October 6, 2009
723 Taylor Rising: Urban Infill In Action And Twelve Units On The Way
Eight (8) stories and twelve (12) units when complete. And while we believe that it has been condo mapped it should be rentals at first. Now who has a line on its design?
∙ Zillow Is A Lot Catchier [SocketSite]
First Published: October 6, 2009 8:00 AM
Comments from "Plugged In" Readers
Haven't seen the design, but an 8-story, Type-1 concrete building with only 12 units (incl 1 or 2 BMR's)in the tendernob? Someone's gonna take a bath. Or maybe the land was free.
Posted by: rubber_chicken at October 6, 2009 8:56 AM
Virtually all (if not all) multi-unit housing constructed recently is condo mapped even if it's rental apartments: it's a condition of financing where the bank wants to ensure that you can "flip" from one to the other if the market warrants.
Posted by: sf at October 6, 2009 9:22 AM
yeah, perhaps it'll pencil out with 'free land.' like a grandpa's family trust, and the kids want to play developer. it gives them something to do and they can claim they developed a building in SF. lotsa legacy bias like that going on all over the city...i hear about it again and again.
Posted by: 45yo hipster at October 6, 2009 11:57 AM
Maybe developers are being squeezed for slimmer margins. At this scale the units should come out to around 2k sq ft each which means they should have multiple bedrooms and be worth around $1.5 million or so. At $1.5m each twelve would be worth $18m ish. Is it really going to cost that much more than nine or ten million to buy the lot and develop the whole property including inevitable underground parking garage? Around 30k sq ft at around $350 per sq ft is around there (being just a tad vague with the numbers). There is no way this is going to be super profitable, but only poor execution will cause anyone to loose their shirts on this. The location is shabby chic par excellence.
Posted by: Mole Man at October 6, 2009 5:41 PM
but Shabby chic ain't selling for $1.5 mil. That's too expensive and luxgurious for da loin. More like $600k 2br 1 ba would fit that location IMO.
Posted by: 45yo hipster at October 6, 2009 7:49 PM
Taylor between Sutter and Bush is hardly the Loin. You're almost surrounded by tourist hotels. $1.5 mil is probably high, but $600k is ridiculously low if they really are 2k sq ft each. $300 per sq ft? Really?
Posted by: anon at October 6, 2009 8:51 PM
The lot is 35x81; take out a 15-foot rear yard, stairs & elev and you got 1900 sf net/floor.
Looking at the pics on Ian Birchall's site(they're the architects), it seems that the top two floors are 2 set-back penthouses ($1.5M each). That leaves 10 units on the lower 5 floors - each at 950 sf ($700K ea).
Gross rev = $10M
minus $350/sf hard -$7M
land & soft -$1.5+M?
Posted by: rubber_chicken at October 6, 2009 10:50 PM
forgot about the BMR unit/fee.
takes the rev down a bit. They gotta make these sweeeet to work out...
Posted by: rubber_chicken at October 6, 2009 10:59 PM
$600kfor 2/1's at 1000-1200 sq ft per unit.
Posted by: 45yo hipster at October 7, 2009 11:48 AM