St. Regis update: who knew that Al and Tipper had bought a place there? Is this guy so dead politically that the Chronicle couldn't mention it? San Francisco is one of the few places people still refer to him as President Gore. Oh. Got it.
With the building 80% sold, SF's average home price should remain nicely propped up.
And then there's the $30M penthouse.
More, after the jump.
Would you use the word "urban" to describe William Lie Zeckendorf or Donald Trump? They have a lot of properties in urban areas- New York and Los Angeles comes to mind, for instance- but you wouldn't use the "u" word to describe them. So along comes the San Francisco Business Times employing the "u" word to describe William MacFarlane, the recent purchaser of $30M worth of raw condo in the top two floors of the St Regis. Hard to believe that a business periodical would still feel the need for racial identification. Although MacFarlane's website employs the term minority-owned on their homie page.
Back to the St.Regis (I know, hard to believe):
Agog at the $30M price for raw space or the $20M the renovation is expected to cost? Or both? It's just expensive. As expensive as building 20K square feet in Pacific Heights without the extensive review and entitlements that can extend new residential construction to three years. And just try getting a contractor. The MacFarlanes should be able to move in by early 2007.
And in part, it's about outsourcing. Why maintain a staff when you can have security, valet parking and room service 24-7?
· Al Gore's Move to SF [PR Web]
· Work Begins on Priciest Penthouse [SF Business Times]
· MacFarlane Partners [macfarlanepartners.com]
· From Skid Row to St Regis [CurberSF]