Posted on www.dtna.org
By DTNA News staff writer
"Mega-developer Forest City is making a bite-sized bet on Upper Market Street," according to a 5/20/11 piece in the San Francisco Business Times. Forest City has bought the 76 gas station at 2175 Market Street at 15th Street. The new owner will be working with the Strada Investment Group which was originally slated to develop approximately 60 units on the property. They intend to develop it "in a manner consistent with the Market Octavia Plan," according to the article. The planned development of the UC Extension site at 55 Laguna is moving forward with new developers, Wood Parnters, with a Planning Commission hearing scheduled for June 2nd. Mercy Housing has come on board to assist Open House with the senior housing development. Unfortunately, the affordable housing allotted to the market rate housing in the development will not be built on site. Due to market conditions, the money for that will be used instead to maintain the senior development at 109 units. The "hole in the ground" at Market and 16th Streets is inching closer to breaking ground and that could take place very soon. We also understand that the developer of the 118-unit project at the former 76 station at Buchanan and Market Streets, 1960 Market Street, is also very close to starting excavation of the site. Stay tuned as this all gains speed. On the subject of why so many developers want to build here, the Business Times article quoted an investor in 1960 Market Street, "It's an area where everyone wants to live and work. It's a real neighborhood and it's hard to get land and build something in real neighborhoods." We commit to you that wewill work hard to keep our neighborhood "real."