A multi-year legal drama that's unfolded between the majority owners of the ARCO gas station site at Castro and Market and a developer who entered into a purchase agreement with them 11 years ago has finally reached an end as of last week. As Socketsite reported, a Superior Court judge finally ruled in the case, which had left a jury deadlocked back in April, saying that developer Joe Tierney's purchase agreement was in fact null and void after a year, as it originally stated.
Tierney became a ten-percent owner of the property in 2004 by paying $340,000, with agreement to fork over the rest of a $3.4 million purchase price after getting entitlements to build at least 22 units. When he finally came back with those entitlements in 2013, the owners said "Nope, too late," and they then wanted to put the property back on the market for a higher price.
The property, which is entitled for 24 units, will now hit the market for $4.2 million, considerably more than it was priced at 11 years ago.
And look for someone who is not Joe Tierney to snap it up and build 24 condos there pretty quickly.