Hayes Valley has gone through several rounds of rehab to get to where it is today, but there's still the small matter of dealing with all those leftover parcels of land that became city property when the Central Freeway was removed. Last Friday, the Chronicle reported sales in the neighborhood were picking up after two of the parcels were sold to local buyer DM Development for $5 million and $3 million apiece.
According to a source from our tipline, however, DM Development purchased the land in a partnership with New York-based developer DDG Partners. Our tipster says DDG plans to put another $50 million in to housing projects, which like many others in the neighborhood, will probably be multi-story units with first floor retail space. This would also mark DDG's first project outside of NYC, so keep an eye on those guys.
· Hayes Valley land sales hint at real estate upturn [Chron]