The centuries-old Smurf Blue building that houses the only hardware store on Valencia Street could become a five-story building with eight units.
While perhaps yet another example of the changing streetscape of Valencia is the possible conversion of the U-Save Plumbing & Hardware building at 1146 Valencia St. into residential buildings Not a case of real estate speculation. Rather, it’s another general trend: families are either selling their long-standing properties or developing them into residential homes.
The Leung family has long owned both the U-Save business and the building, which was constructed around 1906. Ken Leung opened U-Save in 1987 and bought the building that same year.
Leung declined to comment on this article.
A person who was familiar with the family’s plans and said they were not allowed to speak of the family on the file said the family would like to move the U-Save back to the ground floor of the yet-to-be-built apartment building. although it would be smaller.
The plans are tentative, however – so tentative that the project hasn’t even been officially proposed. The hypothetical mixed-use residential building hasn’t even been designed.
A mandatory meeting regarding the upcoming application of the project will take place on Saturday, April 27th at 10 am in front of the hardware store at 1146 Valencia St.
Perhaps the most notable recent example of a family “payoff” on Valencia Street (read: glowing property incentives to sell or develop) is the Feno family, who own the Lucca Ravioli Co. on 22nd and Valencia Streets. They currently owned or sell four properties on the block, including a parking lot valued at more than $ 11 million.
Another recent case study is that of the Ring family, who chased away the venerable Elbo Room – a bar they founded themselves in the 1990s – to build seven condos whose claims are being sold to a Shell company, 645 Valencia LLC were December.
The Elkington family, who own the building that houses SF Auto Works on 21st Street and Valencia Street, are currently seeking claims for a 25-unit home. SF Auto Works has accepted a buyout and is unlikely to be invited back to occupy the first floor.
