Monogram Residential Trust recently opened the Olume, a 12-story, 121-unit luxury apartment project at 1401 Mission St in San Francisco’s Mission District.
Bisnow spoke to Monogram SVP and chief development officer Jim McGinley about the company's strategy, the design philosophy behind the Olume, and the dynamics of the city’s multifamily market.
The developer is building a portfolio of high-end apartments in core costal markets, including S.F. and Miami. Jim says demographic and market analysis screening for job-growth opportunities, natural beauty and culture led to places like San Francisco.
Once the location was chosen, the company wanted to distinguish the Olume from nearby residential developments. Monogram worked with Arquitectonica to design a unique façade featuring an abstract panel design. “[The Olume is] a piece of sculpture for both the ground and city skyline,” says Jim. The building has a 4k SF rooftop deck with views of Mission Bay and S.F.’s downtown, and includes pet-friendly amenities Millennials desire, such as an outdoor dog run and pet-grooming facility.
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Sustainability was critical for the developer. Olume features exclusive access to City CarShare vehicles parked on premises and electric vehicle charging stations. Since San Franciscans love cycling, the developer has on-site bike storage and repair facilities. The building itself has 6k SF of open green space and each room comes with energy-efficient appliances and lighting.
What does Jim make of the multifamily market in San Francisco? “We are strong believers in San Francisco and the Bay Area,” he tells us. Monogram likes to focus on “infill opportunities closer to transit, closer to work and closer to entertainment.” Jim adds the city’s culture and values are a good fit for the company’s tailored-living philosophy.
San Francisco and the Bay area are seeing record growth in under-construction projects that will significantly increase the residential product in the next few years, he says. Rising costs of land acquisition, construction and affordability requirements will “continue to put pressure on investors' return expectations.” Despite these headwinds, Jim expects residential demand will remain robust.
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