have these drawings.
And if you want to change the design, then you have to submit a revision to the Site Permit before starting any of the actual Building Permit drawings.
I believe ‘Codeguy’ was being facetious (or just incredibly obtuse?) Would anyone, including the most cynical, believe that even in SF “Most large buildings in SF are topped out and often have (sic) exterior installed before receiving the actual permit!” Maybe “some”, “small”…we’re a few qualifications away from plausible.
Between the Eastern Neighborhood, the Transportation Sustainability, Child Care fee and the planning review, I would guess that there is $600K due in fees. For the Site Permit
UPDATE: Fully-Approved Development Listed at Loss Reduced, Again