Having sat vacant since the former house which had occupied the prime Russian Hill parcel on the northwest corner of Broadway and Taylor was demolished back in 1910, big plans to redevelop the oversized 1000 Broadway site were pitched back in 2006.
In 2012, the hedge fund which had provided a $15 million loan to help finance the proposed “Wysteria Residences on Russian Hill” project foreclosed on the property without the project having ever broken ground.
And [in 2016], the refined, but yet to be approved, plans for two single-family homes and a two-unit building to rise up to four stories in height across the site and yield 17,000 square feet of living space over a shared 10-car garage were submitted to the city for review along with a request for building permits.
The parcel/project was recapitalized in November of 2017 by way of a new $13,335,000 loan.
And as a plugged-in tipster notes, the owners of the verdant corner parcel are now facing foreclosure anew, with $14,979,608 past due on the loan (including fees, unpaid interest and principal) and an auction slated…on the steps of City Hall.
The opening bid for the parcel was subsequently set at $10.8 million. And with no bidders, the 5,418-square-foot parcel at 1000 Broadway was foreclosed upon taken back by the bank.
Returned to the market listed for $13 million in 2021, the coveted Russian Hill corner site has yet to trade hands. And this morning, the asking price for the property was dropped to $9.875 million. We’ll keep you posted and plugged-in.
It seems peculiar to describe a parcel that has attracted no buyers, and which has been vacant for 113 years, as “coveted”; I might think you’re parodying some overhyped announcement, but there’s no actual indication of that.
10 car garage for 4 units in a Transit First City. LOL.
And because people like Mark believe in a religion called “Transit First” the value of garage spaces increases every year, and will continue to increase. The more apartments without spaces, the move valuable each one will be. Forever.
I assume it was torn down because of damage from the 1906 quake???
I wonder if they’d let me on the property to salvage the bricks in the patio/courtyard???
No.
In 1909, Ethel Parker Roeder, granddaughter of Charles Homer, commissioned Albert Farr to design the house at 1020 Broadway, a First Bay Area Tradition house set well back from the retaining wall. In 1910, the family demolished the original Homer house (next door at 1601 Taylor) to make way for a massive garden above the retaining walls on Broadway and Taylor.
Actually, considering the demand for housing during that interim period, it would make more sense to say that it remained standing despite damage…if in fact it had sustained any; but the pre-fire Sanborn map shows a rather unremarkable 2 story house coded yellow – for frame construction – so I doubt any damage would have been serious.
Does this property have some issues not revealed in the marketing and require a problem solver?
Seems that it must have at least one, doesn’t it? In a city chock full of insatiably deal-hungry flippers and developers with cash register sounds ringing in their ears at all times, this opportunity should have been snapped up since the most recent price cut, as new-construction luxury SFHs don’t suffer the price volatility that condos do and the opportunity to build them don’t come along all that often.
Compare this parcel with the one at 4500 17th St., part of the so-called Mount Olympus project. That project appears to be in the process of being broken up after attracting no acceptable bids on the assembled site; the existing single-family home at 271 Upper Terrace, which has been on the market since this Summer asking $1,195,000, is now pending.
What both have in common, to my layman’s eye, is that they both would require years of construction on a site surrounded by well-heeled neighbors, and thus requiring a very well-capitalized, litigation-savvy, and insured, developer.