Austin Klar examines why San Francisco's historic Verdi Building sat vacant for eight years after a $2 million purchase. A new proposal would add 89 apartments, 15 affordable units, retail space, and a rooftop restaurant, but the city's plan to designate North Beach a historic district could block the project entirely.
We might finally have movement in efforts to redevelop an historic building in North Beach that was destroyed by fire. The Verdi Building at 659 Union Street was purchased about 8 years ago for $2 million and has sat vacant ever since after the building was destroyed by multiple fires. Developers have hit numerous roadblocks in attempts to redevelop the building because of its historic status as well as the immense cost of restoration. But a recent planning application submitted by the developer seeks to use laws intended to streamline development to finally get something useful on the site. In this case, an 8-story housing development with 89 units 5,700 square foot of retail space and a rooftop restaurant, and 15 of those units would be designated for affordable housing for people making between 50% and 120% of area median income. All of this is happening as efforts progress to designate North Beach an historic district. Those efforts are moving through the legal process right now. If those efforts are successful, it would severely restrict new building in the area. We'll see where all of this goes. It's anyone's guess. We'd love to see something actually useful on that site. It sat empty for years. It's been an eyesore of the neighborhood for years. Let me know what you'd like to see there in the comments and follow me for more Bay Area real estate.
