64 apartments planned for old Home location
SocketSite is reporting via San Francisco Business Times that Linea developer Brian Spiers is submitting plans to the city to raze the old Home location (2100 Market Street) to make way for a 64-unit apartment building with 4,700 square feet of ground floor retail.
Apartment floor plans will range from 500-1,000 square feet with mostly 2-bedroom layouts. The remainder of the units will be studios and one-bedrooms.
Speirs negotiated a ground lease with the property owner in order to acquire the land to build on. Ground lease terms are typically negotiated at 50-99 years lengths to enable the lessee to recoup their initial development investment cost. That means the original owner still owns the land, but Spiers will be able to develop on it and keep income that is earned from renting out the apartments.
Right now the project is just in a planning stage, but Spiers is optimistic he will be able to break ground within the next couple of years. We’ll keep an eye out for any movement on approvals from city planners.