A colleague has a listing at 81 Lansing that we toured today, which is right down the street from the vacant lot at 37.783791,-122.391129&spn=0.015008,0.024483&z=16&layer=c&cbll=37.785982,-122.394081&panoid=GMHDltbIoOzNx8CAwfkY-Q&cbp=12,106.39,,0,4.1">45 Lansing that will someday become home to a rather large condominium development. If you are a socketsite reader, then everything I’m about to say isn’t news to you, but for everyone else…
The site was once owned by Turnberry Associates, which paid $30,000,000 for the site in 2006. They recently unloaded the site, having not moved a shovel of dirt, to Crescent Heights (the same folks that turned a tidy little profit on the nearby Metropolitan project) for $13,000,000.
The project was in front of the Planning Commission on April 14 for a variance approval that would increase the number of units from 227 to 320, and also increase the number of parking spaces from 227 to 265. The building size isn’t changing, but the developer will build more, smaller residences (a lot more studios) and fewer, larger residences (completely dropping the 3 bedroom layout) to accomodate the increase in units. If you are wondering why the change in building mix, the short answer is that studios and 1 bedrooms are more profitable for the developer. You can read the meeting minutes from the planning commission if you like, but the quick answer is that the changes were approved.
So will a shiny new 400′ tall building be sprouting up tomorrow? No, not likely. Given the tightness in the financing market and general uncertainty around real estate, most people don’t expect the dirt to start flying for a little bit longer. Which, if you happen to be a fan of bees and butterflies, you will probably see as a very good thing. Since the site is currently empty, volunteers have turned it into an urban pollinator station, with lots of flowers and food for the birds, bees, and butterflies.
Since I was at the site today, I snapped a few pictures of the flowers in bloom and the planning commission meeting notice.