7×7 Development Acquires Site for SF Condos
- Apr 18, 2014
San Francisco—7×7 Development has acquired 388 Fulton St., one of the last remaining undeveloped parcels in San Francisco’s Hayes Valley neighborhood. Plans for the corner site two blocks west of City Hall call for a 69-unit condo building with retail on the ground floor.
Kim Diamond and Brian Saliman, the developers who formed 7×7 in 2013, declined to specify a price for the site, but say they plan to break ground early this summer. The building will be ready for occupancy in the fall of 2015.
7×7 purchased the site from 388 Fulton LLC, a partnership between Equity Community Builders and the John Stewart Co. The new owners have tapped David Baker Architects (DBA) to design the property and local general contractor Fisher Development Inc. to build it. Formed in 1982, DBA has designed more than 8,000 dwelling units—including more than 4,000 affordable units—throughout the San Francisco Bay Area.
The market for condos in San Francisco is robust. According to the most recent Trend Sheet released by The Mark Co., active condominium listings in San Francisco represent only one month of total inventory, a historically low amount. The Mark Co. has been tasked to take the units to market.
The Hayes Valley neighborhood has gentrified in recent decades, following the demolition of part of the former Central Freeway, which was severely damaged in the 1989 Loma Prieta Earthquake. Along with renovated Victorian dwellings, the neighborhood now sports newer residential developments, as well as high-end restaurants and boutiques, especially along Hayes St.