August 30, 2012
Building Plans For The Point One Percent On Broadway And Taylor
Upon the verdant vacant lot at the corner of Broadway and Taylor, three new buildings with four homes and parking for 16 cars are proposed to rise and moving through Planning.
The proposed project would subdivide the corner parcel into three new lots and construct a new residential building on each, resulting in two new single-family homes measuring 4,400 and 5,100 square feet and a 5,900 square foot two-unit building with a common below-grade garage for 16 vehicles with access from Taylor Street.
A 14-foot wide arched opening cut into the existing retaining wall on Taylor would house the 10-foot garge door and a 4-foot pedestrian doorway, through which the 16 parking spaces for the new dwellings, 1020 Broadway, and 1629 Taylor Street would be found:
The building heights of the proposed new buildings at 1000-1010 Broadway and 1601/1625 Taylor would range from 28 to 38 feet and three to four stories.
The two single-family homes would each have three parking spaces while the two-unit building would have two parking spaces per unit. As drawn above, the underground garage would extend under the adjacent parcel to the north at 1629 Taylor Street and under 1020 Broadway to the west to provide each with three new parking spaces as well.
While the project would result in the removal and replacement of approximately 34 existing trees on the project site, the large coast redwood at the corner of Broadway and Taylor would be retained and protected during construction as proposed.
UPDATE: While one reader reports that "according to the Russian hill neighbors, this lot was once slated for highrise development, until neighbors banded together and purchased it from the developer," another says no.
UPDATE: The history of 1000 Broadway to date.
First Published: August 30, 2012 9:00 AM
Comments from "Plugged In" Readers
According to the Russian hill neighbors, this lot was once slated for highrise development, until neighbors banded together and purchased it from the developer.
Posted by: Joe at August 30, 2012 9:28 AM
Holy smokes! 0.1 percent is right. With trees + NIMBY it seems unlikely this gets through anywhere near as proposed, but big thinking for sure. Cool stuff.
Any guesses on the total construction budget for a project like this?
Four residences, 5,100 + 4,400 + 5,900 = 15,400 sf @ $1,100 per foot = $16.94mm market value (totally guessing here, please don't take offense if I am off.)
What about the cost basis for the lot?
That's a lot of sitework.
Palatial Arts and Crafts might not be totally out of context for the 'hood.
Posted by: soccermom at August 30, 2012 9:50 AM
Here is an opportunity for the Planning Commissioners of the left to really really punish the rich.
Give them no parking spaces! Not one! Transit first. Transit rich. Use the bus. How about a zip car?
Can you add any other slogans?
Seriously this is a terrific project, a welcome addition to the neighborhood. Very SF.
Posted by: conifer at August 30, 2012 10:46 AM
I don't know the back-story but this seems like a great example of the only remedy NIMBY groups in San Francisco should be allowed when they don't want to see a property they don't own developed, like on Valencia:
Don't like the plans for a property? Fine, buy it and make your own! That goes for the City too...
Posted by: Michael at August 30, 2012 10:50 AM
Urban Infill at its finest.
Don't see why this won't fly through planning with little push back or changes. There is probably 40M+ of value up on that hill. I'm fairly certain the 'neighbors' didn't buy this back from the developer. At least that isn't the story that I've heard on this piece of property.
Posted by: eddy at August 30, 2012 11:21 AM
Ivy... who will speak up for the displaced ivy?
Posted by: Snark17 at August 30, 2012 11:26 AM
this corner lot is all part of the property at 1000 Broadway, which includes the house just up the hill. that property owner is subdividing and developing the three houses as a private enterprise - it's not owned by any "band of neighbors"
Posted by: sb at August 30, 2012 11:50 AM
@sb, This is the story as I understand it. Not sure where the other story came from other than "Joe".
Posted by: eddy at August 30, 2012 12:33 PM
Also, these plans have been in some sort of concept phase for quite some time. The owner of 1000 most likely wasn't looking to build a towering building next to his home. My one question on this development is how the shared garage / space gets managed without some condo/co-op. I assume these are all being developed as SFHs.
Posted by: eddy at August 30, 2012 12:37 PM
UPDATE: In 2004, the project site at 1000 Broadway was transferred to Wysteria LLC, a member of which is on the Board of Directors of Russian Hill Neighbors and the project sponsor.
Plans for the current level of development, more or less, were first floated in 2006. We'll also note a notice of default appears to have been filed on the property two months ago.
Posted by: SocketSite at August 30, 2012 12:40 PM
Have to love the (dis)ingenuity of the "16 car" parking garage. Especially the 2 cars nestled at about 3 o'clock on the drawings--I guess if you never need to get in our out of the cars and never have to move them, those 2 spots are perfect. No doubt appealing to the serious car collector. Perhaps a more accurate rendition would show the 6 cars likely to be parked in the garage with ample space around each; only Ferrari, Bentley and Mercedes need apply.
Posted by: no_ vally at August 30, 2012 1:06 PM
The garage could probably be handled simply with easements, but possibly some sort of HOA would work as well.
Posted by: lyqwyd at August 30, 2012 1:06 PM
UPDATE: In 1996, the subdivision of the lot upon which 1020 Broadway was built was approved, establishing the lot at 1000 Broadway. In 2004, ownership of the lot was transferred to Wysteria LLC. In 2006, plans to develop three new buildings on the lot with parking for 10 cars were first filed.
Whether or not any plans for a high-rise on the lot were ever floated, or negotiated, between 1996 and 2006, we can neither confirm nor deny.
In 2007, permits to build a 3-car garage under 1020 Broadway were approved but then cancelled. The latest plans for the development of 1000 Broadway include garage space for 1020 Broadway as well as the neighboring 1629 Taylor.
And yes, 1000 Broadway is currently in foreclosure, the details for which we'll outline tomorrow.
Posted by: SocketSite at August 30, 2012 2:52 PM
15 million in defaulted debt? I do not think the land can support that much debt. Any one else have an opinion on that? The lender is apparently no stranger to litigation.
Posted by: jimmythekid at August 30, 2012 5:54 PM
If plans for a high-rise were ever considered for this lot, it would have been prior to 1967, when the 40 foot height limit in residential neighborhoods was established.
The parcel that Joe is refering to, is at the top of Vallejo Street where the Hermitage Condominiums stand today. A highrise was planned for that lot and the neighboors did band together and purchased the lot.
Posted by: inmycountry at August 30, 2012 5:57 PM
@inmycountry, thanks. Sounds like a case of the mistaken parcel.
@jimythekid, that plot would sell for $15M faster than I can type the required "SF" needed to make this post.
Posted by: eddy at August 30, 2012 6:45 PM
Seems like a lot of excavation 15 million in the dirt carry to build out and sell. Maybe you are right. If it goes to the steps maybe we will find out.
Posted by: jimmythekid at August 30, 2012 8:04 PM
That's a freakish amount of parking for so few units.
Posted by: j at August 30, 2012 11:18 PM
I'm not sure I'd qualify 2 - 2/3 car parking spots per unit "freakish".. That's on pa with a normal Sunset or Richmond SFH.
Posted by: R at August 31, 2012 7:22 AM
I doubt this would sell on the steps. Much too complicated. It's like 2799 Pacific that went back to the bank on the steps and then sold for the 'owed' price on the open market. I still think that was a great deal for the buyer.
Comparing parking on Broadway/Taylor to that of Richmond? +16 spots is pretty freakish. Considering they are excavating from scratch for the most part, I'm surprised they don't add another level below grade and just go all in on the site.
Posted by: eddy at August 31, 2012 8:50 AM
With respect to the notice of default that has been filed on the property: Twenty Million Reasons For Quickly Clearing 1000 Broadway.
Posted by: SocketSite at August 31, 2012 10:24 AM
Great timing cashing out in April 2008! I bet they haven't paid a penny on that mortgage in years. Soon, it will be someone else's problem.
Posted by: El Bombero at August 31, 2012 12:06 PM
@R isn't it 4 parking spots per car? 16 spots, 4 units, maybe the article was revised and I missed it?
Posted by: lyqwyd at August 31, 2012 2:37 PM
"As drawn above, the underground garage would extend under the adjacent parcel to the north at 1629 Taylor Street and under 1020 Broadway to the west to provide each with three new parking spaces as well."
So technically, it's only 2.25 spots per new unit. But I just went with 16 spots divided by 6 units.
Posted by: R at August 31, 2012 2:43 PM
Wondering if the SFH owners will have a problem with the rabble in the two-unit building, who will probably park their beater S550's too close to the door all the time.
But in seriousness, is the high end of $15-20MM pushing it? I'm with jimythekid in wondering about $15-20MM purchase, plus clearing and in-fill, construction, and delays/lawsuits. If soccermom's calculations are on target, $17M asking doesn't even come close. Does $7M for each finished SFH, plus $10M for the two-unit, start to get closer? I'm a noob so please inform gently, but that lot price seems like a big non-starter.
Posted by: The Chief (tm) at August 31, 2012 3:19 PM
Along with eddy, I'd be shocked if this actually changed hands in an arms-length sale on the court house steps.
What I'm really looking forward to is finding out whether each new home will feature its own individual kevlar wrapped safe room, or if the HOA will maintain a common one.
Posted by: Brahma (incensed renter) at August 31, 2012 3:32 PM
The parcel at 1000 Broadway was taken back by the bank on the courthouse steps yesterday. No word on where the $15,000,000 that was loaned against the property went.
Posted by: SocketSite at October 19, 2012 3:37 PM
Posted by: SocketSite at June 18, 2013 8:50 AM