Having faced some pushback from Planning, related to the approved plans for up-zoning and infilling San Francisco’s Central SoMa District, the Fifth and Folsom Investors, LLC subsequently received a notice of ministerial approval for a 16-story, 130-unit residential building to rise up to 160 feet in height on the gas station site on the southwest corner of 5th and Folsom back in 2021, with an application to secure a building permit for the development having been proactively filed in 2019.
Potentially waylaid by a proposed change from a rental to condominium project, which would have reduced the number of units by 12 and resulted in a number of design changes, while the gas station has been shuttered, the ground for the 300 Fifth Street project has yet to be broken, nor has the ground for the approved development to rise at 905 Folsom Street.
And the 300 5th Street and 905 Folsom Street sites are now back on the market and being positioned as a “high barrier to entry” gas station/business, versus development opportunities, with the excavated site for the stalled out 127-unit development at the other end of the 5th Street block now slated to be “auctioned” off next month and the pipeline of developments that have been approved by Planning is growing but actual building by developers who have banked entitlements is slowing down. We’ll keep you posted and plugged-in.
Remember the days when a developer could advertise a “signature cocktail”, show some pretty renderings and sell out the project in a few hours to millionaire flippers who hoped to never even set foot in the property they intended to flip before completion? Now the buyer has to change other people’s oil.
No, I don’t.
In California, you can’t flip a condo until it had it’s white paper issued.
The only white paper this property will ever see is the toilet paper in the stall next to the urinal.
Great comment. As one of the team who offered the original Signature Cocktail at the grand opening of One Rincon Hill in ’06 I’ll never forget the line to sign contracts that went until 2 AM. I think we sold 100 units that night. Being caught up in the fever I bought two (never to close). Read Extraordinary Popular Delusions and the Madness of Crowds, it tells you everything you need to know. I moved to Florida.
Residents of the world unite and defund planning. The only thing you have to lose is your bay view.
“the pipeline of developments that have been approved by Planning is growing” — Doesn’t seem like a planning issue…
“a proposed change from a rental to condominium project” — Doesn’t seem like a planning issue…
“received a notice of ministerial approval for a 16-story, 130-unit residential building to rise up to 160 feet in height” — Doesn’t seem like a planning issue…