Lucca Ravioli Company’s parking lot at 22nd and Valencia Street, which went on the market in August, quietly sold in October for around $3 million — and now plans are in the works to develop it into a five-story residential building.

The parking lot’s new owner — M3 LLC — filed a preliminary application with the city in mid-December. The plans for 1120 Valencia St. envision a five-story, 18-unit building with around 1,171 square feet of ground-floor retail and a rooftop deck. Two of the units will be below-market-rate, and the building will include 18 bicycle spaces but no car parking.

The project’s estimated cost is $4.8 million.

The owner of M3 LLC could not be reached for comment, as his or her identity could not be confirmed. Planning documents list the owner’s address as the Garaventa Accountancy Corporation on Church Street.

Michael Feno, the longtime owner of the deli, listed the property for $2.995 million in late August, hoping that the would-be buyer would develop the property into housing. At the time, he said his intention was to “take care of the middle class” by adding to the neighborhood’s housing stock.

“As long as you’re short on housing, what are you going to have is every house with a multi-millionaire,” he said.

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Yet, he told Mission Local in August that any sale would be contingent on a developer including parking in the new development. With no car parking in the plans, that sticking point was apparently nixed from the deal. Feno has not yet responded to questions for this article.

Feno’s family has run Lucca on the corner of 22nd and Valencia since 1925, eventually buying the corner building as well as the adjacent apartment building and the parking lot next door. If and when the new building is complete, it will be the tallest on the block, outsizing its neighbors, including the sprawling four-story City College of San Francisco Mission Campus across the street.

Valencia seems to be a hot place to develop small housing projects: Less than block away, on Valencia between 21st and 22nd street, a six-story, 25-unit building is proposed to replace the San Francisco Auto Works garage.