Before we get up to speed, here's a refresher course on the timeline for 1844 Market Street:
December 2007: The large empty lot at 1844 Market Street is purchased with the intent to build an 80-foot high building with 113 rental condos, commercial ground floor retail, interior courtyard and even a Zen garden.
June 2008: A bulldozer is spotted moving about the site.
August 2008: The bulldozer is gone and the lot is once again empty, becoming an eye sore and a place for people to illegally gather and party.
August 2009: Construction equipment again returns as the property changes hands and is purchased by Joe Cassidy, who developed the Palms in South of Market. Things are looking up!
September 2009: The development, set to be financed by United Commercial Bank, which was taken over by the FDIC, is stalled and the developer himself says construction is halted and he's not sure it will ever occur.
May / June 2011: MacFarlane, a real estate investment manager, has acquired 1844 Market Street and intends to move forward with construction.
The details:
• 8 story, multifamily residential building
• 113 rental apartments
• 99 market rate rentals
• 14 affordable units
• 5,500 square feet of street level retail space
• 81 underground parking spaces
The project is slated to break ground late this summer and should be completed in the summer of 2013, with total construction costs estimated at $55 million. Units consisting of 1, 2 and 3 bedroom rentals will front Market and Waller Streets. A large space on the 5th floor is designated for a recreation area offering views of downtown.
We will follow this - here's hoping this project finally rises from the ground!
