Developers have been kicking around designs for two dozen plus condos in a hillside "village" at 1000 Mississippi Street (right next to the elusive 22nd Street Caltrain station) since 2008, but have always come up just short.
Now they’ve got a new plan for the project: Just sell it.
The Dogpatch development was fully entitled back in 2008, but delayed for years because of a fight over the conditions of the water main. Then the bottom fell out of the housing market/universe, permissions to build expired, and the original developer sold it off.
It was seven years until the stars aligned again and the project (which will be dubbed 1001 Texas Street once built) secured new entitlements in May of last year.
Along the way, the design by Ian Birchall Associates changed, from a three-pronged affair with brick accents and a single courtyard, to a more contemporary look, with separate but connected buildings around multiple courtyards. The unit count changed with the wind, from 28 to 22 to 25, and finally back to 28.
But construction still hasn't started. But now, more than a year later, the entire affair, land, entitlements, and all is up for sale. No price is listed. Project sponsor Ryan Egan says they're testing the waters. It's not 2014 anymore, so are the buildings worth tying up the money they'll cost, or can they get a better deal from someone else?
"Right now everyone is building, and that's becoming prohibitive," says Egan. "Just to get an estimate on roof repairs I've got to schedule three months out. The banks are tightening up because they've spent all they can, so we want to see what our options are."
The 23,300-square-foot lot sits on a hillside, right below the Potrero Terrace housing project. The entitlement covers 28 units (three of them BMRs) and 28,500 feet of residential space. The ad entices with calculations of over $45,000 in annual revenues per condo.
- 1000 Mississippi [LoopNet]
- Offering Memo [Polaris Pacific]
- 28 New Units Coming to Mississippi [Curbed SF]
- Portrero Hill Development Revived [SocketSite]
- Potrero Terrace [Hope SF]
- Request to Withdraw, 1000 Mississippi [SF Planning]