Union leaders for the Local 38 Pension Fund are looking to cash in on the revitalization of the Mid-Market area. The plumbers union currently owns a two acre development site at 12th and Market streets that they would like turned into apartments, available to developers on a 99-year lease. The site is currently zoned for an 85-foot residential development and is considered the second largest available development parcels in the area, behind the recently marketed Goodwill site. The adjacent Civic Center Hotel, an affordable SRO building also owned by the union, is not included in the redevelopment package.
·Will plumbers' union follow Goodwill with next big Mid-Market development play? [SF Business Times]
·SoMa Goodwill Site Expected to Fetch up to $60 Million [Curbed SF]