Developer bails on building condos at Arden Wood
From today’s SF Business Times,
Developer Union Property Capital has dropped plans to build 200 condos on a Christian Scientist enclave in West Portal, after a deal with the property owner fell apart.
“We still believe the project has great fundamentals,” said Marty Dalton, a principal with Union Property Capital. “However we could not come to mutually agreeable terms with the seller.”
In July, Union Property Capital was selected to build a cluster of transit-oriented condos on part of a lush 12.3-acre private campus in West Portal. The Wawona Street property, which opened in 1930 as the Christian Science Benevolence Association on the Pacific Coast, is home to a senior housing and care facility. The owner, Arden Wood Inc., is looking to develop about half of the land to raise money for capital improvements.
Builder Mark Nelson, who was hired by the property owner to oversee the development, said he would select a new developer before the end of the year. He said at least five qualified firms are interested in taking over the project. He declined to name them.
“In Arden Wood’s eyes, there is not a runner-up,” he said. “There are several likely developers.”
Nelson said despite the setback, he thinks the Arden Wood development will continue to move through the planning process.
“We still feel, and the neighbors have given us positive indication to believe, that they will approve a condominium development here,” said Nelson. “It’s just a question of how big, how many units, and how it will be configured.” [more…]
Eight large single family homes are still on track for construction along 15th Avenue, however.
Developer drops condo plan at S.F. enclave [SF Business Times]
S.F. religious campus to sell open space for housing [SFHomeBlog]