The San Francisco call., 1913-07-26

FILLMORE DISTRICT READY
FOR REMARKABLE CAMPAIGN
s3OO.OoO Lease. Largest in History of Neigh
borhood, Closed in Anticipation of Tunnel;
Renewed Activity in Twin Peaks District

Harhor View and the section of the
rity adjacent to the Fillmore street
tunnel as far south as Hayes Valley
is now having a real estate boom as
shown by large leases, sales and the
getting Of options on property by big
Syndicates
The largest land lease ever made in
Fillmore street property amounting to
nearly 100000 was concluded this
week when James Gibb closed a con-
tract with Harry N. Edwards for a
10 year tenure of the northeast corner
Of Fillmore and Geary streets. This
property is now held on lease by
Weinstein & Co. which has two years
TO run or may be terminated sooner.
The lessee is preparing to build a
TWO or three story, steel frame brick
building, covering the entire holding
OF 147 feet in Fillmore street and 81 IS
In Geary street The foundation and
lower walls will permit of carrying
several additional stories. The lease
is framed on a graduated scale and
the taxes are to be paid by the lessee
and the building reverts at the end of
the term to the owner The transac-
tion was made through the real es-
tate office of the J. w. Treadwell
Realty company. Mr.. Treadwell said
yesterday:
TUNNEL ANTICIPATED
This lease was made in anticipa-
tion of the Fillmore street tunnel and
the enhanced real estate values which
will take place In this district by the
increased population and traffic re-
sulting from this great improvement.
Inc terms of the lease are based on
the land advancing from s150.0o0 at
present to S276, 900 in 10 years. We
have already received several applica-
tions for space in the new building"
This land lease follows closely on the
sale of the northwest corner of Fill
more and Ellis streets for about $780,
Vo0. which was announced a week ago.
Two real estate firms are now at
work getting options on property in
the district north and south of the
Fillmore street tunnel. Mooser and ST
Germain have been working very act
ively in the Harbor View section, and
IT is understood have picked UP large
amounts of property. Allen Faulkner
whose Offices are with those of A. L.
barrow on the third floor OF the
Schmidt building, corner of Kearny and
Geary streets, has been getting a large
number Of options on the property
south OF the Harhor View ridge and
throughout the Fillmore assessment
district as far as Hayes Valley.
sYNDICATES INTERESTED
Then questioned about this. Faulk-
ner admitted that his firm is working
IN the interests of one or more large
eyndicates composed of local and out
aide capital Mr.. Faulkner said:
! can not disclose the personnel of
these syndicates. All that I can say
is that they are preparing to take
r -sC I1v, 1Ytac
that will come from the building of
the Fillmore street tunnel While 1
car not say just what use will be made
Of all land to be purchased, can state
that they are contemplating building
operations running into millions of dol
lars in the form of hotels, apartment
houses and stores, both north and south
OF the tunnel
These operators have selected the
Fillmore street tunnel district for their
field of operations on the belief that
tunnel construction will bring about a
building movement there similar to
what has taken place in the burned
district from Van Ness avenue to the
bay since the fire Land values down
town have got so high that there is
no longer any speculative value in
them"
In addition to the property which
these syndicates have already tied up.
ICY are securing options on more
property all the time. It looks as If
these opera tors were thoroughly i'm
pressed with the belief that there is
going to be phenomenal increase in
values in San Francisco real estate
throughout the northern section of the
city as soon as the Fillmore street tun-
mel is built.
Los ANGELES CAPITAL.
Some people are inclined to believe
that Los Angeles capital is heavily in
terested in these syndicates, as great
fortunes have been made in the south
ern city in the vicinity of tunnels, and
Los Angeles operators have already
predicted similar results in San Fran
cisco. The same thing may be said of
New York also, where millions have
been REALIZED in the last few years by
property owners near the Hudson river
and Long island tube terminals, as well
as in the suburban districts of Harlem
and the Bronx. Subway construction