What's Happening at 3927 19th Street?

From the Curbed inbox:

The building at 3927 19th Street sold earlier this year for less than $1m and now there's renderings and it's on the market for $5M. Has this even gone through the planning department?The one-story one-unity property did sell recently, on February 10 of this year, for only $710,000. This is one of those weird situations where the seller is selling the entitlements to a previously approved project. Back in 2008, building permits were issued to construct a new 5-story (3 above and 3 below ground) single-family dwelling. The newest real estate listing says the future buyer "will work closely with the architect & builders throughout the process which will last approx. 18 months." The listing is actually one of three adjacent parcels (3927-3931 19th Street, all with little setback 1908/09 single-story houses) that are all being developed together with matchy designs from Studio 12 Architecture. They'll be grouped around three interior courts, but will have large window panels controlled with a combination of sliding and folding internal louvers for privacy. The 3927 parcel is listed for $4,995,000.
· 3927 19th St, San Francisco [Redfin]
· 19th Street [Studio 12 Architecture]