Regions West | San Francisco
Capital Properties to Renovate, Reposition Rincon Residences
Nov 27, 2007
By: Dees Stribling, Midwest Correspondent

Capital Properties, which acquired Rincon Residential Towers in San Francisco earlier this year, has unveiled redevelopment plans for the property. Besides renovations to the entire property, the New York-based owner will also convert a portion of the residences into a concept it calls "Altavie Suites."

All together, there will be 120 such Altavie Suites by next spring, out of a total of 320 units at the Rincon Residential Towers--roughly the number of units that were vacant when Capital Properties acquired the property. According to New York-based Capital Properties, the suites will be available for short- or longer-term rentals--a setup the company characterizes it as "condominium-type living space with hotel-like amenities."

"Altavie Suites will be a notch above typical corporate housing," Ingrid Summerfield, executive vice president of Capital Properties West Coast development, told CPN this afternoon, adding that the minimum rental term will be 31 days. "There's already a lot of interest in the concept, especially since the property is located so close to San Francisco's financial district."

The property, located at 88 Howard St., is part of a larger, three-building complex known as the Rincon Center, which covers an entire city block in San Francisco near the Ferry Building and the Embarcadero. The rest of the Rincon Center comprises 528,000 square feet of office and retail space.

Beacon Capital Partners bought the entire Rincon Center in 2006 for $275 million. This summer, Boston-based Beacon sold the residential portion of the complex to Capital Properties for about $143 million.

 
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