Yerba Buena Island Luxury Residences Set For Fall Opening In Heated Home Market
Sales kicked off last month for Yerba Buena Island’s new residences, some of which are expected to be ready for occupancy later this year. It’s the latest signal of the Bay Area’s hot luxury home market persisting despite losses in the multifamily sector more generally, particularly in San Francisco.
A total of 266 housing units consisting of condos, townhomes and private single-story residences developed by Wilson Meany are in varying build-out stages, according to a statement. Of the project’s four residential elements, The Bristol, a six-story condo building containing 124 units, is timed for the earliest completion. The condos range from studios, and one-, two- and three-bedroom units starting at about $800K up to just over $3M.
Designed by Edmonds + Lee, the GreenPoint-rated building features a landscaped open-air courtyard, floor-to-ceiling windows in the units, spa-inspired baths, Carrara marble countertops and common areas for entertaining. Amenities include a fitness studio, a children’s playroom, terraces and a rooftop deck. The condo’s location on a wooded hilltop allows for panoramic views of the bay.
“Yerba Buena Island allows residents to experience San Francisco from a new perspective, in the manner in which it’s meant to be lived — with lush nature literally at your doorstep, a like-minded community, and access to the best of island and city life in one of the most spectacular settings,” Wilson Meany partner Chris Meany said in a statement.
In addition to The Bristol, the project involves three other residential components, ranging in price from about $3M to $5M. The Townhomes, The Courtyard Townhomes and The Flats are currently under construction, with foundational work underway involving excavation, grading, retaining walls and building pads. Vertical construction is expected to begin later this year, according to a spokesperson for Wilson Meany.
The island's residents can access downtown S.F. via the Bay Bridge or head east on Interstate 80 toward the East Bay. A new ferry terminal on the adjoining Treasure Island, where Wilson Meany is part of a joint venture for a major mixed-use project, will directly connect to the S.F. Ferry Building.
Nearby the Ferry Building is another example of new luxury homes coming to the city. One Steuart Lane, an ultra-luxury condo building located on the waterfront, is slated for occupancy beginning this summer, according to a statement. The 20-story high-rise contains 120 units featuring wraparound terraces with bay views, a terrace garden and a wellness center equipped with aromatherapy.
Prices range from $1.6M to over $10M for units ranging from one- to three-bedrooms and penthouses of up to 6.2K SF. In what has been described as one of the last opportunity sites for new residential development on this stretch of S.F.’s waterfront, One Steuart Lane has garnered up to $4K per SF and has almost sold out of its most popular units, including ones with unique terraces.
“Sales are going well, and we are happy to see consistent demand for the city’s best bay view and terrace homes as well as strong interest for our large, one- and two-bedroom homes,” Paramount Group Senior Vice President Christopher Brandt said in a statement. “We are confident about 2021 and anticipate demand for unique, residential communities like One Steuart Lane to grow as people return to the trend of living in great American cities."
These projects and their list prices are indicative of continued high demand for luxury homes in S.F. Sales of the city’s luxury condo, co-op and tenancy in common property types priced at $2M or more increased by 17% year-over-year ending in February 2021, according to a report from Compass, while sales of luxury houses priced at $3M or higher increased by 87%.