Friday, November 9, 2012

Developer scraps S.F. Whole Foods project because of city fees - San Francisco Business Times:

ikefageze.blogspot.com
Project manager Mark Brennan said the family development business would have had to paybetween $5 million and $6 million in city fees just to pull permitsx on the development, which was to includr 62 apartments and a 34,000 square foot Wholse Foods. The development fees coverr everything from an affordable housing to San Franciscok Unified School District to the PublicUtilities “It’s prohibitive,” said Brennan. "We just took a look at the market and our own budget and every time we came up with a the feeswere prohibitive.
” Brennan blamed the city's rigorous 32-monty entitlement process that started in February of when the economy was roaring, and did not end untilp October 2008, when the global financial crisiw was in full swing. “This project should have startes ayear ago. It’s he said “If this had started when it was supposed to start we would have alreadyt turned the shell over toWholew Foods. We would be fine. But the financint will be difficult toget now.
” Brenna said his family is in talks with Whole Foods about possibly building out a smalleer specialty grocery store in the existinvg 23,600 square foot building, but that no deal has been The building was home to Cala Foodsw until the store closed in May of 2006.

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