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Long-Delayed Forest Knolls Development Site Selling for $20M

Back in 2013, plans for an undeveloped steep site on the western slope of Mount Sutro went before the Planning Commission. The project was actually the continuation of a proposed development dating back to 1963—as we noted at the time, those were some serious delays! Despite objections of neighbors, the project, known as San Francisco Overlook, was approved in its 2013 hearing and approved yet again with some changes this May. However, it still hasn't begun construction. Today, it popped up in a very unlikely place: for sale on the MLS. The listing is offering up an entitled parcel of land with plans for 29 homes and 58 car parking spaces. The price? $20 million.

The sponsor for the development's previous applications was a group called San Francisco Overlook Development based out of Novato. Plans initially called for 34 units but were downsized in May to 29. The mix is set to be five single-family homes, seven duplexes, and a ten-unit townhouse building. As the new listing notes, units are set to be large with two to three bedrooms each, and some will have green roofs. There's no indication of why the developers are selling, but hopefully someone else will snatch up this land and finally get this development off the ground.

· Forest Knolls "Overlook" Project Seeking Final Approvals [Curbed SF]
· San Francisco Planning Commission Meeting Minutes May 14, 2015 [SF Planning]
· 599 Crestmont Drive [Redfin]