GPI Companies, a real estate investment group, has bought the property across the street from their offices in hopes of developing a five-story mixed-use building to house retail and living spaces.
The property and building along San Vicente at Gorham stretches from Peet’s to the parking and includes Gaucho Grill, Subway and First Republic Bank. It was purchase last year for $25 million, too much to reap a reasonable return with its current use. GPI plans to raze the structure and build a much larger one with subterranean parking, but first they will need City approval for some variances.
They are bound to cause some dissension in the community as the structure has been there for more than half a century and no doubt is held dear to those who frequent San Vicente a honor the last remnants of nostalgia. The company made a presentation to the land use committee of the Brentwood Community Council, but so far, no public submissions to the City have been made. Stay tuned for “developments.”