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MacFarlane Acquires 1844 Market - Will the Multifamily Residential Building Finally Be Built?

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Way back in December of 2007 we told you about the residential development that was fit to happen in the horribly depressing large and empty lot at 1844 Market Street, next to the LGBT Center. BayRock Residential hooked up with Christiani Johnson Architects to design and develop an 80 foot high building with 113 rental condos, along with ground floor retail, an interior courtyard, Zen garden - you know, the usual.

We anxiously waited for the groundbreaking, but the most we got was a bulldozer that was permanently placed in the center of the lot. Then, almost six months later, a reader informed us that they spotted the bulldozer actually moving! And that they may or may not have spotted some rebar. Progress? No. Two months later it looked as though the site was abandoned completely, as the construction equipment was gone and it sort of turned into a spot for folks to illegally party.

Shoot forward more than a year, and yes! Movement! A crane, workers, everything! This was probably because 1844 Market Street was acquired by Joe Cassidy, developer of The Palms in SoMa. Then more trouble: the development was financed by United Commercial Bank, which was then taken over by the FDIC. Cassidy went on record to say that all bets were off and that "we don't know what is going to happen."

Now, the latest news: MacFarlane, a real estate investment manager, acquired 1844 Market Street and intends to construct the eight-story, multifamily residential building, MacFarlane told us in an email. The residential building will consist of 113 rental apartments (99 market-rate and 14 affordable units), 5,500 square feet of street-level retail, and an underground garage with 81 parking spaces.

Completion of the project is planned for the summer of 2013. Total construction costs are estimated at $55 million. The one, two- and three-bedroom apartments and ground-floor retail will face onto both Market and Waller streets and an interior courtyard. A fifth-floor terrace will offer recreation space with views of downtown. Here's to hoping that this finally happens.
· Coming Soon: Monastic Condos on Upper Market [Curbed SF]
· Groundbreaking: 1844 Market Street [Curbed SF]
· Construction Watch: Actual Progress at 1844 Market Street!? [Curbed SF]
· Construction Watch: Condos to Cabanas at 1844 Market Street [Curbed SF]
· ConstructionWatch: Zen Rentals Next to LGBT Center Get Going [Curbed SF]
· Joe Cassidy in Upper Market [Curbed SF]
· Joe Cassidy's 113-Unit Upper Market Project Is In A Bit of Trouble [Curbed SF]