The Salvation Army is looking to sell property it has owned since the 1950s for $58 million, pitching the two adjoining parcels as one of the largest development opportunities in the city.
The 1.9-acre site at the corner of Valencia and Cesar Chavez was purchased in 1955, the nonprofit confirmed, and a 65,000-square-foot, three-story building went up the following year. The building, which has a parking lot, is now used as a warehouse for donations; an abutting property, which was added in the early 1980s and currently houses recovering addicts, is also part of the listing.
In just over a week on the market, the offering has sparked interest from developers, indicating that the city’s drought of housing construction may be turning a corner. The site is zoned for up to 65 feet in height, with the potential to go higher under state and city density bonuses, given that it is on a transit corridor.
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