In addition to 300 Grant, 901 Bush will also be in front of San Francisco’s Planning Commission this afternoon seeking the establishment of the “901 Bush Street Special Use District (SUD).” From a plugged-in tipster:
This is the largest building in SF that was ever Ellis acted (38 units).
They have done what appears to be a very nice job on the renovations, however the downside is that it will be a complicated TIC without parking.
I think it is great for the “TenderNob” if people actually buy these to live in rather than rent out.
We agree that it will be great for the neighborhood if these are owner occupied, but these aren’t going to be TICs. And that’s where the “Special Use District” comes into play.
Having invoked the Ellis Act in 2006 following a fire, rehab, and an attempted condo conversion that was blocked by the city, the owners filed a lawsuit. And according to an insider, a settlement with the city paved the way for the establishment of the SUD which will enable the building to be considered “new construction” and hit the market as condos.
Pricing for the soon to be condos (despite what you might have heard, they aren’t yet): studios from $385,000 to $459,000; one-bedrooms from $435,000 to $595,000; and two-bedrooms from $595,000 to $665,000. And as part of the settlement, five of the 38 units will be BMRs.
∙ 38 BRAND NEW CONDOMINIUMS $359,000 – $665,000 (901 Bush) [Craigslist]
∙ Largest Apartment Building Ellis Act in San Francisco History Invoked [BeyondChron]
∙ The Proposed
Sixty-Six Forty-Five Condos (And Parking) Of 300 Grant [SocketSite]