On June 13, Capital Properties, an N.Y.-based real estate developer, bought the Rincon Center Residential Towers. As if being a short walk to anywhere in the Financial District, across the street from the Embarcadero YMCA, and mere steps from an okay food court weren't enough, the company promised $19 million in renovations, specifically that 100+ units would be converted to corporate housing, which it claimed San Francisco is lacking. The shape those units will take was revealed in a company press release today, complete with corporate branding: the "Altavie" units. They are described by an executive VP as "truly unique—a condominium-type living space with hotel-like amenities." So, what's that mean? Hotel rooms with a kitchen? Condos with a concierge? While we're certainly looking forward to seeing the final, promised luxury units and other renovations, somehow the gestalt of "condo" and "hotel" doesn't exactly strike us as groundbreaking.
· Capital Properties Unveils Plans for San Francisco's Rincon Residential Towers [Press Release]