Developers targeting the top end of San Francisco's Real Estate market look to lifestyle inspired amenities to attract design-savvy purchasers
SAN FRANCISCO, Oct. 5, 2016 /PRNewswire/ - In San Francisco, where it's notoriously harder to find a place to live than it is to find a job, breaking into the real estate market can be difficult. San Francisco is a compact city of less than 50 square miles situated on steep hills and surrounded on three sides by water, which means new development has historically been limited. That is until 1989 when an earthquake destroyed portions of the double-deck Embarcadero freeway; the road was sadly demolished, but it opened up areas for new development and new opportunity.
In 2004 San Francisco's Board of Supervisors approved what would become one of the largest and first significant luxury condominium development to break ground in the city's history. Recently completed, LUMINA (also known as 201 Folsom Street) is a 655-unit mixed-use, residential condominium project found at the foot of Rincon Hill in the heart of San Francisco's dynamic Financial District. Envisioned by Tishman Speyer, the New York based real-estate investment firm, the project was executed by some of the most highly regarded consultants in the business; including Arquitectonica, Magnusson Klemencic and II BY IV DESIGN, the creative firm responsible for the chic interior architecture.
San Francisco County is the most expensive apartment market in the region and rivals Manhattan as the costliest market in the United States. Prices for condominiums in San Francisco have soared more than 30 per cent in the last two years with the median sale price for a condo reaching $1.1m in 2015 according to Paragon Real Estate Group, a consultancy. The current cost per square foot in the city averages $1,200 whereas LUMINA residents are looking at almost $1,400; prices for the development's studio, one bedroom plus den, two bedroom to three bedroom units range from $895,000 to $3,365,000 with eight 3,770 square feet penthouses starting at $8.895 million.
Impressively, LUMINA is 70% sold with 456 units in contract as of August this year; despite the 2008 recession and higher than average cost per square foot, prospective purchasers are flocking in droves. When the Presentation Centre opened there were 270 sales appointments made within the first hour alone. Yes, San Francisco is recovering from a housing shortage but these numbers are about more than just supply and demand.
Amenities are a primary consideration for potential purchasers, especially at the top end of the market. Of course there are many factors that go into the success of a project but this is a definitive way developers differentiate themselves. This philosophy seems to resonate especially strong with the majority of San Francisco condo buyers who are in their twenties or thirties and largely work in the local tech industry. Statistics show, the millennial cohort are drawn to urban centers for work and play. Valuing location and experiences over square footage; they consider a condominium's amenities an extension of their private living space and look for quality, craftsmanship and design throughout the project.
Only two blocks from the Embarcadero waterfront and within easy walking distance of the main business district, LUMINA features over 45,000 square feet of amenities and is ideally placed to offer a premier urban lifestyle to young design-savvy professionals. With many enviable offerings, its downtown locale and striking city scape views are just the beginning.
LUMINA features a wide array of lifestyle focused amenities including a 10,500 sq.ft. landscaped rooftop terrace with outdoor movie lawn, bi-level club lounge, 7,000+ square foot fitness centre with indoor climbing wall and a 75-ft lap pool. Not to mention the private dining room, screening room, library lounge, children's room, pet grooming station, spa and music practice rooms or Audi vehicles available exclusively for LUMINA residents.
The interiors created by II BY IV DESIGN are warm and modern, framed by expansive windows with breathtaking views of San Francisco Bay and the surrounding city. An overriding neutral color palette of rich materials accented by eye catching pops of color speak to a vibrant, contemporary elegance and upscale lifestyle. Residents of LUMINA have access to what seems an inexhaustible array of services and amenities: if a movie under the stars doesn't catch your fancy perhaps hosting a private dinner party in the chef's kitchen and private dining room are more your speed. Or what about a Pilates or a high-impact aerobics class and post work out sauna in the wellness center? Maybe invite 30 of your closest friends over for a private screening of the latest "indie" film.
II BY IV DESIGN are experts at interpreting current and emerging consumer behaviors, attitudes and expectations; they are known for creating dynamic, multi-unit residential developments and have contributed their expertise to several large scale projects. "The luxurious amenities at LUMINA rival some of the world's finest hotels," says Dan Menchions, Principal and Partner at II BY IV DESIGN, "conceived with an active and social demographic in mind there is something for everyone." A veritable see-and-be-scene there definitely is a social aspect to the amenity design that encourages residents to interact. The design firm had a hand in layout of the amenity floor plan, intentionally creating the public areas as an extension of the primary circulation paths to foster this social atmosphere; as an example, the pool and rock climbing areas are overlooked by a main corridor and open circular staircase. It's these subtle design nuances that contribute to the success of LUMINA and why the project has garnered so much appeal.
In competitive urban centers like San Francisco where developers are specifically targeting the high-end of the market; they are turning to premiere lifestyle inspired amenities to attract potential purchasers and collaborating with experts like II BY IV DESIGN to create the ultimate in luxury living.
Location: 201 Folsom St., San Francisco
Size: (1) 42-story tower, (1) 37-story tower, (2) 8-story podiums – 656 units
Developer: Tishman Speyer
Interior Design: II BY IV DESIGN
Architects: Arquitectonica, Heller Manus
Contractor: Lend Lease
Engineers: Magnusson Klemencic, ARUP
Broker: Polaris Pacific
For more information:
ABOUT II BY IV DESIGN
Founded in 1990 by partners Dan Menchions and Keith Rushbrook, II BY IV DESIGN is a creative firm with a multifaceted studio specializing in interior design across a variety of disciplines, as well as, product design. Located in a brick-and-beam industrial loft space in Toronto's Liberty Village and in lower Manhattan's fashionable TriBeCa district; their work is distinguished by a balanced approach that captures the essence of each client's vision rather than a predictable 'signature' look.
SOURCE II BY IV DESIGN Inc.