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Prime Land in San Francisco Going for $10 Mil

SAN FRANCISCO-A 22,000-sf parcel on the southwest corner of Ellis and Mason streets is on the market for a steep $10 million. The site, which currently houses a parking lot and an adult bookstore, could be home to a new hotel.

By Becky Bergman | Updated on March 23, 2001

SAN FRANCISCO-Colliers International is marketing a 22,000-sf parcel on the southwest corner of Ellis and Mason streets for $10 million on behalf of its Japan-based owner Chuo Tochi. The site currently houses a parking lot and an adult bookstore, but is zoned for either a 270-room hotel or 160-unit residential building.

Sources close to the deal say there is plenty of room to enter the San Francisco hotel market. A study conducted by Palmer Groth & Pietka confirms the city is facing a hotel shortage. San Francisco will be short roughly 1,000 rooms by 2006 and about 2,000 rooms short in 2008 unless additional hotels are constructed, the study finds.

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