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9/11/15
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A 35k sf development site located in the heart of San Francisco’s Mission District sold for $18 mil after a competitive bid process amidst a controversially proposed moratorium on market rate housing development. The property, located at Folsom and 23rd St, currently contains a warehouse and parking lot.
The buyer, 2675 Folsom Owner LLC, previously submitted a preliminary project assessment to the planning department in 2014 to build a 115-unit apartment building with onsite affordable units, bike and car parking, a roof desk and balconies.
Michael Thomas and Toby Costello of the CBRE San Francisco Multifamily team, in conjunction with Dave Noravian of Beckett Capital, represented the seller, John Dutro, an individual owner.
“We began the marketing process in the fall of 2014 and were hung up due to an issue on title,” said Michael Thomas, Vice President of CBRE. “When the moratorium was proposed midstream, our odds of getting to the finish line got squeezed, but the buyer remained committed.”
Though the Mission District has been the subject of debate around housing development, this sale is a strong indication that housing developers are still active in the neighborhood.
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