T-10 to Millwheel North

Millwheel North is the sister building to Millwheel South. It will sit immediately adjacent to Millwheel South, the property APN for the empty lot is currently block 4228 lot 159. However, it appears to have already been subdivided into 35 lots, which will also be in block 4228, with lot numbers of 202 – 236. If you do the math, this will translate in 32 condominium  homes, four of which will be on-site BMR (inclusionary housing program) homes, with the remaining three lots being commercial space.

However, if you go back and look at the planning records, there is an approval for both 39 home/ 3 commercial project on the same day as the approval of a 32 home/ 3 commercial unit project. I’ll  have to go back and do some double-checking, but my understanding is that there will be 32 homes at Millwheel North.

The lot for Millwheel North has frontage on both Indiana and Minnesota streets, and the project will have multiple mailing addresses but be controlled by one homeowner’s association, just like its sister building. There are currently five street addresses associated with the Millwheel North lot,  I seriously doubt that all of them will be used, but the addresses currently in use are:

  • 1295 Indiana St.
  • 1301 Indiana St.
  • 1305 Indiana St.
  • 1278 Minnesota St.
  • 1280 Minnesota St.

Project construction is expected to start in T-10 days, which is roughly October 20, 2012. If all goes smoothly, I would expect to see occupancy in the spring of 2014, which would line up nicely with the typical San Francisco real estate market cycle, which has a busy season in both the Spring (February-ish through June) and Fall (September – October).

There are a fair number of buildings that are just getting started, so it will be interesting to see if we end up with a “glut” of new condo homes several years from now, but given how quickly inventory has been absorbed and the relative strength of the bay area economy, my hunch is that these will also be sold in the blink of an eye!

 

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