An Unusual Past and Uncertain Future

featuring a 16-foot ceiling.

In 2013, Velocity Realty purchased the structure under an agreement which allowed the Society to continue its occupancy under a kind of reverse mortgage arrangement. That deal is now in default. The property, appraised at $6 million, is being offered for $3.5 million.

BY JESSICA ZIMMER

Early this year, Friends of Jackson Park (FoJP) and the San Francisco Recreation and Parks Department (RPD) will seek RPD Commission approval of a proposed park redesign. The step follows San Francisco Planning Department endorsement of the plan to restore and relocate the historic clubhouse based on California Environmental Quality Act review. FoJP will launch a capital campaign to raise additional monies for park improvements after Commission consent.

Funding for park renovation includes $10 million from general obligation bonds and $8 million from development impact fees, as approved by the Eastern Neighborhoods Citizens Advisory Committee, which’ll become available in fiscal years 2025 and 2026. In addition, $2 million has been raised from neighborhood developers. According to Jude Deckenbach, FoJP executive director, these latter monies have been invested in a tiered ladder portfolio of fixed income securities, which contains bonds and certificates of deposit that mature at different times. Varying maturation creates a steady income stream to pay for project expenses. FoJP will relaunch its fundraising efforts after RPD Commission design approval.