June 18, 2013

The Big Plans And Offering For A Prime Russian Hill Corner

Broadway and Taylor

As plugged-in people know, the undeveloped parcel of Russian Hill land on the northwest corner of Broadway and Taylor was foreclosed upon last year. As plugged-in people also know, there are some rather spectacular plans for developing the lot known as 1000 Broadway, the designs for which have now been rendered.

1000%20Broadway%20Rendering%20Day.jpg

As designed by Page & Turnbull, two single-family homes and two condominiums with a total of over 15,000 square feet of space and a garage for up to 16 cars (including six spaces for adjacent homes) would rise on the corner, dubbed the "Wysteria" development.

1000%20Broadway%20Rendering%20Night.jpg

And the parcel and plans can now be yours, if your price is right rather than frivolous.

Having lent $15,000,000 against the parcel in 2008, the group which wasn't repaid is now accepting sealed bids for the property with offers due by August 1, 2013, explicitly noting an unwillingness to accept an offer "that is patently frivolous or substantially below market value."

The approvals and permits needed to subdivide and develop the parcel as rendered are all "Pending" according to the offering, but confidentiality agreements are required to learn more.

∙ Offering: The Wysteria Project (1000 Broadway) [wysteriaresidences.com]
Calling All Billionaires Looking To Build Something Big On Broadway [SocketSite]
Building Plans For The Point One Percent On Broadway And Taylor [SocketSite]

First Published: June 18, 2013 7:30 AM

Comments from "Plugged In" Readers

I like how they are going to have different street lights by day vs. by night. Also great to see how easy street parking will be and that all the cars will be much nicer and cleaner than the usual assortment of tightly packed trucks and clunkers in that location.

Btw, the southeastern corner of that intersection is beyond ugly. Maybe the billionaire who ends up living at 1000 Broadway will throw some cash at sprucing up the surroundings he has to stare at on a daily basis.

Posted by: I don't brake for hipsters at June 18, 2013 8:01 AM

This is a good project for someone. But you have to get the buy price right and really spec out the homes above. It will be curious to see what this fetches. The 2712 Broadway lot asking $15M or $27M for the finished home is an interesting comparison. This is a tough one to predict as clearly the seller knows this is a limited / rare asset but its a massive risk for someone to take. Good luck.

Posted by: eddy at June 18, 2013 8:45 AM

That bottom rendering looks like a Thomas Kincaid painting. Zeus help us all.

Posted by: OP at June 18, 2013 12:33 PM

interestingly it actually works

Posted by: wrath at June 19, 2013 1:55 PM

Wow. Swiss chalet, Tuscan Villa and French castle all in one project... suburban New Jersey comes to SF!

Posted by: tj at June 19, 2013 8:20 PM

Is that a garage door in the retaining wall to the right of the corner? It looks too short to allow a car to pass through.

And speaking of that retaining wall, it would be nice if they could do something to open that up, increase curb appeal, and reduce the medieval siege fortress look.

Posted by: The Milkshake of Despair at June 20, 2013 12:10 PM

Is that a garage door in the retaining wall to the right of the corner? It looks too short to allow a car to pass through.

And speaking of that retaining wall, it would be nice if they could do something to open that up, increase curb appeal, and reduce the medieval siege fortress look.

Posted by: The Milkshake of Despair at June 20, 2013 12:41 PM

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