The Santa Barbara-based developer behind an approved project to build 97 apartments in San Francisco’s Polk Gulch has put it up for sale.
Developer 1498 Polk has listed the nine-story, mixed-use project at 1567 California Street at a price to be “determined by the market,” the San Francisco Business Times reported, citing Socketsite. The project would replace three retail storefronts.
The developer listed the project for sale early last month, according to CommercialSearch. Alex Barker of NAI Northern California holds the listing at Polk and California streets.
1498 Polk, a limited liability company tied to several private investors based in San Francisco, won final approvals for the project last April, according to the Business Times.
Southern Land Global, based in West Covina near Los Angeles, had filed for a demolition permit in 2021 to build the 106,730-square-foot project, SF Yimby reported. Southern Land is an affiliate of Shanghai Laiyi Real Estate Development, based in China.
The $27 million project would include 8,160 square feet of street-level shops and restaurants. Another 6,520 square feet would be dedicated to common space.
Plans called for 97 studio, one-, two- and three-bedroom apartments, including 11 to be set aside as affordable for households making between 50 percent and 100 percent of area median income. Secured parking would be provided for 117 bicycles.
The white-and-charcoal complex, designed by David Baker Architects of Rincon Hill, would sit on nearly a half-acre now occupied by Fashion Exchange, Jeet Big Times Smoke Shop and an Out of the Closet thrift store.
The approved project at 1567 California would include seven storefronts, according to David Baker Architect’s website.
It’s not clear whether the three businesses at the project site would be allowed to return.
In September 2021, another developer filed plans to demolish a Polk Gulch building and replace it with a 69-unit, mixed-use complex at 955 Post Street.
— Dana Bartholomew
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