A vacant lot at 325 Fremont Street in San Francisco has sat empty for over a decade despite having approved plans for a 25-story tower. The developer's founder was arrested on bribery charges in 2022, and the site has become a hub for drug dealing and homelessness. The lot sold for $28.5 million a decade ago but is now listed for $15 million.
A vacant lot in SoMa plagued with legal issues has just hit the market for $15 million. Plans at 325 Fremont Street, initially designed by Handel Architects, have been in motion since 2012 and were formally approved in 2017 for a 25-story residential building, but zero construction progress has been made at the site ever since. The developer's founder was arrested in 2022 and charged with bribing public officials, and there have been numerous complaints from people in the neighborhood about drug dealing, about homeless encampments, and about people harassing pedestrians. Public records indicate the lot sold about a a decade ago for $28.5 million, and it recently hit the market for just $15 million, even though it had approved plans, a substantial discount. Hopefully someone sees the opportunity at the site and picks it up and builds something there because we obviously need more housing. If it looks anything like the renderings, I think it'll be a welcome addition to the skyline. Let me know what you think in the comments and follow me for more Bay Area real estate.
