San Francisco Condo Development Site Trades for Nearly $30M

The new owner plans to develop a tower containing 220 condominium units above approximately 7,000 square feet of street retail.

multifamily news 07Starboard Commercial Real Estate has closed the sale of a San Francisco condominium development site in the South of Market district for $28.5 million. The buyer, a private investor, acquired the 0.6-acre parcel once it had secured entitlements for the site. The new owner plans to build a property containing 220 condominium units over about 7,000 square feet of retail in a mid-block passageway through the center of the development.

At 1601 Mission St., the parcel—previously the home of a Chevron gas station and a car wash—sits along U.S. Highway 101, one mile from Interstate 80 and three miles from San Francisco’s financial district. The City College of San Francisco, city and county government offices are all located in the immediate area. In 2014, developer Trumark Urban submitted similar plans for an 11-story building situated above a retail passage and 200 subterranean parking spaces, per plans obtained from San Francisco’s planning department, which were approved in 2016.

“We were excited to be involved in putting this deal together with the right buyer and seller and help facilitate more housing opportunity that our city desperately needs,” said Hans Hansson, president, principal & founding partner of Starboard, in a prepared statement.