July 30, 2010

45 Lansing Site In Contract, No Imminent Eviction For The Bees

45 Lansing: Site (www.SocketSite.com)

Once again, as plugged-in people know, following a false start at the end of 2008 Turnberry has been shopping their entitled lot for 227 units at 45 Lansing since 2009.

According to the San Francisco Business Times, Miami-based developer Crescent Heights is now in contract to purchase the site from Turnberry for $13 million, 57 percent less than Turnberry paid for the site back in 2006 ($30 million).

Crescent Heights is still seeking for financing for its 750-unit development at 1401 Market Street which hasn't seen much movement over the past three years. We're not expecting the current residents at 45 Lansing to receive eviction notices anytime soon.

The Turnberry (45 Lansing) Scoop: Construction Starting Early 2009? [SocketSite]
The 45 Lansing SocketSite Scoop: Turnberry Quietly Shopping The Lot [SocketSite]
Big San Francisco condo site sold at big discount [San Francisco Business Times]
Crescent Heights (1401 Market): No Condos For You! Apartments. [SocketSite]
45 Lansing: Busy As For The Bees As Another Extension Is Expected [SocketSite]

First Published: July 30, 2010 9:00 AM

Comments from "Plugged In" Readers

Yes, the deal is in the works, but the probable outcome is that the new owner will build apartments, not condos, and will file a condo map for conversion down the road.

Posted by: Malcolm Kaufman at July 30, 2010 9:47 AM

What does this mean for approved design?

Posted by: spitpalm at July 30, 2010 9:51 AM

Is 40 cents on the dollar for commercial property in SF the "new normal" rate of return for boom acquisitions? This is the 3rd or 4th time I've heard that number in the past year.

Posted by: Kurt Brown at July 30, 2010 11:07 AM

I hope they build it 40 stories tall and that they build a long mechanical arm that extends all the way to Gil's house and thermodynamically creates rain clouds which encompasses him in grayness every minute of the day.

Posted by: nutcar at July 30, 2010 11:59 AM

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