Posted Oct 24, 2018, 4:01 PM
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Join Date: Dec 2016
Location: San Francisco
Posts: 24,177
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Quote:
Construction on massive Mid-Market condo and hotel complex moves ahead
By Emily Hoeven – Editorial Intern, San Francisco Business Times
Oct 23, 2018, 9:48pm PDT Updated 10 hours ago
Developer Group I is moving ahead on its long-delayed $350 million hotel and condo project at 950 Market St. that could help transform the struggling Mid-Market neighborhood.
A groundbreaking ceremony is scheduled for Thursday. Group I scored an investor for the project, Taiwan-based Continental Development Corp., according to Supervisor Jane Kim's office.
Continental Development Corp. is a subsidiary of Continental Holdings Corp., which has developments across Taiwan, Malaysia, India and the Middle East and nearly $1 billion in annual revenue.
San Francisco Mayor London Breed, Supervisor Jane Kim, and Joy Ou, the president and CEO of Group I, are slated to speak at the groundbreaking. Group I did not respond to multiple requests for comment.
The Business Times reported in June 2017 that the 13-story building, which includes 232 hotel rooms, 247 condos, 13,000 square feet of retail and 2,000 square feet of community space, would cost around $350 million to develop. The Taipei Times reported that the investment will cost Continental around $367 million, but is expected to generate $524 million in revenue by 2020 . . . .
It took three years to obtain approvals, and negotiations with the community over building heights, design, environmental regulations, affordable housing and historic preservation took another year and a half. Another major setback came in July 2018 when New York-based Standard Hotels, which had originally signed on to operate the hotel, backed out of the deal, leaving Group I without a hotel operator.
To keep momentum going along the way, Group I agreed to slash the building’s height from 200 to 120 feet, paid $18.8 million to buy the land at 189 Jones St. to fund an affordable housing project and contributed $300,000 to a city fund to support a transgender community center, LGBTQ historic sites and local businesses. It is also leasing a 2,000-square-foot space in the project to the Magic Theatre for free . . . .
Despite the setbacks, Group I moved ahead with demolition work. Construction permits for the building were approved in December 2017, according to city records. Bovis Lend Lease is building the project, which was designed by Handel Architects . . . .
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https://www.bizjournals.com/sanfranc...741#g/427111/4
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