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Mission District housing project knocks $2.1 million off price

Still without a buyer after easy entitlement

A rendering of a black and white condo building in the Mission. Courtesy of Sternberg Benjamin Architects

Apparently there’s no such thing as easy street when it comes to developing new housing in the Mission.

The 24-unit building proposed for 3620 Cesar Chavez avoided almost all of the hurdles normally thrown at new construction in the neighborhood, skipping much of the review process and getting only cursory neighborhood opposition before entitlement.

But now the six-story soon-to-be building on the corner of Guerrero seems to be having a little bit of trouble seeking a buyer. Back in March the entire kit went up for sale asking $8 million, and now it’s knocked the price down to $5.9 million instead.

In March, neither the developer nor the realtor had any comment on why they’d made the decision to sell and whether it was the plan all along or a recalculation.

The site today, home of a parking lot and an aging office building.
Google

Note that neither the sale nor the price cut now necessarily indicate a problem, beyond the obvious conclusion that nobody wants to pay $8 million for the site.

Still, this one building had the chance to go down in history as one of the quickest and easiest of all modern Mission builds until it hit this slight holding pattern. Though there is still plenty of time to hit the original 2018 groundbreaking schedule.

According to the most recent ad, the whole $5.9 million package comes with “Entitled 24-unit residential (20-2BR/2BA & 4-1BR/1BA) and commercial development (761sf),” plus “an efficient layout” by Sternberg Benjamin Architects.