A Surprising Culprit in San Francisco’s Real Estate Crisis

Self Storage SFThe awkward, criss-crossing intersections around Market Street and Van Ness Avenue will soon pop with some of the most change in the city.

Nearly every property zoned to rise at least 120 feet tall under 2009’s Market-Octavia Plan has been snatched up, and the city’s newest spate of towers is in the works. Carpet stores, auto repair shops, car dealerships, Goodwills, donut shops and parking lots in the area have become some of the city’s most valuable real estate. The Planning Department wants to give some of these properties even more height allowances to generate hundreds more housing units.

There’s at least one big hold out: a self-storage facility. The 61,000-square-foot site at 99 South Van Ness – on the edge of western South of Market and the Mission – is owned by a self-storage facility where you can rent a small unit for $130 a month. The land is zoned to rise from four stories to 12 stories, but the owner is Public Storage, a publicly traded real estate investment trust (REIT) that is highly unlikely to sell its land to a residential developer like so many of its neighbors.

By Cory Weinberg – Full Story at Biz Journals | San Francisco Gay Travel Resources | Other Gay Travel Events