The Tenderloin, San Francisco’s central skid row neighborhood, is known for its illegal drug use and crime, but lately it’s been getting a bit of a facelift, at least in terms of real estate. Most recently, a 10-story residential development was proposed for 540 Van Ness Avenue.
Developer Golden Van Building originally purchased the site in 2007 for $10.6 million, The San Francisco Business Times reported last week. If its proposal is approved, three structures on the site will be demolished to make space for a 110-foot building with 103 market-rate units and 15 affordable units. It will also have 8,710 square feet of ground-floor retail space and an underground parking garage for residents.
The two buildings that would be demolished are a three-story US Bank and an H&R Block. A third building on the site, a former Chevy’s restaurant, is considered a historical resource and would be left standing.
A three-year construction project is currently underway at Van Ness Avenue, so many other changes are coming to the area as well. Aimed at improving infrastructure, the project involves upgrading transit, replacing old sewer lines and removing hazardous left turns. For now, however, it’s causing temporary havoc for commuters.
Golden Van Building does not have a website or much of a Google footprint, but we’ll be keeping an eye out to see whether its development at 540 Van Ness Avenue moves forward.