There is another new development coming on the market besides 299 Valencia called Millwheel. I went over to Millwheel (unsure what the name means), which is a new development located at 23rd and Indiana a couple of blocks away from Espirit Park in Dogpatch. It’s a Polaris listing and consists of two buildings (one with Minnesota exposure, the other on Indiana). Chris Noceti (formerly of Met Life) is doing the financing in house for now. Sales office open 6 days a week (closed Friday) from 11 to 5 pm. FHA status is still uncertain (they’re not sure if they will have to do it).

What’s being sold now is Phase I, which has 32 units primarily consisting of 2- and 3-bedroom units. Finishes are nice: Ceasar stone, reclaimed broad plank wood floors, floating underlit bathroom vanities, frigidaire appliances, nice dovetail cabinets, tall ceilings, out door mini patios on some units and large master closets. First deliveries are slated for July and the website and MLS launch will be sometime later this month. So far, 6 units are sold. They are not negotiating on prices, which is proving more common place in San Francisco real estate these days.

HOA dues are under $400/month range, all units get a parking space (except the lone 1 bedroom unit available I believe), additional spaces available at $25,000. No real amenities to speak of except for a courtyard separating the buildings from what I was told today.

Note: Phase II, a mirror building with the same configuration that will be immediately adjacent to the current ones will be built over the next year and completed around this time. Even though the units are not all one yet, all the finishes will be the same as the two model homes open now.

I think it’ll be a strong destination because of the pricing, value and emerging nature of the area, which is nice and across the street from 280 and the new parklet they’re planting under it. Let me know if this interests you.