Investor Buys Site for Infill Residential Project

(To read more on the multifamily market, click here.)

SAN FRANCISCO-A local private investor has paid $4.5 million for a two-story parking garage on a 13,864-sf lot located four blocks west of Union Square. The site address is 832-840 Sutter. The sale price translates to approximately $14 million per acre.

The seller was the locally based Zellerbach Family Foundation. The Colliers International sales team of Tony Crossley and Frank Wheeler marketed it based on its income potential as a mixed-use property, though it is not yet entitled for such.

In support of the effort, the seller retained architectural firm Charles F. Bloszies to create extensive schematic and planning studies for a residential-over-retail development. Based on its RC-4 (Residential, Commercial, High Density) zoning, the firm designed a seven-story building with 70 residential units over 3,000 sf of street-level retail and underground parking for 60 cars.

The new owner is local investor Edward Duffy. Neither he nor the brokers involved could not be reached Friday for comment. Colliers David Brandwein tells GlobeSt.com his understanding is that Duffy plans to entitle the site for the aforementioned project and then redevelop it.