India Basin’s 700 Innes Housing Site Faces Foreclosure After a Second Loan Default

San Francisco, September 20, 2026. The developer that holds the approved housing site next to India Basin Waterfront Park has been served a second notice of default on the loan secured by the land, putting the 24-acre 700 Innes Avenue project on a path that could end at a foreclosure sale. The public park beside it is on a separate track and remains open.

What was filed

An affiliate of San Francisco developer Build Inc. failed to repay a $34.9 million loan on the site when it matured on March 31, according to Bisnow, which cited the San Francisco Business Times. The lender recorded a first notice of default in May, when the balance with interest and charges stood at about $45.6 million, and a second notice this month. Hoodline, citing The Real Deal’s September 17 report, puts the current balance at about $45.4 million.

Under California’s nonjudicial foreclosure process, a recorded notice of default opens a 90-day window in which the borrower can reinstate the loan before a trustee’s sale can be scheduled. None of the reports say a sale date has been set, that the debt is being restructured, or that the land is changing hands. Bisnow and Hoodline both report that the city asked Build Inc. for revised plans earlier this year because of changes to the project and did not receive them, and that the project’s website is no longer active.

What was approved for the site

The 700 Innes parcels were approved by the city in 2018 for a new neighborhood on the Bayview-Hunters Point shoreline. Sources describe the size differently. Bisnow gives 1,200 homes, up to 270,000 square feet of commercial space and more than 15 acres of public open space. Hoodline, quoting Build Inc.’s own project page, gives 1,575 homes including 394 subsidized affordable units, 209,000 square feet of commercial space and 1,800 parking spaces, with a plan by Skidmore, Owings and Merrill, Bionic Landscape Architects and Gehl Studios. The difference may reflect revisions over time; the approvals themselves have not been reported as expired or withdrawn.

Build Inc. went through a similar sequence at One Oak, its stalled tower site at 1500 Market Street. In 2023 the company transferred that property to its lender through a deed in lieu of foreclosure, and Emerald Fund later took the site over with a new 41-story, 541-unit proposal, per Bisnow. That history shows one way a distressed site can resolve; it does not mean the India Basin lender will accept the same arrangement.

The park next door is open and separate

The private parcels sit beside India Basin Waterfront Park at 900 Innes Avenue, a city park that the Recreation and Park Department built on a remediated former boatyard. The 900 Innes section opened to the public on October 19, 2024, per SFist, and the department’s project page lists what was built there: the restored Shipwright’s Cottage (San Francisco Landmark 250), a food pavilion, a makers shop, two public piers, a floating dock, viewing decks and a segment of the San Francisco Bay Trail.

The next phase is a renovation of the adjoining 7.5-acre India Basin Shoreline Park, with plans for a gravel beach, a cookout terrace, a boathouse and dock for kayaking and fishing, new basketball courts and a rebuilt playground. Rec and Park’s project page and its more recent updates give different completion timelines for that phase, so we are not quoting a date here; the shoreline trail and the 900 Innes section stay open regardless of what happens to the private site.

The department’s long-term plan combines both parks into one 10-acre waterfront park that closes a gap in the Bay Trail, on a one-and-a-half-mile stretch of shoreline made up of seven properties, six of which are in some stage of development. The 700 Innes housing site is the largest of the private pieces.

Why it matters

India Basin is one of the few places in the city where a large approved housing project, a new public waterfront and an active industrial shoreline sit side by side. The default does not change anything for a visitor walking the Bay Trail at 900 Innes this month. It does mean the housing and commercial development that was meant to face the park is, for now, in a lender’s hands rather than a builder’s, and the next public record on it is more likely to be a cure, a transfer or a sale notice than a construction permit.

For the other development question in the neighborhood this month, see the proposed data center moratorium, which names two Bayview facilities.

Photo: Pi.1415926535, CC BY-SA 4.0, via Wikimedia Commons.