It’s a familiar story: A developer or landowner spend years entitling a project, only to turn right around and put the papers up for sale as soon as the gavel comes down on their final go-ahead.
Sometimes it just makes more economic sense to make a quick buck on the potential rather than put time and money into the real thing.
The (possible) development at 599 Crestmont Drive, though, is not a single would-be home but dozens. And thanks to its singular position in relative isolation on the side of Mount Sutro, it would effectively be a new, tiny neighborhood west of Twin Peaks.
If anyone wants to commit, that is. The land plus entitlements for 29 homes (down from an original proposal of 34) listed for $20 million one year ago.
Then it swiftly dropped its price down to $15 million. And now further still to $14 million.
Twenty-nine new homes doesn’t sound like much compared to new high-rises in the works, but the houses at the Overlook (as it’s called) would mostly be duplexes, and a rare case of increasing density in a generally sleepy corner of the city.
The present owner (an anonymous LLC) spent years wrangling with Forest Knolls residents over the placement of the new homes, with some concerned about the steepness of the Mount Sutro slopes.
But actually, the city first fielded proposals for new homes on this site back in 1963. Now that’s red tape for the ages.
- The Overlook
- 599 Crestmont Drive [Redfin]
- Battle Brewing Over Forest Knolls Development [Curbed Sf]
- Forest Knolls Development Selling For $20 Million [Curbed SF]