| What’s Up With 140 New Montgomery? Inquiring Minds Want To Know. . . | June 19th, 2008 |
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Developer Wilson Meany Sullivan had previously planned on including a hotel component in the project, replicating the Four Season, Ritz Carlton and St. Regis projects. My suspicion is that they saw the tremendous success The Millennium is having and chose to simplify matters by switching over to a straight luxury condonminium project using the Millennium model. Like the Millennium, 140 New Montgomery will offer high-touch service, comparable to what you get in a four-star hotel– except you don’t have to share with hotel guests. A common term of art for these kinds of projects is “lifestyle residences,” i.e. you aren’t just buying a home– you are buying a lifestyle. Wilson Meany Sullivan is shrewd to choose go for bigger, fewer units instead of many smaller ones. Common wisdom has always been to pack as many units into a floor plate as possible to generate the highest return (i.e. two one bedrooms will sell for more money than one two-bedroom). However, over the past few years, the growing demographic of high-end home buyers has enabled builders to charge more per square foot for bigger units than smaller ones. These builders also enjoy the advantage of building fewer units, which drives down costs and makes for a shorter build-out period. Some interior views of the current building’s lobby and historic displays are available on a phone company employee’s personal blog. Leave a Reply |
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The historic Art Deco Pacific Telephone and Telegraph Company builoding at140 NewMontomery is slated (for now) to be converted to 135 extra-large residential units. The 26-story building will house an 8500 square foot restaurant and the existing garage accessible fromNatoma Street, which will accommodate 70 valet-parked cars (hooray! parking for everyone!).