San Francisco-compressed Photo: Tony Webster/Flickr

Bay Area developers are rejoicing at a rare chance to acquire some new property in a city known to have one of the lowest inventory levels in the world.

30 Van Ness, a city-owned building at the corner of Market Street, is set to be sold through San Francisco’s Department of Real Estate.

The city currently houses its Department of Public Works and other offices in the 150,000 square foot building.

The San Francisco Chronicle reports that the deal should procure more than $75 million for the city and create up to 600 new housing units. Commercial real estate group Newmark Cornish & Carey will market the property.

According to the San Francisco Chronicle:

The project is part of a residential boom taking shape around Van Ness and Market. Building heights in the area were upzoned to 400 feet in the 2008 Market-Octavia area plan. In addition to the Goodwill project, the housing pipeline includes a proposed 700-unit complex at 10 S. Van Ness, now occupied by a Honda dealership, and a 268-unit development at 1540 Market St. At 100 Van Ness, the Emerald Fund recently opened a 400-unit apartment tower in the former AAA building.

“It’s a marquee site — there is not another site like it left in town, at this prominent an intersection with this height limit,” said Daniel Cressman, an executive managing director with Newmark Cornish & Carey. “It’s a hot spot in terms of momentum. The city recognizes that and wants to take advantage of it.”

Expect a political push for mixed-use affordable housing proposals as well as competition for the property from all over the West Coast.

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