Imagine a world where you skip the three-year entitlement nightmare and move directly to the sound of excavators hitting the dirt. Welcome to 315 Lakeville Street, future site of Erwin Street, a rare and fully entitled luxury development opportunity that redefines the meaning of shovel-ready. This project represents years of strategic design and bureaucratic navigation, offering a path to completion unheard of in the current Petaluma market. Originally envisioned as a three-story build, the project was redesigned into a sophisticated two-story structure in 2023 to optimize construction efficiency and maximize developer profitability without sacrificing an ounce of luxury. The value proposition is profound: at a list price of $500,000, you are acquiring nearly $400,000 in sunk costs covered by the seller. This includes development impact fees, permit costs, and high-level professional services from the region's top firms. For the savvy investor, this math is undeniable, effectively valuing the prime lot at nearly zero net land cost while bypassing the risk and delays of the planning gauntlet. The vision is breathtaking, designed by the award-winning Nick Lee Architecture. The project features four substantial dwelling units totaling 7,233 square feet. Every detail is curated for the high-end market, featuring a modern aesthetic defined by dark bronze standing seam metal roofing, Arctic White architectural panels, and Iron Gray accents. Premium black wood-clad aluminum windows and sophisticated lighting ensure these units set a new benchmark for luxury rentals or high-end condo exits. The location is a masterclass in Transit-Oriented Development, situated directly across from the Petaluma Downtown SMART Train station. Residents enjoy an unparalleled commute to San Rafael or Santa Rosa, while the vibrant shops and world-class dining of historic downtown Petaluma are just moments away. Every technical hurdle has been cleared by a premier development team including Munselle Civil Engineering, MKM Structural, and PJC Geologists. The plans are approved, the sewer and water capacity is vetted, and the design is locked. This is the most strategic development play in the North Bay, fueled by massive fee-credit value and immediate transit proximity. Don't spend years waiting for approvals when you can buy a project that is already done. The opportunity to break ground tomorrow starts with your offer today.
Pictures (19)
Ryan Styles
Engel & Volkers
