July 25, 2008
1285 Sutter: Fully Entitled, Retail Pre-Leased, And...On The Market
Even though the site is fully entitled for a 12-story, 106-unit condo tower, and the theoretical ground level retail space has been pre-leased to Trader Joe’s, it might be a while before – or even if – 1285 Sutter Street (currently the defunct Galaxy Theater) becomes a reality. For as a plugged-in tipster notes, BayRock has put the undeveloped site on the market with Colliers (asking $18,000,000).
As we wrote seven months ago: "If all goes smoothly with the Planning department and as planned (uhh...), the “grocery store could open by 2009” (and we’re guessing the condos soon thereafter)." Note the "uhh." And we're now going with no chance (in terms of 2009).
First Published: July 25, 2008 3:15 PM
Comments from "Plugged In" Readers
A little disappointed hearing its back on the market.
But then I remembered the proposed site re-design rendering. Less than desirable.
Hopefully this is a chance for a better design proposal?
Posted by: Matt at July 25, 2008 3:40 PM
Bayrock has been getting killed in Oakland. From Blanca Torres of the Business Times: "Another developer, Oakland-based BayRock Residential, put some unsold condos at Eight Orchids, a 157-unit complex at Seventh Street and Broadway near Chinatown, up for auction in April and moved more than 40 units. The auctioned units ended up selling for about 18 percent less than the regular sale units. The building still has 85 units available, according to the Mark Co. report."
Posted by: JKD at July 25, 2008 3:41 PM
Well, that explains the lack of movement over on Market as well. The building was demolished but nothing has happened since. That was Bayrock as well right?
Posted by: um at July 25, 2008 4:51 PM
This place has to go. Its been vacant for what seems like forever. I really hope they can get the project going. Although it doesent sound like it.
Posted by: Ryan at July 26, 2008 9:57 AM