San Francisco is getting its first full-service hotel project since 2008. (So now you know where to direct your in-laws when they try to stay at your house.)
Developer SOMA Hotel, an affiliate of the Stanford Hotels Group, just scooped up a 23k SF SoMa site next to AT&T Park that will become a four-star, 250-key hotel. Downtown S.F. is one of the most difficult cities to build in due to scarcity of land and high barriers to new construction, says SOMA SVO Will Gibbs. The area currently has few hotels, he notes. (Just think: Kim and Kanye could've just stayed there after his lavish proposal at the ballpark.)
Construction will start in Q4, with an expected opening two years later. The 15-story LEED Gold hotel (pictured in the rear) is part of the Mission Bay redevelopment plan and will sit on Channel Street between 3rd and 4th streets. The flag is TBD. The seller was Block 1 Associates, a JV between Blackrock Real Estate and Strada Investment Group; Block 1 owns the adjacent land and has plans to build a 350-unit residential and retail complex.
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