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| Rendering of planned 250-key hotel in San Francisco's South of Market area |
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| Will Gibbs |
SAN FRANCISCO, CA — SOMA Hotel LLC, a privately held hotel
development company, today announced that it has acquired for an undisclosed
amount a prime development site to build a 250-key hotel in the South of Market
area in San Francisco’s urban core.
It will be the
city’s first full-service hotel project since 2008.
“Downtown San Francisco is one of the most difficult cities
for new construction, due to scarcity of land and high barriers to new
construction,” said Will Gibbs, senior vice president, SOMA Hotel.
“This will be the first four-star, new-build hotel in the
city’s urban core since 2008. The South
of Market district is the city’s most dynamic location and there is a minimal
presence of hotels there.”
"We welcome SOMA Hotel as a neighbor to our 350-unit
residential and retail development complex next to the waterfront and look forward
to seeing completion of both developments before the end of 2016," said Michael
Cohen, a principal for the seller’s group.
The site was purchased from Block 1 Associates, LLC, a joint venture between Blackrock Real
Estate and Strada Investment Group.
Block 1 owns the adjacent land and has announced plans to build 350
units of residential condominiums and apartments.
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| Michael Cohen |
Construction on the 15-story hotel is slated to begin in the
2014 fourth quarter with an expected opening in the 2016 fourth quarter.
The property will be
a four-star, to-be-named, premium-branded lifestyle hotel and will feature
specialized meeting spaces and food and beverage offerings. The hotel will be environmentally
constructed in accordance with LEED-Gold standards.
Affiliates of SOMA will oversee construction of the hotel
and operate it upon opening.
The fully entitled, 23,000-square-foot site is part of the
Mission Bay Redevelopment Plan and is located on Channel Street between 3rd and
4th Streets, only a block away from AT&T Park, home of the San Francisco
Giants.
The new hotel will
serve multiple nearby demand generators in the burgeoning South of Market area,
including numerous high tech companies, the University of California San
Francisco Mission Bay Campus and its 289-bed hospital, several clinics and
research facilities.
Nearby current and under construction rail systems will
provide guests with easy access to the city’s main tourist attractions, ranging
from the Moscone Convention Center, Union Square, Chinatown and Fisherman's
Wharf.
For a complete copy of the company’s news release, please
contact:
Chris Daly, media
Daly Gray Public Relations
(703) 435-6293
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