To help would-be buyers visualize their space Kriozere spent $2.5 million building out a 9,000-sf sales center in a warehouse next to the development site. The center, which opened Friday, is replete with fully appointed two-bedroom model apartments with lightboxes simulating views both night and day.

The models include 3D animation, interactive computer simulation and feature Duratrans panels simulating actual day and nighttime views from the bedroom of a unit on the 13th floor and the living room and balcony on the 42nd floor. There are also sales offices, a design center, a model kitchen and bathroom, and a scale model of the entire development.

In the first three days of pre-sales, deposits were placed on about half the 376 units in the first tower. Over the weekend, the total number of deposits crested 300. Paul Zeger, president of Pacific Marketing Assoc., tells GlobeSt.com that people are excited about the possibility of bring the first to buy on Rincon Hill, San Francisco's last remaining hill to be developed, probably much like those who first bought on Nob Hill or Russian Hill long ago. There are no plans to keep any units off the market in order to maximize sales revenue later on in the development process, he says.

Local buyers comprised the largest number of deposits. The second highest number of deposits came from the Bay Area in general and coming in third were buyers from Southern California. In addition, a developer source tells GlobeSt.com that there also have been several instances of multiple purchases where a family or friends come in and buy at the same time.

Due to the ability to take deposits and turn them into binding contracts within a few weeks, Kriozere says he expects very few drop-outs. "San Francisco is a tiny peninsula that is topographically, historically and politically challenged for development, and thus is difficult to bring new product to market," he says. "With One Rincon Hill, we have overcome those challenges while also developing a property of quality in an excellent location."

There are several planned condominium projects that will be competing for early commitments. One pre-sale center is already open for a 99-unit project at 255 Berry St. Pre-sale centers set to open this spring will market the 110-unit Park Terrace and the 268-unit Arterra building, both in the Mission Bay area, and the 246-unit SoMa Grand at Mission and Seventh.