December 12, 2007

Speaking Of 5800 Third Street (A Development/Developer Update)

5800 Third Street: Rendering

When we first mentioned 5800 Third Street two years ago Levin Menzies & Associates and Lennar were leading the development charge and the project was seeking Planning Commission approval. Today, the project is the hands of Noteware Development and the Goldman Sachs Urban Investment Group (UIG) and construction is underway.

5800 Third Street: Map

The first phase of the project is slated for completion in winter 2009 with the second phase following in 2010. And in addition to the aforementioned full service grocery store, the 5800 Third Street development will consist of 338 condominiums including 47 Below Market Rate (BMR) units. “Prices for the market rate units have not yet been set, but will likely start in the mid-$500,000s. Prices for the affordable units will likely start in the mid-$200,000s.”

Bayview Development [SocketSite]
JustQuotes: Fresh & Easy Neighborhood Market Coming To Bayview [SocketSite]

First Published: December 12, 2007 8:41 AM

Comments from "Plugged In" Readers

I can see them digging on this site and another nearby every morning while I take Caltrain. I'm sure the condos will be nice and it is a nice start for the area. However, given how scary the surroundings are, I think it would be a while before I'd consider moving down there.

Posted by: SFhighrise at December 12, 2007 9:04 AM

that is great news. i'd love to see the entire bayview get gentrified!

Posted by: james at December 12, 2007 9:13 AM

A banker friend of mine had a term for a development like this..."pionerring." We'll all see how it turns out soon enough, but I'd have to think those are going to need to be large units for north of $500K and the developer is also going to have to chip in on the financing to get people in there.

Posted by: Miles at December 12, 2007 12:39 PM

meanwhile, one of the nicest of the SF public pools--the MLK pool--is across the street from this location (but i shouldn't post that, in case the pool is a bit of a secret and now the crowds will come). i do agree that the neighborhood immediately surrounding is a bit...tough.

Posted by: ds at December 12, 2007 1:07 PM

like many areas of San Francisco you have to be cautious and use common sense. I live on Palou Ave at Lane about a block from 3rd. I have lived there since July. Got a pretty decent deal on a 1200 square foot, 1925 2bedroom house in good shape with views, decent yard, original nice details. I did talk with a few neighbors before getting in. Many long-time owners, also new folks to the neighborhood. Young Latino families, Asian, and several 30 something white gay couples.

I feel reasonably safe, but I have heard gunshots. Only once. I used to live in the Mission and heard them more often. This development and grocery will definately help establish the neighborhood as a nice and "affordable" for many SF citizens. The grocery is especially needed.

The condo's do have to be pretty nice and large to sell from the mid 500's as I bought my house for $550,000 and there are currently many houses in the $500K to $600K range. I think most people will want a house as opposed to a condo in a 300+ unit condo complex.

Posted by: john at December 12, 2007 3:29 PM

Instead of 15 years out, you better add another 50 years or more before this area ever gets any better. Especially at the level of walking around at night and patronizing any restaurants or stores nearby.

My friend is a SF police officer and he patrols the Bayview/Hunter's Point area and he hears gunshots everyday.

Remember, it's the PEOPLE that make the difference, NOT the new buildings, condos, stores, restaurants, etc. I don't care how many new projects they build, it will only get better if people change.

50,000 49ers football fans leave on gameday and I can tell you that hardly anyone patronizes any restaurants on 3rd st.

This area is the SAME as it was in the 70's, that's over 35 years and counting.

Posted by: Stephanie at December 15, 2007 11:35 AM

i disagree stephanie. my neighborhood, south beach/mission bay, was not safe 15 years ago. especially at night. i think anyone with existing property along the 3rd street light rail is going to make some serious coin in the next 15 years. imagine what the developers are paying, have paid, will pay in the future for it?

Posted by: james at December 15, 2007 1:49 PM

Yes for $500K the condo's will be need to be spacious considering the present inventory of homes that can be had in the area around that pricepoint. But lets not be naive about the change that is coming to the Bayview. Stephanie is right in that its the people that make a difference, but people also become products of their environment. This is not to excuse any of the problems, and violence that have long plagued the Bayview, but let us also forget that until recently it was the most neglected and cut off section of the city by means of transportation and city services and that stretch back to the closing of the shipyards. As a resident i already notice the difference that well lit streets are making, I'm seeing faces in the Bayview i've never seen before, and i'm seeing people buying property with the intention to make it nice and place value in them versus the property that falls into neglect while non-resident owners collect what they can from section 8 renters. Plans are in place to demolish and rebuild the hunters view projects, Newsom's Hope SF plan will likely destroy the Alice Griffith projects near candlestick. Is it gentrification...Hell Yes! but it means change is coming, and rapidly, especially as development from Mission Bay makes it way up Third Street. Fifteen years ago Mission Bay was an industrial area, with not a single highlight and more than its fair share of violence and homeless encampments, you'd be hard pressed to recognize it now if you hadnt lived through the transformation. So you tell me (in particular Stephanie) do you really think the bayview, flushed with infused cash never before seen, without the housing projects, featuring new shopping, new commercial, maybe a new stadium, the best weather in the city, and with open green space isnt going to be a place people can see themselves?

Posted by: Robert at February 22, 2008 10:34 AM

It's now May 2010. Is the first phase of the 5800 Third Street condo development finished yet, and ready for residents? Will this project ever be completed? Was considering moving there but can't get any info. Does anyone know what's up with the project?

Posted by: Mich B at May 5, 2010 4:24 PM

It's now May 2010. Is the first phase of the 5800 Third Street condo development finished yet, and ready for residents? Will this project ever be completed? Was considering moving there but can't get any info. Does anyone know what's up with the project?

Posted by: Mich B at May 5, 2010 4:25 PM

I love living here!:). We bought our fabulous 3br/2ba, 1300sf condo in September of last year. Best decision we've made so far!

Posted by: Syl at July 29, 2013 8:34 AM

Syl - You sound like a real estate agent with a listing, but if you are not, you should read about the 3rd Street Formula Retail Restricted Use District proposed by D10 Supervisor Malia Cohen. The RUD would make it more difficult for businesses like the Gap, Fresh Choice, or Gymboree, or Starbucks to open in the 3rd street corridor to the north of your building...

http://www.socketsite.com/archives/2013/07/the_formula_for_success_or_protectionism_in_san_francis.html

Posted by: soccermom at July 29, 2013 9:41 AM

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