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What's the Deal With the For Sale Lot Across from the Alemany Farmer's Market?

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992 Peralta across from the Alemany Farmer's Market

From a Curbed reader:

There is a large lot in front of my house right across from the Alemany Farmers Market. It looks like the lot's on the market and it comes with approved plans for a four story building. I'm wondering if you had access to any more information. Maybe even a rendering? The lot in question is 992 Peralta Ave, and has been in development limbo since 1999.

A good 13 years ago the owners put in an application to demo the existing warehouses on the site and build a four-story building with 66 condos, ground floor retail, and fast food takeout. Neighbors and the South Bernal Action Alliance weren’t happy, saying it was too big and too far from transit for that much housing causing loads more traffic. It was redesigned a few more times, and by 2001 the project consisted of 47 units of housing with no commercial. It was finally approved in 2003.

Permits for demo and construction were filed in 2004...and withdrawn and reinstated in 2008 (twice)...and then finally cancelled in 2009. Now the lot is for sale for a cool $4.4 million with the entitlements to the approved project (though the future buyer will probably need new permits since it’s been almost 3 years). Sadly the approved plans from 2004 date before the Planning Department digitized that stuff, so there are no renderings online. Sale listings say the existing commercial tenants are on a month-to-month lease, and used to be (still are?) the 5lowershop Collective.
· 992 Peralta Ave San Francisco, CA 94110 [Red Fin]
· Permit Addenda Details Report [DBI]
· Planning Commission Meeting Minutes - May 4, 2000 [SF Planning]