Superior Automotive on 16th Street in the Mission has most likely become the most expensive residential development site in the city's history. The 10,000 square feet of land, between Valencia and Guerrero, sold for a reported $8.7 million to Newport-Beach based developers MX3 Ventures. The sales price works out to around $350,000 per"buildable unit. The land can hold around 25 condos and 8,000 square feet of retail. BAR Architects will design a five-story building for the site. The building's previous owners had previously tried to rent the building out as office space to tech companies, but instead chose to sell instead this spring.
· SF Development Deal in the Mission May Hit City Record [SFGate]
· 3150 16th Green [Urban Group]