A vacant SoMa lot in San Francisco, bought out of foreclosure, is being developed into 115 condos by Handel Architects. The original developer defaulted on a $3.3 million loan in 2018, leaving a hole in the ground for years. The new plan ditches the commercial space and uses city policies to reduce affordable-housing costs.
A hole in the ground in SoMa may finally become a brand new housing development helmed by an A+ architect. Leap Development purchased 342 to 360 Fifth Street in SoMa in 2018 for $3.3 million and secured approval for an 8-story building with a mix of apartments, retail, and industrial space. But unfortunately, the developer defaulted on their loan and construction on the site completely stopped, so it's basically been a hole in the ground for years. Recently, a new developer purchased the property out of foreclosure and has brought on world-renowned Handel Architects to helm the design. And instead of For rentals, they're pursuing a 115-unit condo project, so for sale units with no commercial space. Units will range from studios to 3 bedrooms, and there will be enough parking for 63 cars and 123 bikes. They're also pursuing the project under laws that reduce affordable housing allocations and require development fees to make the project more financially feasible. Let me know what you think of the project in the comments and follow me for more Bay Area real estate.
