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 were making the rounds a few months ago with an even lower asking price of $2.998 million, touting “potential seller carryback” financing “to further enhance [its] appeal.” Yesterday, the list price for the fully approved and permitted project was further reduced to $2.798 million.
At the same time, there are over 20,000 units of housing in projects across the city that have been approved by the City but have yet to break ground and over 70,000 units in the overall pipeline, with returns and demand on the decline.