How much the Mission's newest project will cost.

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1188 Valencia – The Mission’s newest condo building.

A new San Francisco condo building in the Mission district’s trendy Valencia Street will have market-rate prices starting in the upper $500,000s.

The 49-unit 1188 Valencia project is slated to finish next year. Sales will launch in January.

The project from developer JS Sullivan includes a mix of studios, one, two and three-bedroom units. One-bedrooms will average 630 square feet, two-bedrooms average 975 square feet and three-bedrooms average 1,300 square feet. Six of the units are designated affordable.

“The Mission is a diverse neighborhood and we expect to draw on the benefits of living there. We anticipate our buyers to be drawn to the Valencia restaurants and Mission Street markets alike, as well as easy commute options nearby like BART and access to freeways,” said Josh Nasvik, project director at Polaris Pacific, the project’s sales broker.

Housing prices have skyrocketed in the Mission amid the current economic boom, but only a handful of new condo buildings have been completed. The city approved three major Mission housing projects in the last year, but all were rental.

Oyster Development Corp.’s 114-unit Vida opened in 2014 at 2558 Mission St. Brown & Co. and built 18 condos at 3590 20th St in 2015. Trumark Urban’s 70-unit Rowan at 346 Potrero Ave. started sales last year, on the Mission’s eastern edge near the Potrero Hill. As of August, 49 of 59 market-rate units have been sold, according to the Mark Co.

Citywide, the median sales price was $1.16 million for San Francisco condos in the past three months, averaging $1,056 per square foot, according to Paragon Real Estate. Developer JS Sullivan, a mid-sized condo specialist, has previously built other Mission projects including 299 Valencia St. and 1515 15th St. Its other projects include One Franklin, 870 Harrison St. and 1080 Sutter St.

The 1188 Valencia project replaced a gas station, which closed in 2007. Construction started in 2016 after environmental cleanup.

“The biggest challenge was designing a building that would fit within the fabric of the community and activate an underutilized corner in a thriving neighborhood,” said Rachel Turner, development manager at JS Sullivan Development.
“We’re happy to a have designed a building that activates the commercial space along Valencia, respects the single-family homes on San Jose (Avenue) and matches the density consistent with the Valencia Corridor,” said Turner.

The 55-foot project includes a rooftop deck, 5,000 square feet of retail and 37 parking spaces.

A 2015 building permit estimated construction costs at $14.8 million.

RG Architecture designed the project. JS Sullivan is its own general contractor.

Read it at San Francisco Business Times

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