601 Fourth Street, San Francisco, California
Acquisition and conversion of warehouse into 88 loft condominiums. Duties: entitlements, subdivision, debt and equity financing, marketing, transactional work, construction, environmental oversight and sales. Responsible for all investor relations. This project was the first major loft development and continues to be the project by which loft-conversions are judged.
The first project to inaugurate the joint venture between The Triangle Group in Los Angeles and its partner in San Francisco in 1989, the warehouse on the corner of Fourth Street and Brannan launched the live-work loft condominium phenomena that continues to be a vibrant housing product in urban centers throughout the country. Despite excellent sponsorship and planning, to secure a construction loan for the conversion of a warehouse into 88 units proved to be very difficult. Loft condominiums were popular in New York City and California lenders did not want to be the first to test this popularity in San Francisco. Eventually we secured a construction loan for $11,200,000—small today, perhaps, but in 1989, this was not considered small. Pacific Union provided a spectacular marketing program that brought two, three and sometimes four back-up offers for each unit. The project sold-out faster and for a substantially greater amount than projected. Given the novelty of the newly-created live-work zoning designation and the lack of any competition, our success was the subject of articles in newspapers throughout the Bay Area and the New York Times.