Search
 

YMCA Puts Central Tenderloin Building Up for Sale

SAN FRANCISCO-Bids for the nine-story, 150,000-sf building and two adjacent parcels are due April 18. The association plans to use the proceeds to develop a new, smaller facility on nearby property.

By Brian K. Miller | Updated on March 28, 2005

SAN FRANCISCO-The YMCA of San Francisco is taking offers for its 85-year-old central Tenderloin building and two adjacent parcels. Proceeds from the sale of the nine-story, 150,000-sf property at 220 Golden Gate Ave. are earmarked for construction of a new, smaller facility, possibly two blocks away on land owned by the Hastings College of Law.Newmark Pacific has the disposition assignment on behalf of the YMCA and will be accepting offers for the next few weeks. The building, called the Shih Yu-Lang YMCA, has 105 hotel rooms, swimming pool and meeting space. The adjacent parcels, 145 Leavenworth and 351 Turk, total about 16,000 and are zoned for commercial or residential development of more than 220 units. Bids are due April 18.Proceeds from the sale are earmarked for a new 50,000-sf to 60,000-sf YMCA that, if Hastings College has its way, will sit next to a planned 470-car garage with ground-floor retail. Terms between the two parties are under negotiation. A final agreement could go before the college’s board in June. The YMCA is not only looking for the highest bidder for its Tenderloin property but also wants a buyer who plans to utilize the property for affordable housing and retail. Newmark Pacific managing principal Monica Finnegan declined to provide a estimated value range for the offering, in part because its value will vary depending on what prospective buyers plan to do with the property. “It seems likely that this property would be highly suitable for an affordable housing or workforce housing developer,” she says. “The new Federal Government Building is under construction two-and-a-half blocks away across Market and will bring 5,000 or more new employees to the area.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.