[Pedestrian]

Originally Posted by DIESELPOLO

This one could have had another story on it, no?

Re: Moving in – I'll believe it when I see it.

Front page article on this and other projects (e.g. 1554 Market) by the same developer (Z&L Properties)) and others in this week's BizTimes (I'll quote what I think I can for non-subscribers):

WHY S.F. ISN’T GETTING THE CONDOS IT NEEDS
By Blanca Torres – Reporter, San Francisco Business Times
12 hours ago

The condo development site at 1554 Market St. in San Francisco has sat idle for more than a year. Work stopped in early 2018 after the developers demolished an existing building there and prepped the land for new construction.

What happened? For the developer, Z&L Properties, the economics of building condos in San Francisco proved trickier than expected. A narrowing gap between costs and sales projections hindered financing, but the company was finally able to make the numbers work, securing a construction loan in July to restart 1554 Market . . . .

“For the traditional San Francisco developer, it is still very difficult to build middle-of-the-road priced condos,” said Eric Tao, a longtime housing developer who is partnering on 950 Market St., a 242-unit project in the Mid-Market neighborhood.

The $350 million 950 Market St. project consists of a hotel and condos expected to hit the market in late 2020. The project kicked off construction last fall after years of delays.

Developers already have to deal with several challenges: scarcity of land, lengthy approval process, neighborhood opposition, increases in city fees. But by far, Tao said, the steep escalation in what contractors demand for their work has pushed the cost of producing housing too far north for developers to make money . . . .

Most new developments start at $1,300 per square foot — the baseline of what developers need to charge to turn a profit, Zeger said. Those prices reflect rapid appreciation: About a decade ago, prices surpassing $1,000 per square foot was almost unheard of.

. . . it has been much harder for developers targeting lower price points, Tao said. The high-rise at 950 Market St. requires concrete construction and will use union labor. Smaller, stick-built projects that don’t use union labor cost less, he said . . . .

. . . the 139-unit 555 Fulton (the project referenced above), is close to welcoming residents this fall after five years of construction — more than twice as long as the project should have taken . . . .

https://www.bizjournals.com/sanfranc..._news_headline

Originally Posted by DIESELPOLO

Calling it "the affordable one" is so funny #TheRentIsTooDamnHigh

#TheCostOfBuildingAnythingIsTooDamnedHigh