Heritage Marina Hotel to be Condofied
July 3, 2007
As I’ve been repeating for a month, hotel-to-condo conversion will be the hot new thing in residential development in San Francisco. And here is the latest example — the Heritage Marina Hotel located at 2550 Van Ness Avenue has just been acquired for this very purpose.
An investment group comprised of Canadel Development in Canada, and Polar Investments, an Israeli company controlled by Ziel Feldman, paid $25 million for the hotel. They plan to convert it into 100 luxury condominiums and add additional space. The conversion is expected to take 18-24 months, and cost $54 million.
Proceeds from the final sale of the apartments are estimated at $122 million, which means they will be sold for a fairly steep price. It’s an area sorely in need of new residential inventory, so they probably won’t have difficulty selling if the quality is good.
(For those who have wondered, this is why the Little Joe’s restaurant is closed.)
