Thursday, March 19, 2009

San Quentin Could Become Luxury Housing?!?


From an article in at Realtor Mag/Realtor.org:
Some California lawmakers are urging the state to move the 5,300 inmates housed on prime waterfront property belonging to the San Quentin State Prison and sell the land with its stunning views of San Francisco Bay for development.
San Quentin was built originally in 1852. It houses the state’s male death-row inmates and the state’s gas chamber. The complex has 200 buildings and 90 homes for employees. The area is remote and, consequently, very secure.
Supporters of the idea envision a waterfront village with luxury condos and high-end single family homes in its place. The community would be connected to San Francisco and other parts of the bay area by a ferry.
Stephen Roulac, a real-estate consultant and member of a Marin County committee that studied the idea, estimated the property's value at $2 billion. "Selling that land would not only provide a tremendous boon to Marin County, it would also act as a stimulus to much of Northern California," he said.
Source: The Wall Street Journal, Bobby White (03/18/2009)