Group 24 Joins Turnberry in $300M San Fran Condo High-Rise
- Nov 06, 2008
Group 24 L.L.C. has become a 50 percent partner with Turnberry Ltd. in the latter’s Turnberry Tower, a $300 million, 40-story luxury residential condo (pictured) in San Francisco’s Rincon Hill district. The project is Turnberry’s first venture in California, and this is also the first collaboration between the two companies. Turnberry chairman & CEO Jeffrey Soffer said in a prepared statement that he and Group 24 founder & chairman Mike Zoi had for some time been looking for a project on which to partner. “We find San Francisco’s high barrier to market entry, coupled with Turnberry’s internationally recognized brand and loyal following of upscale owners, make the Rincon Hill project an extremely compelling investment,” Zoi said in the statement. To be built at 45 Lansing St. near First and Harrison, Turnberry Tower will offer one-, two- and three-bedroom residences, as well as townhouse, penthouse and tower suite units, ranging from about 1,000 to more than 3,800 square feet. Among its amenities, the high-rise will feature a fitness center with indoor swimming pool and 24-hour valet parking, security, concierge and front desk service. Now near the western end of the Oakland Bay Bridge, Rincon Hill was until about 1870 one of San Francisco’s most fashionable neighborhoods. Changing development patterns, however, led to its decline, and after the 1906 earthquake and fire, the district was rebuilt as a largely industrial area. Although the city rezoned the neighborhood for high-density residential in 1985, it wasn’t until the nearby Embarcadero Freeway was demolished following the 1989 Loma Prieta earthquake that such development really took off. In 2005, the city adopted a new Rincon Hill plan that called for tall, slender, widely spaced towers, narrower streets and more open space, and an aggressive system of development-impact fees. Among the high-rise residential projects currently nearing completion in the neighborhood is the two-tower One Rincon Hill complex, developed by Urban West Associates and designed by Solomon, Cordwell, Buenz and Associates. The 45-story and 60-story towers and the associated townhomes will total 709 units. The Turnberry companies have to date developed more than $10 billion of commercial and residential properties, including about 20 million square feet of retail, more than 7,000 luxury residential condo and condo-hotel units, 1.5 million square feet of Class A office, and more than 2,000 hotel and resort rooms. Turnberry is perhaps best known as the developer of Aventura, Fla.