It's official: the long-awaited property at 30 Van Ness is now on the market, and developers will likely be chomping at the bit for a shot at the hot spot.
It was more than a year ago the city said it would look into selling the 38k SF parcel, home to a four-story office housing the Department of Public Works, among other agencies. But new marketing materials are fresh off the presses from Newmark Cornish & Carey, which pitches the property as a potential creative office redevelopment or even an opportunity to demolish the structure and put up a 400-foot residential tower with up to 600 units. (Above, a rendering of the residential option.) A Bisnow multifamily investment sales source says it could fetch more than $100k/unit, which is similar to the Crescent Heights sale across the street.
The office concept would have big 37k SF floor plates with 15-foot ceilings. That corner of the city has garnered major headlines over the last year, thanks to big moves by Related and Crescent Heights to convert the Goodwill and Honda sites, respectively. Van Ness has been on fire lately as well. As we told you last month, the owners of the five-story Opal Hotel at Van Ness and Geary want to build a 13-story residential tower. And just a couple of weeks ago, plans surfaced for a mixed-use reno of the old McDonald's at 600 Van Ness.
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