Mission Street Evolves, Lots of New Developments

Mission Street will soon see some major changes, especially along the 2500 block between 21st and 22nd Streets. Several new developments are either under construction or in the planning phase. Below is a quick review of the new developments that will soon come online.

Before – 2558 Mission Street
2558 Mission St

After – 2558 Mission Street
2500-2558 Mission Street is undergoing a massive re-development. The Giant Value store has been demolished and will soon be replaced by 114 condominiums and 14,750 square feet of ground floor retail space. Immediately adjacent, the former New Mission Theater will be renovated to accommodate a brand new 5-screen, 600-seat movie theater with a full service restaurant & bar. The new theater/bar/restaurant will be named Alamo Drafthouse. When completed, this $70 million project will total 85 feet and will be the 2nd tallest building on Mission Street. Oyster Development is the project sponsor. To get this deal approved and fulfill the City’s affordable housing requirements associated with new development, Oyster bought a parcel of land at 1296 Shotwell Street. This parcel will be handed over to the Mayor’s Office On Housing for the development of 46 affordable housing units.

2548 Mission St
2548 Mission Street is available for lease. This two-story property totals roughly 15,200 square feet.  The interior of this building was recently renovated. There were tentative plans for a restaurant named, Joe The Lion, to occupy the space but it looks like those plans fell through. Stay tuned for the fate of this space. As this building is sandwiched between the new development noted above and Foreign Cinema (a highly regarded and popular restaurant) – we suspect something neat will happen here.

2551 Mission St
Across the street at 2551 Mission Street, the former Cine Latino Theater is getting transformed into a fitness gym and a restaurant. It’s rumored the restaurant will be Busboys and Poets, which describes itself as a “restaurant, bookstore, fair trade market and gathering place where people can discuss issues of social justice and peace.” Busboys and Poets is based out of Washington DC and currently has 4 restaurants on the east coast. The fitness gym will supposedly focus on yoga or pilates.

2465 Mission St
The former Tower Theater at 2465 Mission Street has recently been sold to Southern Pacific Brewing. Owing its name to the Southern Pacific railroad line that ran down Harrison Street in the early 1900s, Southern Pacific Brewing is a San Francisco based company. They currently run a wildly successful brewery & restaurant at the corner of Treat and 19th Streets. Every time that I have been there the place has been packed. It will be interesting to see what they do with the old 10,000 square foot Tower Theater.

2205 Mission St
A longtime vacant furniture store at 2205 Mission Street is currently getting re-developed into a new grocery store. This project has been on and off for awhile as the developer deals with permitting issues associated with the historic curved facade on the building.

For the latest on new developments on neighboring Valencia Street click here.

If you are looking to lease a commercial space or purchase an investment property in the Mission District, feel free to give us a call at (415) 385-5263 or send us an email.