Large Parcel in Mission for Sale for $18 Million+
Axis Development Group bought the property at 2675 Folsom in 2015 for $18 million, according to the city recorder’s office. The development group had initial plans for the construction of 117 new homes then. They have now put it up for sale, more likely for higher than the price they had paid for 3 years ago.
“The site is a fully entitled 35,734-square-foot parcel that will become an approximately 125,000-square-foot, four-story, mixed-use residential development project in the heart of San Francisco’s Mission District,” states Axis.
David Baker Architects, designer hired for the development project back in 2015, had designed units that “respects the scale of the existing neighborhood architectural fabric and incorporates stoops for garden apartments, bays, and horizontal siding.”
The idea was to build apartments that range from studios to 3-bedroom homes with private decks and patios and varying orientations to the park, street, and courtyard. Light and fresh air at corridors, stairs, and bridges will be maximized, per David Baker Architects. “The units were to have plenty of windows and views out to the neighborhood and city beyond. Building amenities will include a lounge, outdoor kitchen, gym, dog wash, and spacious roof deck with a fire pit, grill, seating areas and verdant planting.”
Renders for the plans back in 2015 are below:
On the same year in 2015, Axis had also bought up an adjoining 35,734 square foot three-parcel located on Folsom Street at 23rd.
This three parcel at Folsom & 23rd happens to be zoned for UMU (Urban Mixed Use), which allows for residential, retail, and office uses. And the two smaller parcels that come with it also allow for residential development with RH-2 and RH-3 zoning.
The Folsom & 23rd and 2675 Folsom parcels will no longer be developed by Axis. Instead they have put it up for sale to the highest bidder. “San Francisco’s residential market is extremely tight…and it is increasingly challenging to find large parcels suitable for development” making this a desirable opportunity to any developer who can afford the price tag.
Source: David Baker Architects, SF Curbed