SF New Developments

San Francisco Business Times - March 9, 2007 by J.K. Dineen

Goodwill Industries is preparing to sell its South of Market San Francisco headquarters, a large centrally-located development site brokers say could generate between $40 and $50 million.

The 2.3-acre property, at 1500 and 1570-1580 Mission St., comprises two buildings totaling 115,000 square feet, but is seen as ideal as a potential housing play, according to brokers. Under current zoning, the 110,000 square foot site could accommodate more than 800 housing units in two or three towers.

Jones Lang LaSalle will go to market March 9 with an offering memorandum, although some local developers have already looked at the site. JLL International Director David Churton, who is advising Goodwill along with Benjamin Pollock, said no date has been set for when offers will be due.

“I think most developers envision it as residential, but the marketplace will determine what the highest and best use will be,” said Churton.

The site is at the intersection of South Van Ness Avenue and Mission Street. The first building, 1500 Mission, dates from the 1920s and is 86,970 square feet. The other, 1570-1580 Mission St., was built in the 1990s and totals 28,890 square feet.

Deborah Alvarez-Rodriguez, Goodwill’s president and CEO, said the nonprofit has outgrown the Mid-Market space. Goodwill has 300 employees on the premises and processes 20 million tons of materials good there each year.

The space also includes Goodwill’s flagship store. She said a need for more space, rather…[continue to article]