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Overview

The San Francisco Ritz-Carlton’s Private Residence Club is currently offering fractional ownership in an urban setting. The condo properties are housed in the first skyscraper west of the Mississippi. Built in 1880, the former Chronicle building is undergoing a $90 million restoration to hold the planned 49 fractional residences (for use by Ritz-Carlton Club Members) and 52 private ownership residences.

Access to the entire portfolio of Ritz-Carlton Clubs is additionally available to Club members.

Location

In downtown San Francisco, at the corner of Market and Kearney, two blocks from the main shopping area of Union Square and steps away from the financial district.

Status

Completion scheduled for November 2007. As of April 2007, about 20% of the available 588 fractional shares have been sold. The private, non-fractional residences are sold out.

Details

The twenty-four-story building has units available with two to four bedrooms, and square footage ranging from 2,090 to 3,565 square feet. Fractional sales of the 49 Club Member units start at $200,000 for one-twelfth of the property. Fractional ownership entitles you to a minimum of 21 days in-residence annually. No details available regarding the reservation system.

Resale Options

No resale assistance is offered at this time.

Developer and Sales Contact

The Ritz-Carlton Club
1-888-425-5585

How it looks

Four interior design options are available from Forrest-Perkins, who also outfitted the Ritz-Carlton Hotel in Montreal. Acoustically rated exterior windows should mute the street noise, while also providing a view of downtown San Francisco.

The private entrance on Market Street allows easy access to the financial district, and the business and conference facilities allow for efficient business usage of the newly developed private residence club. The building’s proximity to Union Square’s shopping district is convenient for non-business visitors.

Helium Report Perspective

The Ritz-Carlton Club and Residences is experienced at managing Private Residence Clubs; they have seven of them developed or under construction around the United States and U.S. Virgin Islands. Their new Private Residence Club location in San Francisco is, however, their first attempt at providing clients with an urban living option. These prospects bode well with Ritz-Carlton’s experience in luxury hotel accommodations.

Despite San Francisco’s dual role as tourist magnet and financial capital of the west, the city does not yet offer many options in terms of luxury fractional ownership. The Ritz Carlton units opening later this year will face very little competition, as demand will surpass supply for private residence clubs in the city.

Other Private Residence Clubs in San Francisco include Resort Equities- Odeon Penthouse, and Fairmont Heritage Place.