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What's the Deal With the Parking Lot at 1 Franklin Street?

A reader asks:

Thanks for the update on 1600 Market. There is another stalled/potential development around the corner (at 1 Franklin) that I was wondering if you had any updates on. A parking lot, I think it's entitled already, but I think the lot is for sale.

The parking lot at the corner of Page and Franklin streets in Hayes Valley has been approved for residences since 2010. The lot is fully entitled for an 8-story building with 35 units over ground floor retail. We updated this property last fall and the only change is a sale last December for $4.225 million to a group called Franklin Street Developer LlC, with no word on design changes or a construction schedule. If built as planned, the plot will yield a mix of studio, 1-, and 2-bedroom apartments with 18 underground parking stalls, but for the foreseeable future will remain a parking lot.
·1 Franklin Street [LoopNet]
·Fully Entitled 1 Franklin Site Looking for a New Buyer [Curbed SF]
·Checking in on BMR Units Coming to 1600 Market Street [Curbed SF]