According to the San Francisco Redevelopment Agency, the property was purchased for approximately $10 million and will be converted into a residential complex. The SFRA plans to sell the building to Bridge Housing Corp., a nonprofit developer that plans to convert it to very low and low-income rental and ownership housing units.
According to Bridge Housing, the property is located at 5600 Third St., between Armstrong and Bancroft and facing Bayview Park. The 137,000-sf building will be converted to 252 residential units and 12,000-sf of retail space. The company would not comment on how much it will pay for the site.
Scott Mason of HC&M represented Kortick in the deal, while Gary Cohan of TRI Commercial represented both the Redevelopment Agency and Bridge Housing.
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