Why this matters
Because Baseline option Unlock: Planning Director Bulletin No. 12 (commercial-to-residential) — status: VERIFY_WITH_AHJ Risk: Historic designation [HIGH]
→ Brief IC on thesis in one slide — use bullets as talking points.
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417_montgomery_st_san_francisco_ca
Acquisition opportunity
Baseline option
Full Redevelopment
Verify zoning envelope
Because Baseline option Unlock: Planning Director Bulletin No. 12 (commercial-to-residential) — status: VERIFY_WITH_AHJ Risk: Historic designation [HIGH]
→ Brief IC on thesis in one slide — use bullets as talking points.
Planning Director Bulletin No. 12 (commercial-to-residential) — status: VERIFY_WITH_AHJ
→ Assign analyst to validate unlock path and overlay documentation.
Historic designation [HIGH]
→ Stress-test downside in IC — assign risk owner before term sheet.
VERIFY_WITH_AHJ for height, FAR, setbacks, allowed dwelling unit density, and use permissions.
→ Open AHJ verification tracker — no underwriting sign-off until cleared.
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→ Route to capital markets — confirm stack matches recommended play.
— · Planning Director Bulletin No. 12 (commercial-to-residential) · —
→ Order zoning letter and overlay confirmation — jurisdiction risk is binary.
Verify zoning envelope
Baseline option
Full Redevelopment
Planning Director Bulletin No. 12 (commercial-to-residential) — status: VERIFY_WITH_AHJ
Confirm residential use permissibility, historic status, and fee liability with Planning counter / zoning administrator.
From approval path engine block.
Verify zoning envelope
Baseline option
Historic designation
→ Partner review required — do not advance without risk sign-off.
Conversion screen · Bulletin 12 path
→ Screen conversion feasibility — confirm Bulletin / code path and unit economics before LOI.

San Francisco infill site. Numeric zoning limits and entitlements are VERIFY_WITH_AHJ; confirm with Planning before underwriting.
→ Open underwriting engine — stress scenarios before term sheet.
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Engine trace, memo sections, and underwriting — expand as needed.
Deterministic redevelopment economics — user assumptions drive every output. IC screens: YoC ≥ 6.25%, margin ≥ 20% (caution bands 5.75% / 12%). 505 Sansome templates seed duration and $/SF — verify all inputs.
Deterministic trace from cached buildability output. Where inputs are incomplete, items are flagged VERIFY WITH AHJ — no inferred zoning standards.
Fields: economic_signal.conversion_pressure · economic_signal.interpretation · property_data.use_type · baseline_conditions.use_type · zoning_data.zoning_district · ranked_strategies (office_to_residential)
Fields: ranked_strategies (adaptive_reuse) · existing_asset_reuse.signals · baseline_conditions.year_built_parsed · property_data.year_built
Fields: economic_signal.redevelopment_pressure · economic_signal.underbuilt_signal · economic_signal.obsolete_office_signal · economic_signal.existing_far_ratio · baseline_conditions.existing_far_ratio
Fields: deal_killers[] · ranked_strategies[].risks · deal_killers[].severity
Fields: overlay_opportunities[] · zoning_data.planning_areas · zoning_data.redevelopment_areas · zoning_data.special_use_districts
Fields: approval_path.immediate_next_step · approval_path.required_verifications · verify_with_ahj · buildability.next_questions