The SF Examiner features a story in Sunday’s paper about the new Presidio Landmark apartments that are opening inside the 15th Avenue gate of the Presidio.
The building includes 154 rental units of varying layouts thanks to the challenge of transforming a 78-year old hospital into residential housing. The first tenants are expected to move in towards the end of July.
Rents aren’t cheap at the Presidio Landmark. A junior 1-bedroom rents for $2,125, a 1-bedroom for $2,875 and a 2-bedroom for $4,325. There are also townhomes on the property which are still under development.
The developer, Abigail Friedland of ForestCity, tells the Examiner that several hundred people signed up on a waiting list and are now being contacted and offered tours of the property. So at those prices, who will live there?
Many would-be tenants are active runners and cyclists who plan to keep fit on the Presidio’s extensive and picturesque trails, according to Friedland. Others are empty-nesters, singles and young couples.
While the rents are higher than a lot of Richmond District apartments, the Presidio Landmark does offer a lot of amenities – one parking spot per unit, a fitness center, wine storage (I know, I know), a wine tasting room, massage and yoga rooms, a bike storage room/workshop and interior courtyards with firepits.
Sarah B.
Related stories:
A closer look at the new Presidio Landmark apartments
Been covering the overhaul since day one: http://www.flickr.com/photos/executionsinfo/sets/72157610639178277/
Sounds like a great place to live if you’re the poster child of stuffwhitepeoplelike.com.
I’d say 95% of the tenants currently in the Presidio are white. It will be interesting how this development fairs since it’s more expensive than the current homes in the Presidio by a lot, which is currently at >99% occupancy.
Any tours for the general public? I wouldn’t mind taking a look at what they’ve done.
Haven’t seen any word about public tours. But I’ll keep my eye out. I agree – would be nice to see the transformation.
Sarah B.
I’d like to know if any federal funding went towards the renovation of this place. I have a feeling it did and it would really rankle me to think that federal money went to developing a place only wealthy people could possibly afford. Could be an interesting article for someone so inclined to research it. Hopefully, I’m wrong! Does anyone know?
I’m pretty sure the Presidio is being run at a profit, actually. They earn a lot of money from rent.
I wonder how many of these tenants will be compelled to use their cars to get everywhere? Regardless, there will prbably be a visable increase in congestion on all roads leading in and out of this development.
Isn’t empty nesters code for bird brains?
I have a copy of the fiscal report somewhere, but it says the residential rentals make about $5 million and commercial about $3 million per year. They achieved self sufficiency before their deadline.
Wow. Rent for a 1 bedroom is considerably more than my 2.5 story 4 bedroom Arts and Crafts style house.
I’m sorry, 4,300 for a two bedroom is insanely astronomical, even for San Francisco standards.
And Paul, this was a hospital for how many years? I can’t imagine the car use for apartments would be any worse. I highly doubt there will be any visible increase in congestion.
$19.1 million per year in non-residential revenue; $37.3 million per year in residential revenue. My numbers above were off.
As usual the ever disappearing San Francisco family is left out in the cold. Which means there is NO glue holding the ends together. Families use to be the City’s middle class… those days long gone.