MacFarlane Unloads Prime Parcel at 1125 Market
MacFarlane Partners just sold the last remaining vacant lot between 5th and 10th streets, just east of Strand Theater, to Pacific Eagle Holdings Corp for an undisclosed sum. The prime 12,400 SF parcel is zoned for residential and commercial development. MacFarlane managing director Dirk Hallemeier says the transaction was a "well-timed opportunity" to capitalize on land demand, now allowing the firm to work on other multifamily projects (it's developing three in Seattle and planning one in downtown LA).
Just last fall MacFarlane was gung ho on the site, with Dirk telling Bisnow the unnamed 160-unit project at 1125 Market was in the planning and entitlements process, and he had hoped to start construction by early 2016. Other big developers like Trumark have also been shedding prime sites as the feeding frenzy for S.F. land ensues and offers are too good to pass up.