View Single Post
Old Posted Mar 17, 2017, 11:44 PM
Pedestrian's Avatar
Pedestrian Pedestrian is offline
Registered User
Join Date: Dec 2016
Location: San Francisco
Posts: 24,177
Originally Posted by simms3_redux View Post
To help finance the development, the City is selling 30 Van Ness, which currently houses a couple of the departments listed above in 180,000 SF. The sale will open ANOTHER Mid-Market site up for development as it is zoned for 400 ft, but occupied by a 5 story building with a Walgreens on the ground floor. The sale is slated to occur in 2015, but will be structured with a sale-lease-back to the City through 2018.
Sale of Mid-Market Tower Site Tentatively Approved
March 17, 2017
30 Van Ness Avenue

Rejected by San Francisco’s Board of Supervisors at the end of 2015, when the proposed purchase price was $80 million, the term sheet for the sale of the City’s five-story building at 30 Van Ness Avenue, a building which sits upon a prominent parcel which is currently zoned for development up to 400 feet in height, has been tentatively approved by the Board’s Budget and Finance Committee with a contract price of $70 million.

While $10 million less than previously proposed by Related California, Lendlease Development has agreed to offer 25 percent of the future 30 Van Ness units at below market rates versus 15 percent under the terms of the 2015-era deal, but with higher income limits for the additional 10 percent . . . .

San Francisco’s current Board of Supervisors are slated to vote on the sale next week.
Rusiya delenda est