Another office building bagged for condos, with more on the way
From this week’s San Francisco Business Times, “In a sign that the appetite for downtown condo conversion projects is still robust, a development partnership has shelled out $23 million for a 10-story office building at Third and Mission streets.”
“The 108,500-square-foot building, at 706 Mission St., is across the street from the glittering new St. Regis hotel and condo project and represents one of the last remaining redevelopable sites in the Yerba Buena area. The building, which was constructed in 1905 and upgraded in 1988, sits on the western side of a 15,000 square-foot site. The property includes a squat three-story, 2,400 square-foot annex at 86-88 Third St.”
“Since 2003, San Francisco’s office market has seen a flurry of condo conversions, with generally older, smaller office structures snapped up by luxury housing developers. Notable downtown conversions under way include the former Chronicle building at 690 Market St.; 333 Grant Ave.; 74 New Montgomery St.; and 201 Sansome St.”
“While the conventional wisdom in real estate circles has been that the conversion market is slowing down, architect Dan Huntsman, whose firm Huntsman Architectural Group designed the nearly complete 74 New Montgomery St. building and 333 Grant Ave., said the reality is quite different.”
“We are still getting contacted literally every week by people who want to do these projects,” he said. “There are several new ones we are talking to right now.”
