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Pre-Sales Strong for City's Tallest Residential Project

SAN FRANCISCO-One week into the sales effort for two-tower development--one of the first to take advantage of legislation allowing units to be sold as construction begins--80% of the 376 units have been tied up with 3% deposits.

By Brian K. Miller | Updated on June 19, 2006

(To read more on the multifamily market, click here.)

SAN FRANCISCO-Strong interest is being shown in One Rincon Hill, the tallest residential project in the city and one of the first to take advantage of recent legislation allowing for binding contracts to be signed when construction starts as opposed to when it is complete as had been the case. One week into the sales effort, 80% of the 376 units in the first tower have been tied up with 3% deposits that will go non-refundable when binding sales contracts are signed over the course of the next three weeks, according to the developer, Urban West Associates of La Jolla.

The two concrete and glass towers will rise 45 and 55 stories at First and Harrison streets atop Rincon Hill, next to the entrance to the Bay Bridge. The towers will stand about 115 feet apart and have a 9,800-sf footprint that will house about eight units per floor, for a total of more than 700 units. The units will range from 600 sf to 1,800 sf and sell for between $900 and $1,000 per sf, which means units will sell for between $540,000 and $1.8 million.

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