Mission Local reports a lucky break for a long neglected Mission property: Affordable housing developer Mission Economic Development Agency has purchased the vacant and troubled 2205 Mission Street building, with promises of below market rate condos in the future.
The two-story, 18,345-square-foot property (circa 1919) listed for $7 million but ended up selling for $5.87 million plus in early December according to Pacific Union realty. (Mission Local rounds the figure up to $6 million in its report.)
The previous owner (an anonymous LLC revealed to be former Facebook executive Owen Van Natta) bought it for $5 million in 2014, apparently planning to create a Brewpub at the locale and taking out building permits on the site as recently as 2016.
But SFist reported the deal fell apart because of the “painstakingly long development process.”
Since then the decaying structure continued to rack up complaints with the Department of Building Inspection for its broken windows and graffiti, as well as for the lingering effects of “out of compliance” construction from 2015 that neighbors say exceeded the bounds of the permits.
Despite the property’s very poor condition, Van Natta evidently hoped the location and size of the parcel would attract a $7 million buyer. Although this much lower sale would appear to be a profit in the end, BuildZoom estimates that the permits on the place since 2014 were worth over $2 million on their own. It’s not clear how much work actually got done.
MEDA’s portfolio page says it plans to have 40 new units in place at the address by mid-2021, promising “below market rate condos to be built on top of existing structure.”
- 2205 Mission Street [Pac Union]
- Nonprofit buys decaying building at 18th and Mission streets [Mission Local]
- Defunct Mission Building Turning Brewery [Curbed SF]
- MEDA Portfolio
- Historic Building To Become Dialysis Center [SFist]
- 2205 Mission Permits [DBI]
- 2205 Mission Complaints [DBI]
- 2205 Mission Permits [BuildZoom]