The parcels at 2345 and 2445 16th Street next to Franklin Square are entitled for dozens of new homes and an eye-catching striped facade, but what it presently lacks is an owner wanting to go the distance with the seven-story project, something it’s searching for to the tune of $9 million.
The would-be new development appeared on LoopNet Tuesday, promising a big-deal opportunity for big time buyers.
Realtor Gary Cohen writes:
[This is an] opportunity to acquire the property at 2435-45 16th Street and the associated development rights to a fully entitled, with demolition and site permits approved, mixed-use, residential and commercial development.
]...] The Project encompasses a total of 53 residences with a mix of studio (1), one-bedroom (29), two-bedroom (18) and three-bedroom (5) units, averaging 688 square feet and a total of 3,405 square feet of ground-floor commercial space.
Cohen tells Curbed SF that this property first listed last year asking $9.95 million but that at the time the fate of the existing businesses on the space had not resolved.
“The commercial tenant on the ground that wanted to move but hadn’t found a new home yet,” says Cohen, although he says there’s now a plan in place for relocation and “we’ve priced it a bit more where we think it should be.”
According to the property brochure, the existing businesses are an auto body shop “vacating no latter than September 30, 2018” and an auto glass place “in the process of [...] a lease termination.”
During its entitlements process this Mission project stood out for its allegedly oddball but cool use of color in the form of traveling stripes up and down the facade that, while looking a little bit like Frogger, gave the design panache.
The final, more muted facade retained the stripes but toned them down to a disappointingly conservative level. San Francisco-based D-Scheme created both looks.