The red-tiled-roofed Mission Revival building at 1965 Market St. has served as a mortuary and funerary chapel. It was home to the first LGBTQ+-owned bank in the United States. More recently, it has been a Kinko’s, a FedEx outpost and the law offices of Keller Grover.
This week, the city gave final approvals for a 23-story, 201-unit condo tower to rise on the property, on the southwest corner of Duboce and Market streets. The property is about to hit the market, and brokers say it could establish a “comp” for what land approved for dense development is worth as San Francisco’s recovery picks up steam.
“It will be a barometer of what is going on because it’s the first project going on the market that was approved under all the new state laws — there are zero land comps,” said broker and developer Chris Foley, who worked with Keller Grover to take the project through the approval process. “It has spectacular views and is designed to actually get built.”
In a sense, the project’s evolution provides a history of how state and local housing laws have changed residential development over the past decade. In 2015, the property owners filed an application to build a seven-story, 96-unit building. As state density laws evolved it grew to 16 stories, and this week the city approved the final project that uses Senate Bill 423 to increase the height to 23 stories and the density to 201 units. Twenty-eight units will be affordable to households earning below 50% of the area median income, about $65,000 for a two-person household…