While still under construction, the 117,000-square-foot development at 2800 Sloat Boulevard, which includes 56 condos over 23,000 square feet of commercial space, an open-air market and a basement garage for 112 cars is now being marketed as a bulk sale with a $77.888 million asking price.

First approved for development back in late 2008, the block-sized project was granted a three-year extension to start construction back in 2012, and having flirted with bankruptcy and foreclosure along the way, the ground was finally broken – and the former Robert’s Beach Motel, Aqua Surf Shop, and John’s Ocean Beach Café buildings on the site razed – in late 2015.

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Comments from “Plugged-In” Readers

  1. Posted by Mark

    Ah! Nothing like an open air market in the coldest, foggiest part of the city. I miss John’s.

  2. Posted by Dave

    At this price the buyer will be paying 1,392,00 or so for each unit. The project looks 80% complete so that figure will go a little bit higher for the completed units. This is not a very desirable area and, weather-wise – well there is always global warming.

    I doubt that the seller gets their asking price – at 77.8 million this is not a good deal…and the Sunset is generally an “oppressive” neighbor hood in terms of the grid streets

    • Posted by SocketSite

      At this price the buyer will be paying 1,392,00 or so for each unit…

      Only if you value 23,000 square feet of commercial space at zero, which we wouldn’t.

      • Posted by Dave

        True, but this is not exactly the most desirable area for retail space – perhaps it will be leased to lawyers or some such. Taraval is not that far away and it is replete with empty storefronts.

        The link mentioned that the owed money was paid in full a few years back when this was in foreclosure. Is the problem a subsequent construction loan(s) that the builder defaulted on?

        • Posted by 101

          Thanks for insulting me and my neighborhood with your ignorgant statements Dave. I live in that neighborhood and Taraval is not “replete” with empty store fronts. The commercial corridor of Taraval does not really begin until 32nd Avenue.

          I’ve been watching this project for the past five years or so. The main issue will be the quality as it is so close to the ocean and the corrosive sea air. There was another condo project on the corner a block away that had the exterior redone due to the salt air.

          • Posted by jwb

            As you say, the real commercial area is 18 blocks from this site and as for walking there it might as well be on Mars with Sunset Blvd in between. The last time I was down the “real” part of Taraval there were street level storefronts that were literally boarded up, and I just checked Google Street View and they’re still that way.

            It’s probably the jankiest retail area in the city. You don’t have to be defensive about it. One of the problems with SF and the Bay Area generally is the reflexive defense of things that aren’t actually worth defending. The best thing that could happen to the outer Sunset is for every single building to be replaced with something much larger and much more attractive. Not all at the same time, of course.

          • Posted by Dave

            Exactly. The area I do business in on Taraval are the blocks just up from Sunset and there are many empty storefronts. Agree about the defensiveness – I sort of get it as I was once one of the defenders of things that should not be defended about SF. Being born and bred here.

            The Sunset along the Great Highway is one of the least attractive ocean fronts of any city. Visitors I take there usually note that.

            It’s a dream, but the outer Sunset could be transformed by tearing it all out as you say. Taking the blocks and putting in 5/6 story condo/townhouse buildings toward the center of the blocks and leave a good portion of the block open space. Maybe change the grid pattern at points. Beyond that, several 25 story condo towers sprinkled in among the blocks with most of those blocks being left open and verdant with the towers being narrow. That would be a great project for a second year architectural class. One could actually increase the population and increase the open space at the same time.

          • Posted by marcos

            I like the part where they lament salt air corroding condos up on the hill but call for more condos to be corroded closer to the salt water in the Sunset proper.

        • Posted by wentworth

          I lived near here on Vicente many years ago. It is a great area, close to the zoo, close to the beach, close to 1/280 access, lots of outdoor stuff to do nearby, close to a LRV line (even though it takes an hour to get downtown), not many bums or the filth of the inner city. A great neighborhood, you are ignorant.

  3. Posted by SFrentier

    These guys are on crack if they think they will get anywhere near that price. Even factoring in the commercial space. The units appear to have no finishes, no windows, siding, etc. selling price is closer to half of $77.8 mil. At best.

    • Posted by Dave

      SFHs near here sell for 800K – 900K. Given that and the forlorn location (the photo nicely catches that), I’d guess 1.1 million on average for the units at selling. Depending on the ROI the buyer is looking for (the project could be completed in a brief period and looked upon as a flip) my guess is it sells in the low 50 millions. I was involved in one of these in Portland and the builder had to take a steep, steep discount to his initial asking price.

      • Posted by Mark

        My hood. My response is thus: SFHs are going for a million in these parts of the avenues. Add a couple hundred thousand on top of that in the 20s/30s closer in. Many of these homes haven’t been touched since they were built in the 40s, but people will pay whatever it takes to own a home. As for “forlorn” you might as well say the entire area west of 19th Ave is forlorn because it shares the same climate, canopy (or lack thereof) and lots of cement. However, it’s a vibrant area in spite of all the grayness.

        • Posted by Dave

          True generally about the area west of 19th but …. not true of the area west of 19th and south of Sloat. The feel there, despite the gray summers, is completely different. Lots less cement, greenery, some detached homes. Also the sliver north of Sloat south of the Grove. Very nice.

    • Posted by SFRealist

      So they ask for a higher price and if there aren’t any takers, the price goes down.

      Isn’t that the sensible thing to do?

      • Posted by SFrentier

        Listing it way over its value is silly and desperate. Doesn’t help them get taken seriously nor get them the best price imo.

        • Posted by Dave

          It’s fine to list above the expected price but this is way too much so. It might actually slow things down as it sits for months with no sale, price is lowered some, sits for more time with no sale and on and on. Especially so at time when new condo units are not seeing much appreciation if any. The risk is prices could fall more if the seller plays this game for too long. Further lowering what buyers will pay.

          • Posted by SFRealist

            Or maybe a buyer will step in and buy at a higher price.

  4. Posted by Liza

    It wouldn’t be as ridiculous a price if it wasn’t so unfinished and possibly poorly built with subgrade materials. If you are filing bankruptcy while in the process of building my “building sense” says you’re probably going to skimp on materials. Whoever buys it will want to rectify that or spend more money later when things fall apart prematurely.mA SFH that has no neighbors upstairs or downstairs and a garage and driveway of your own (made of better materials probably then current particle board and vinyl) should price out a lot higher than a condo in this building.

  5. Posted by jenofla

    Thought the project was going well since I heard that Sloat Garden Center had been also optioned for condos as well. Does this mean the Garden Center is safe now?

    I live in the neighborhood and ironically was trapped between wanting this to get built and do well yet not so well that Sloat closed. Might still get what I want! But I wouldn’t want an unfinished hulk there.

    Personally, I think it’s a cute block to live, with oceanfront, zoo, a cafe, ample parking, and public transit, a sleepy, “out there” outpost of town, and I always thought the retail area was underdeveloped. Short of the cafe, there wasn’t much that drew my wallet dollars, even though we visit the beach and zoo plenty. Maybe a ramen place? Might be a good match for such a chilly area.

  6. Posted by Susan

    Actually the commercial area on Taraval between 45th – 47th Avenues is growing rapidly with new stores, restaurants, bakeries, etc. The location of this project is ideal for techies who work on the Peninsula and Silicon Valley with it’s proximity to #280. It’s also a block form the Taraval streetcar to go downtown.

    People have missed John’s diner and the area would likely love a natural foods grocery like the one on Noriega. Any family restaurants right across from the zoo would do well. With the housing problems in SF, I have a feeling these will sell. I have wondered why it was taking so long to complete the project so this explains it.

  7. Posted by blametogoaround

    This project was way too big and ugly to start with, not surprised to see it floundering and failing now. And while the first story is steel and concrete, the upper wood framed floors sat exposed through literally every big rain storm last winter. This is a dog and anyone who pays more than $25 mil. deserves the headache they’re acquiring.

    That said, the biggest culprit in this entire mess is the City, which approved – and is continuing to entertain – the wallificiation of outer Sloat Ave. What should be the oceanfront entrance to the southern border of the City is instead going to be a wall of ugly communist state stye 4-story condos built cheaply and rotting in the salty fog air.

  8. Posted by Yorbanative

    This building is in line with City officials planning for increased density throughout the City. Too bad they are also planning to close the Great Highway from Skyline to Sloat and eventually making the Great Highway one lane in each direction. This will turn the area into a dead end corner of town. Then when they remove the rock revetments that have held back the ocean, rising seas will flood the Lower Great, 48th, and 47th Avenues.

    • Posted by jwb

      What now? Great Highway won’t be flooded even by a 10-foot sea level rise. How much are you expecting.

  9. Posted by Jon S

    The building looks a lot more square and ordinary than the old renders.

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