Challenges Remain for Adequate Residential Parcels
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The proposed design of the project, with plans to include housing.
SAN FRANCISCO—Perennially supply constrained, San Francisco’s residential market is extremely tight with vacancy market-wide under 5%, and it is increasingly challenging to find large parcels suitable for residential development. Mission Creek, located in the heart of San Francisco’s Mission District, holds a partial solution to that development conundrum.
An 82-acre Mission Creek site hugging Folsom Street and 23rd recently sold to 2675 Folsom LLC for $18 million. The site has visibility along Folsom Street and runs through to Treat Avenue, offering an urban infill development opportunity in a desirable residential market.
Richard Gumbiner, commercial real estate broker for Starboard TCN, tells Globest.com: “Mission Creek is a rare opportunity to provide much needed housing in the heart of the Mission District without eliminating any existing housing. It is a transit-friendly location near two BART stations and served by bus routes and a bike route.”…
