After undergoing a massive price chop over the course of a single month ($9.9 million to $4 million!) the Hibernia Bank building at 1 Jones Street has finally sold for an even further-reduced $3.95 million. In cash. The former bank-cum-SFPD Tenderloin Task Force H.Q. was vacated in 2000; it has languished on the market since then, ostensibly due to its high asking price, crappy condition, and elusive owner, one Thomas Lin of the Chinese Cultural and Philosophical Foundation. A few years back, Gav took a pass on the 38,310 square foot space as a possible laboratory for his latest social experiment, the Community Justice Center. The most recent contender, the Bay Area Radio Museum, toured the building back in August as a possible home for a very ambitions plan— too much so, obviously— to develop dance, art, and film making facilities, plus music, sports, and broadcasting museums inside of the space. The plot, it thickens: "A San Francisco-based company that is in the commercial real estate construction business" is the unnamed buyer, and plans to renovate the building and make it "rentable for business." And by "renovate," we mean $18 million worth of seismic retrofitting, lead and asbestos removal, and ADA access mods. Do not fuck with the ADA, people.
· S.F. historic eyesore purchased after eight years of neglect [SF Gate]
· Rumormongering: Hibernia Building Sold? [Curbed SF]
· Crack for Culture: Museum Eyes Hibernia Bank [Curbed SF]
· On the Market 4-Ever: Preservationist's Plight at 1 Jones Street [Curbed SF]
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