October 18, 2012
Calling All Billionaires Looking To Build Something Big On Broadway
As we first reported in August, the development plans for the verdant vacant lot at 1000 Broadway were recently dusted off having lain relatively dormant for the past six years.
While the construction of three new buildings averaging over 5,000 square feet a piece upon the parcel was first formally proposed in 2006, it was never approved. A $15 million mortgage was, however, successfully secured against the property in early 2008.
Four months ago a notice of default was filed and the property entered into foreclosure with $20,369,142.20 owed which likely explains the recent push to quickly clear the site for development and likely position it for an entitled sale, but perhaps not quickly enough.
With $21,403,257.80 now owed and the development yet to be approved, the parcel at 1000 Broadway is scheduled to hit the courthouse steps this afternoon with a published opening bid of $14,000,000.
UPDATE: The parcel at 1000 Broadway was taken back by the bank yesterday on the courthouse steps. No word on where the $15,000,000 that was lent against the property went.
∙ Building Plans For The Point One Percent On Broadway And Taylor [SocketSite]
∙ Twenty Million Reasons For Quickly Clearing A Lot [SocketSite]
First Published: October 18, 2012 10:45 AM
Comments from "Plugged In" Readers
I'm sure it will be lovely and an asset to the community BUT, does every square inch have to be covered with something? Apartment Buildings? Roadway? Parking? Shopping? Couldn't something be left in the wild?
-sign me, crabby eldergay.
Posted by: Cade at October 18, 2012 11:04 AM
We should leave every development parcels potential up to the first random commenter on a development focused web site.
Posted by: bob at October 18, 2012 11:12 AM
If no building permit has ever been issued for this parcel, isn't this a $14,000,000 bet that something could indeed be built there? If some neighborhood group (see 8 Washington) manages to stop any development, then what is the value of the land?
Posted by: jlasf at October 18, 2012 11:35 AM
The trick here is to make sure the buyer has all the parcels and rights needed to secure permits to develop the lot as is proposed. I think the owner owns a parcel that is part of this 'lot' that may or may not be a part of this whole thing. Very tricky. Not sure the courthouse steps are the right place to conduct this transaction. And not sure $14M is even the right price. If the entire lot is contained here than $14M would be a good price.
One last thing I don't think I've seen anyone else ask up to this point: What the hell happened to the $15M dollars loaned in 2008?
Posted by: eddy at October 18, 2012 11:58 AM
Couldn't something be left in the wild?
That's what we have the Presidio for. Or most of Marin County. Or practically all of northern California.
A corner lot in the middle of an urban neighborhood is not the appropriate place for wilderness.
Posted by: anon at October 18, 2012 1:57 PM
You're right, but 14 bones is a lot to pay for a bunch of trees if enough neighbors get organized against you....
That's why it WENT BACK TO THE BANK for 14mm!
Posted by: soccermom at October 18, 2012 4:56 PM
I get where Cade is coming from. In the '70s when I was a teen, there was a vacant lot at Vallejo & Taylor that was a hangout for me and my friend. There was a foundation of some long gone mansion or apartment bldg all covered in vines like some Roman ruin. We would go there to look at the view and party. It's condos now (of course) but I think tjere are still enough hidden places like that in the public domain to keep SF a special place. As for 1000 Broadway I wonder what fabulous old Mediterranean villa used to occupy that corner until it burned or rotted into obvlion.
Posted by: Patrick at October 18, 2012 9:59 PM
I live right across the street from this place and have loved looking at the trees and hearing the birds and having just a little bit of green space in this densely populated neighborhood. Having a bit of wild in the city is wonderful. It makes living in a tiny studio, with neighbors on all sides and cars barreling up the steep hill bearable. I for my part hope that I will have a little more time to enjoy this.
Posted by: Susanne at October 19, 2012 9:19 AM
As noted by "soccermom" above, the parcel at 1000 Broadway was taken back by the bank on the courthouse steps in lieu of the $15,000,000 they were owed. No word on where that $15,000,000 went.
Posted by: SocketSite at October 19, 2012 3:35 PM
I was looking at a book on SF history earlier today, and saw a photo of this site post-1906 quake. There was a small cottage right in the center of the lot, but it was mostly filled with lots of large plants. Probably some of the same one that are still there. So it's not going to be easy to argue that the lot should get built up, because it never was. Just a heads up to any would-be developers.
Posted by: Adam at October 20, 2012 12:48 AM
I'm amused that the site next door owned by the Bowles family, roughly 7k lot at 1629 Taylor with a 3k house and at least 1 guest, is valued at less than 200k per the SF assessor. I wonder if they sold this adjacent lot to the current developer?
Posted by: TM at October 22, 2012 9:23 PM
Posted by: SocketSite at June 18, 2013 8:52 AM