December 8, 2006
Lose Some Now, Win Some Later
According to a tipster, we can reduce SocketSite's “Cii” pipeline by 130 new homes (or not, see UPDATE below):
“1355-1375 Sutter (@ Franklin) had won approval for residential condo conversion- they were going to add 6 floors to the building and convert it. [O]wnership got entitlements thru the redevelopment agency, 1-3 bdrm units, 600-1200 sq ft. 130 units total- 3 floors of parking underground- Anyway they were keeping the building pretty much vacant so they could convert it- took longer than they had hoped- heard [Wednesday] they just lost the building to the bank...”
At the same time, the long-term development of 6,000 new homes on Treasure/Yerba Buena Island is one step closer to reality.
UPDATE: Our tipster was on the money with regard to the development of 1355-75 Sutter, but might have missed the mark with regard to the bank. From the developer, "The property...does have SFRA approval for adding height and converting to a residential tower. Currently we are in a holding pattern pending finalization of financing and the construction budget. The property was not foreclosed by the lender." Our thanks to AGI Capital Group for the clarification!
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
∙ Treasure Island project gets nod [SFGate]
First Published: December 8, 2006 12:15 AM
Comments from "Plugged In" Readers
I know nothing about this property - but I thought that, in San Francisco, it was completely impossible, under the law, to convert any building with more than 6 units to condominiums (and buildings with 3-6 units can only convert if they win the condo conversion lottery.)
So how would this property have been allowed to convert?
Posted by: Dave at December 8, 2006 2:32 AM
I don't know about anyone else, but I personally am pretty happy that they're finally moving forward on the Treasure Island project. Such a huge waste of space, just sitting there. Lots of people think this will just become San Francisco's Roosevelt Island, full of hospitals and looney bins. But I think there's a lot of potential if it's developed properly.
Posted by: Dude at December 8, 2006 8:20 AM
Please, lose the "loose".
[Soon to be ex-Editor's Note: Check. Hate it when that happens.]
Posted by: Anonymous at December 8, 2006 8:27 AM
This is currently an office building so the conversion would be from commercial use...which is allowable.
Posted by: CameronRex at December 8, 2006 10:26 AM
The condominium conversion limits apply to apartments. This is/was an office building.
Posted by: anonymous at December 8, 2006 10:46 AM
Liked the old site better.
[Editor’s Note: Are you talking about SocketSite? If so, we'd love the feedback (email tips@socketsite.com).]
Posted by: eddy at December 8, 2006 11:56 AM
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