The plugged-in folks at the San Francisco Business Times are reporting that Goodwill Industries is putting its Mid-Market property on the market next year.
The building on South Van Ness Avenue and Mission Street could fetch as much as $50 to $60 million and its zoned for height of 320 feet. The building previously hit the market in 2007, but that deal felt through due to the collapse of the housing market.
Goodwill would like to stay in the city, but that is no guarantee:
In a statement, Goodwill Industries of San Francisco, San Mateo and Marin Counties said the property would be put on the market in early 2014. Goodwill said that growth in job training and placement services, donations, and other business lines, have “outstripped the capacity of the current Mission Street location and present a challenge to future growth. The social enterprise will seek alternate site(s) for all of its current Mission Street functions, ideally within the city of San Francisco.”
Great location for mixed use/condos. That stretch still needs upgrading.
It’s not the building that is worth 50-60 million, but the land. Obviously it would be demolished to construct a 320 foot tower.
Properties often get bought just for the land footprint and air rights, although it’s more unusual for a new building like this to be bought to be torn down.
That said, I was surprised that Goodwill ever did this rather lavish project. They fit better in more residential areas and as tenants in existing, cheaper buildings.
Sounds like this includes the sale of their adjoining properties. That is their main drop-off point as well as sorting warehouse. The entire lot would be a lot more interesting than just the footprint of the retail store.
3rd Street might suit them better.