Real Estate mogul Gus Murad, who owns Medjool, Elements hostel, New Mission Theater and, until recently, Giant Value, sold the property to Oyster Development who turn plans to build condos and retail space on the site. And you can bet those condos won’t be a giant value.
Bay Area homeowners received some unwelcome news today when real estate site Zillow posted their data on fourth-quarter home values across the country during which values significantly fell. According to the SF Chronicle, “the accelerated declines are likely to bring the real estate market to a bottom later this year”.
Half of the 2500 block of Mission Street seems to going up for sale. According to Eater, Gus Murad the owner of Medjool (featuring the best rooftop bar in the city) and adjacent Elements Hostel is putting both properties up for sale for $7.1 million. Also on sale is the Value Giant at 2558 Mission and the New Mission Theater at 2550 Mission. With that kind of land, some multi-millionaire out there could create his or her very own Mission empire.