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Capital Properties Updates Rincon Towers Plan

SAN FRANCISCO-The New York City-based company that paid $143 million for 320 high-rise apartments in June plans to convert more than two thirds of the units.

By Brian K. Miller | Updated on November 27, 2007

SAN FRANCISCO-Capital Properties is planning to convert 120 of the 320 residential units within the Rincon Towers mixed-use development here to furnished luxury apartments. The New York City-based company paid Beacon Capital $143 million for the residential component of the high-rise project in June .

The residential units are located on the top 17 floors of 88 Beale St., which consists of twin 23-story towers connected by a central lobby adjacent to the Ferry Building and the Embarcadero. Beacon Capital continues to own the first six floors, which house 470,000 sf of office space and 60,000 sf of retail, as well as the adjacent renovated historic US Post Office facility, which stands five stories tall.

When Capital Properties acquired the residential component, the mix included 194 market-rate apartments, 50 furnished corporate apartments being operated by a third party, and 76 below-market-rate apartments that must remain so. At the time, a source with Capital Partners told GlobeSt.com that its plan was to increase the number of corporate apartments to 70, reposition them as luxury accommodations and self manage the units.

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