"An application for an extension in the performance period for another 3 years from the original expiration date of Case No. 2000.1073C, Motion No. 16647, for the approval of a mixed use project consisting of an 80-foot podium, with up 725 dwelling units, 750 off-street parking spaces, 38,000 square feet of commercial space and 272 replacement off-street parking spaces for the adjacent USPS facility. No changes are proposed for the existing project as originally approved."
This was posted last Monday and the hearing occurred last Thursday at 1:30PM. Although I was unable to attend, I'd be surprised if The Planning Department didn't rubber stamp it and move on to someones illegal in-law unit in the Sunset.
With any luck, the plans for Infinity Junior (sorry) 201 Folsom will remain shelved; awaiting a more favorable lending environment for large-scale developments. One catch, though. A Tishman Speyer insider told me that the as-approved project would need to achieve prices of $1400 per square foot in order to break even. As optimistic as I am about Downtown condominiums, I don't see prices doubling five years from now. That would be the time these units hit the market if construction begins three years hence.
One never knows what the future will bring, but I'll bet you lunch at Prospect (which Nancy Oakes officially purchased in The Infinity's restaurant space two weeks ago ) that the current design will need some tweaking in order to pencil out in the near-term. That, and parking on Main Street is going to be a lot more difficult.
For the latest availability and pricing at Downtown condominiums, drop me line.
Posts
2 comments:
Do you think this will actually ever be built?
I do. If the Mayor's proposal to stagger developer fee's comes to pass it will make financing for projects easier and less expensive up front. We could see 201 Folsom, Turnberry and even the Two Rincon Hill break ground.
Post a Comment