Jordan Geller and J.B. Williamson on SFGate: Want to be the owner of Lucca Ravioli Co.?

Jordan Geller and J.B. Williams of NAI Northern California represent the sale of  1100-1118 Valencia Street. They recently talked to SFGate.com on the sale of the iconic Lucca Ravioli location: “The family will of course review offers with the hope to find buyers who will respect the current feeling and history of the property….”

After nearly a century, San Francisco’s well-loved Lucca’s Ravioli Company on a busy Valencia Street corner will close, and the property–all total, three buildings–is for sale at $8.285 million.

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Lucca’s is a San Francisco institution…Michael Feno has made the store part of his daily life for over 50 years.

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After trying to figure out a way to keep the business in the family, Feno has decided, with mixed emotions, to put the storefront and adjacent company-owned buildings up for sale.

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The Lucca’s storefront and mixed-use structure is only one part of this package. Also for sale are associated buildings at 1102-1110 and 1114-1118 Valencia Street.

These buildings were formerly part of the Lucca Ravioli Company’s production and operations. Now, they could be just about anything: This portion of Mission District land is zoned as NCT, which stands for Neighborhood Commercial Transit district zoning.

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Listing agents Jordan Geller and J.B. Williams indicated that Lucca’s last day of operation will be Easter of this year.

It’s hard not to want to know now what will become of the store, but Michael Feno doesn’t want to control its future. “The family will of course review offers with the hope to find buyers who will respect the current feeling and history of the property,” Geller told SFGate. “But he has no plans to limit or put conditions on the sale.”

Perhaps after almost 100 years, the family feels, finally, ready to let go.

1100-1118 Valencia St. is presented for sale by Jordan Geller and J.B. Williams of NAI Northern California. Click here for more details on this listing.

Read the full article on SFGate.com

 

Lucca Ravioli Co. slated to close as old San Francisco family divests its real estate holdings

Pair of buildings that host beloved deli, seven housing units, readying for sale.

“It’s very important that the marketing photos make the units look good,” tenants told in letter.

The building on the corner of 22nd and Valencia Streets that houses Lucca Ravioli Co., the last commercial outpost of the Feno family, which has done business in San Francisco for nearly 100 years, appears to be readying for sale.

No, not the parking lot next door that already sold for around $3 million in October — the actual building where the ravioli magic has happened since 1925.

That’s not all: The six-unit apartment building next door at 1102-1106 Valencia, which the Feno family also owns, is apparently up for sale, too.

Residential tenants of both buildings received a letter in mid-December stating that representatives of the commercial real-estate firm NAI Northern California — along with Lucca’s owner, Michael Feno — would walk through their apartments for inspections and photos. Their places, the letter said, must be “clean without personal belongings strewn about.”

“These are marketing photos,” the letter reads. “It’s very important that the marketing photos make the units look good.”

The letter adds: “To help incentivize the tenants, we would like to offer those that do a gift-card.”

Of course, this raises questions over whether these tenants will be shooed out of their places to raise the value of the buildings. Tenants, who declined to be interviewed for this piece, are discussing their options.

A Lucca employee confirmed that the deli will close in spring 2019.

1100-1118 Valencia St. is presented for sale by Jordan Geller and J.B. Williams of NAI Northern California. Click here for more details on this listing.

Read more at Mission Local

 

City begins Transit Center repairs but won’t set reopening date

“Repairs are scheduled to be complete by the first week of June 2019.”

The Transbay Joint Powers Authority (TJPA) announced Friday that repairs will finally begin on the Transbay Transit Center, more than four months after mysteriously cracked support beams shuttered the barely-used, $2.2 billion downtown facility.

According to Friday’s statement:

Early morning Saturday, February 2, 2019 , crews will replace the hydraulic jacks on First Street with a shoring system to allow the TJPA to reinforce the girders on the bus deck above First Street.

[…] Steel plates are currently being fabricated offsite and will be delivered to the transit center in March for installation. Repairs are scheduled to be complete by the first week of June 2019 and then the shoring systems at both Fremont and First streets will be removed.

 

Read more at Curbed SF

 

 

NAI Northern California Presents the Opportunity to Acquire the Lucca Ravioli Buildings Located on Valencia St.

1100-1118 Valencia St. Portfolio Sale.

 Jordan Geller and JB Williams of NAI Northern California are pleased to present as exclusive advisors, the opportunity to purchase jointly or as a portfolio, the three mixed-use properties located at 1100, 1102-1110 and 1114-1118 Valencia St. The associated business, Lucca Ravioli Co., has been operated from the retail storefront located at Valencia and 22nd Streets by owner Michael Feno for 53 years and has been in business for 94 years. After exploring many possibilities and having reached retirement age with no successor generation to continue the business, he and his family have made the difficult decision to close Lucca Ravioli effective Easter 2019. He would like to thank the many customers for their continued patronage and enthusiasm for the business over the years.The sellers understand that for generations Lucca has been a prominent local business and its absence will be felt by many, including San Francisco’s Italian American Community. They hope that Lucca Ravioli will be remembered fondly and that its location will continue to serve the neighborhood in a productive way.*The image above is a rendering of a potential conversion of two of the street level commercial spaces to a new retail use and is not representative of the current building configuration for the two non-corner buildings.

Contact NAI Northern California Vice President Jordan Geller and Investment Advisor J.B. Williams for more information. 

About NAI Northern California
NAI Northern California is a full service commercial real estate firm serving the Northern California Bay Area. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network with more than 400 offices worldwide and over 7,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.www.nainorcal.com

 

Housing proposed above S.F. firehouse

The city is preparing to sell off its fire station in Jackson Square to a residential developer, but it won’t be at a fire-sale price.

Fire Station No. 13 at 530 Sansome St. is zoned for a 200-foot tower and is expected to fetch upward of $20 million. Proceeds from the sale will pay for a new firehouse on the same location, topped with luxury housing.

Whatever money is left after construction will be used to develop affordable housing at 772 Pacific Ave., a city-owned property that is home to the New Asia restaurant in nearby Chinatown. The $10 million in affordable housing fees the firehouse project is expected to generate will also be spent on the 80-unit Pacific Avenue development, which will also include a new dim sum banquet hall on the lower levels.

On Wednesday, the brokerage firm Colliers International will begin soliciting offers from builders interested in acquiring and developing the roughly 9,000-square-foot property in Jackson Square, one of San Francisco’s most historic and sought-after neighborhoods. About 100 family-sized units would be built above a new 22,000-square-foot fire station, a mix of uses that has been successfully combined in projects in Washington, D.C., Chicago, and Wilmington, Del.

The firehouse would have to be temporarily relocated while the new building is constructed. The fire station is 45 years old.

Read more at San Francisco Chronicle

Could anti-price gouging laws slow rising rents in California?

California lawmakers are exploring new ways to limit skyrocketing rents.

Crooning in the shower is not Chad Regeczi’s thing.

That’s why when he learned last year his monthly rent would go up $300 so the new owners of his La Mesa apartment in San Diego County could upgrade his bathroom with a sound system, he was bemused.

“300 bucks!” he said. “I mean an iPod costs less than that. Everybody has got a phone now. Who needs a Bluetooth speaker in a bathroom apartment? It’s just weird.”

Regeczi, a VA employee, said the 30 percent rent increase didn’t match the condition of his apartment. But he felt powerless to challenge his landlords on the hike.

“Who’s gonna tell them no?” he asked. “There are no rules to how much your rent can go up.”

That may change. Talk is underway about putting a law on the books that would bar California landlords from raising rent beyond a certain percentage.

Oakland Mayor Libby Schaaf said in November the rule would mimic limits on what businesses can charge during natural disasters.

“When there’s a fire, you pass an anti-rent gouging ordinance,” Schaaf said. “The state has a fire. It’s called the housing crisis.”

Rents are surging in some California cities where there is no rent control by double, even triple digits, according to mayors and tenants rights advocates.

And more than half of the state’s renters pay more than a third of their income on housing, according to the California Budget & Policy Center. And a third of renters spend more than half of their paycheck on a place to live. The real estate firm Zillow reported last month that communities where people pay more than a third of their salary on rent, see a faster rise in homelessness.

 

Read more on East Bay Times

 

 

New hotel proposal beefs up Mid-Market’s development pipeline

The new proposal will join a party of other sites looking to take advantage of the area’s powerful corporate presence.

Another hotel team has thrown their hat into Mid-Market’s development ring with a plan to cater to the neighborhood’s rising corporate and extended-stay demand.

San Francisco-based Stanton Architecture has submitted a preliminary project assessment application for a $40 million, 16-story limited-service hotel slated to deliver 162 rooms to the corner of Mission and Ninth Streets. The proposal would include the demolition of two existing buildings: a vacant commercial property at 1310 Mission St. and a mixed residential-tourist hotel at 80 Ninth St.

With Twitter, Uber, Dolby Laboratories, and Square headquarters just a block or two away, principal Michael Stanton said the project’s location and oversized rooms are a perfect fit.

“With several corporations headquartered there, it’s seen as a business hotel in the week and a family and visitor hotel on the weekend,” he said. “It will be a terrific plus for the area.”

 

Read more at San Francisco Business Times

 

 

Lucca Ravioli Co.’s parking lot sold — five-story tower may rise

Lucca Ravioli Company’s parking lot at 22nd and Valencia Street, which went on the market in August, quietly sold in October for around $3 million — and now plans are in the works to develop it into a five-story residential building.

The parking lot’s new owner — M3 LLC — filed a preliminary application with the city in mid-December. The plans for 1120 Valencia Street envision a five-story, 18-unit building with around 1,171 square feet of ground-floor retail and a rooftop deck. Two of the units will be below-market-rate, and the building will include 18 bicycle spaces but no car parking.

The project’s estimated cost is $4.8 million.

The owner of M3 LLC could not be reached for comment, as his or her identity could not be confirmed. Planning documents list the owner’s address as the Garaventa Accountancy Corporation on Church Street.

 

 

Read more on Mission Local 

 

 

San Francisco readies for convention boom as $500 million Moscone Center expansion opens

Nearly two years after it closed for a $550 million renovation, San Francisco’s larger Moscone Center reemerges on Jan. 4, aiming to take the city’s convention business into a new era.

Expanded by 350,000 square feet, Moscone’s north and south wings are now fully connected, creating up to 500,000 square feet of flexible and contiguous convention space and allowing San Francisco to host simultaneous conventions.

For the city’s hospitality industry, which bore the brunt of Moscone’s closure, its return has been a long time coming.

Hotel room bookings, which fell by more than half a million while Moscone was closed, are now set to rebound to an all-time high in 2019. Restaurants and other businesses that feed off the convention trade are eager to eat their fill again. Moscone is expected to attract 175,000 net new visitors annually who will spend a projected $180 million a year and, for the city, generate an additional $20 million in hotel tax.

 

Read more on San Francisco Business Times

 

Owner who demolished Neutra house ordered to build exact replica

Ruling comes on the heels of the proposed Housing Preservation and Expansion Reform Act.

Designed in 1936 by Richard Neutra, the all-white, two-story Largent House in Twin Peaks was one of the few conceived by the noted architect in the Bay Area. For years it stood as a respected example of modernism, and as a dramatic and different construction when it went up during the Great Depression.

Today the house is no more. Over the years, the home suffered ill-advised renovations before falling victim to a demolition crew in early 2017 after it was purchased and illegally razed.

Now the city is fighting back.

According to a directive from the city’s Planning Commission, the owner must build an exact replica of the home.

“In a unanimous 5-0 vote late Thursday night, the commission also ordered that the property owner—Ross Johnston, through his 49 Hopkins LLC—include a sidewalk plaque telling the story of the original house designed by architect Richard Neutra, the demolition and the replica,” reports the San Francisco Chronicle.

Johnston explained to the San Francisco Planning Commission that, for $1.7 million, he had purchased the house “as a family home that would enable my family of six to move back to San Francisco.” He went on to say that he had been “stuck in limbo for over a year,” claiming that the property had already been renovated by former owners over the years, thus disqualify it from historic designation status.

No dice. The city wants to make an example out of Johnston.

 

 

Read more on Curbed SF