As we outlined last year:

Having been entitled last month, the supersized plans for a 50-unit development to rise up to 65 feet in height on the shuttered Mission District garage site at 1721 15th Street has now joined the growing list of approved developments across the city for which a buyer is being sought versus positioning to break ground, as we foreshadowed [back in 2021].

Acquired for $6.8 million in May of 2016 and subsequently entitled by Veev, which isn’t, or at least wasn’t, an entitlement shop, the 10,000-square-foot parcel and approved plans for the 39,000-square-foot development are now being marketed with an $11 million list price and projected potential sales of $44.1 million, including $4.1 million in revenue from the 13 below market rate (BMR) units as required and approved.

Despite the approved density bonus and proffered pro forma potential, a buyer for the entitled development failed to materialize and the parcel is now being positioned for an “online auction sale” next month, with a “starting bid” of $1.5 million, which isn’t to say a $1.5 million “bid” would be accepted nor even pencil with the pullback in the market, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.

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