We reported earlier about the former auto garage on Valencia selling for $8.7 million. SF Gate reports today that the developer, MX3 Ventures will turn the space into “25 condominiums and about 8,000 square feet of retail.”
In the parlance of residential land deals, the transaction works out to about $350,000 per “buildable unit,” three times the $114,000 per buildable unit that developers recently paid for 41 Tehama St., a fully entitled high-rise site near theTransbay Center. The full story is here.
Meanwhile, one of our reporters took a look at the partially finished floors of Vida, the $1,000 a square-foot condo project going up on Mission Street. The rooms are about as big as my tiny room, he reports.
“High End Living” across from an SRO. Have fun with that.
Most high-end buildings have secured parking and a doorman. Nobody who lives there will need to deal with a SRO denizen unless he or she specifically wants to.
Also, this project will be at the far western end of the area where the SRO’s are, so the residents’ experience will be very much determined whether they head east or west. The “west Mission” has a very different and more genteel feel to it than east of Valencia.
I wouldn’t worry too much for anyone who can afford this development
directly across the street is the Albion Hotel, enuff said……
Once this gets built, the Albion get closed, sold and another condo block goes up there.
You evidently have not figured out the gentrification playbook. Only poor people are inconvenienced by SRO’s.
Exactly.
Yeah, luxury density really contributes to community and livability when residents drive through the community to get home. That’s transit oriented development upzonings for you.
Did we ever get the feeling we’ve been cheated?
Yeah, because no cars drive through the community to go to and from an auto shop, right?
Here is an idea. This being American and all, you cannot force your neighbors to be like you. If you want to control who lives in this building, then buy it.
When developers get special upzoned deals for “transit oriented development,” we can see all of the parking that is infesting our community and snarling transit and realize that we’ve been had and that it is time to revisit these laws. I’m not holding my breath that the nonprofit gatekeepers will be allowed to bring anything to the ballot that enforces this, so you all are probably safe.
$350,000 is the cost per potential built unit. They haven’t done any construction at all(material, labor, permits, etc… and they have already spent $350,000 per unit. Many low income housing folks want the end price to be $350K. That would be great, but obviously impossible which this example shows.
We would be better off building low income housing in areas that are less expensive to get more bang for the buck and actually house more folks. Hunters point, Bayview, ingleside, excelsior, etc… All these places are in SF proper and have low real estate prices. This should be the focus for those interested in actually getting poor people in homes.
You are correct and actually the cost to build will go higher as there will be so much hazmat clean up. Expensive project.
The slightest hiccup in the market and this project is toast.