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Committee hears ordinance to auction 425 Mason Street with preservation easement
Summary
Property director told the committee the PUC-owned building at 425 Mason Street would be sold at public auction with a minimum bid of $4,850,000 and a recorded conservation easement to preserve interior architectural features; preservation groups endorsed the plan.
The committee considered an ordinance authorizing the sale at public auction of property owned by the Public Utilities Commission at 425 Mason Street.
Amy Brown, the city’s director of property, described the lot and building, said it has been vacant since 2003 and that the PUC declared it surplus. Brown said the auction would use a minimum price of $4,850,000 — 90 percent of an adjusted appraised value lowered to reflect a required conservation easement recorded with the deed. She said the adjustment reflected appraiser input and that several other city properties would be packaged for auction.
Supervisor Peskin noted he preferred appraising the value of the easement rather than applying a flat 5 percent reduction; Brown responded she relied on the appraiser’s opinion. Representatives of San Francisco Architectural Heritage testified in support and confirmed they had agreed to the easement terms. The committee recommended forwarding the ordinance to the full Board with a recommendation.
