The next developer that could be cashing in on Mid-Market's current popularity: San Francisco. The powers that be are currently exploring the possibility of selling off a 38,000 square foot plot of land at 30 Van Ness Street, near the corner of Market Street. A low-rise building containing a handful of city agencies now occupies the site, which is zoned for up to a 400 foot tower and 500 housing units. In the current market the parcel could demand upwards of $50 million.
The city is currently exploring all possibilities for the land, including using it for low-to-middle-income housing, or a straight sale, where the money earned could be used for affordable housing at a separate location. The parcel is sure to attract a lot of attention with developers, as it is considered one of three large-scale development opportunities available in the immediate area along with the Goodwill site and the Local 38 plumber's union plot.
·City could be sitting on Mid-Market development goldmine [SF Business Times]
·SoMa Goodwill Site Expected to Fetch up to $60 Million [Curbed SF]
·Union Seeking Big Payday for Large Mid-Market Development Site [Curbed SF]