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SoMa Rising: Mystery Lot Faces SoMa Grand

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The San Francisco Business Times dropped a brief article today attributing the rise in development between 6th and 9th Streets to the opening of the SoMa Grand. We almost scrolled right past the little ditty. That is, until this paragraph caught our attention:

A neglected building that long housed a garment factory and car stereo business, 1161 Mission St. sold in 2005 for just over $100 a square foot. Now two years later, impresario Jon Mayeda said he can't keep up with the offers he gets on the five-story, 75,000-square-foot property across from the SoMa Grand, which he now values at $300 square foot, or $22.5 million. "We are getting letters every other week and three or four calls a week," said Mayeda, a partner in Circolo Restaurant & Ultra Lounge. "People are always asking me about it."Not too long ago, we noticed that the warehouse is swathed in tell-tale black fabric— a sure sign of action to come (or that it has already arrived). Readers, lend us your eyes: Who among you has the lowdown? We want neighborhood intel, not building permits and marketers' sound bytes. It's Friday, and we've given the interns a day off.
· New SoMa Grand fuels property rush [SF Business Times]

Soma Grand

1160 Mission Street, San Francisco, CA 94103