A development property on 16th between Valencia and Guerrero, the Superior Automotive site at 3150 16th, just sold for $8.7 million in a land deal that may be the highest price ever paid in the city per buildable unit.
As the Chron reports and sorry if this gets jargon-y the land that the shuttered auto-repair shop sits on can accommodate 25 condo units and 8,000 square feet of retail, meaning that the sale cost the developer $350,000 per buildable unit, and that's three times what a developer recently paid for land in white-hot SoMa. (Granted, that project, at 41 Tehama Street next to the Transbay Center, is a 35-story apartment project with 418 units. $120,000 per buildable unit was considered average as of last year.)
The project at 3150 16th Street will be five stories with four new retail units on the ground floor, and it's likely to command some high prices once complete, especially considering what the developer's paying for the land. Recent residential developments in the Mission at 299 Valencia and 3500 19th Street (at Valencia) sold out fast, and the draw of the city's foodie-est and hippest of neighborhoods is creating a new development boom along South Van Ness, where development lots still exist. The last major development site that exists on the Valencia corridor, the gas station property at 23rd, is set to be built up soon and that Superior Automotive property is one of the last vestiges of 16th Street's pre-gentrification days.
And have you heard about the 350-unit market-rate development that wants to go in over the 16th Street BART station?
Anyway, nothing to see here, folks. Just more crazy real estate speculation and more reasons why the Mission is insane. Consider the shark jumped, killed, embalmed, put in a vitrine.
