Olympic Residential JV Debuts San Francisco Project
Prism was developed on a site previously occupied by a food hall.
A joint venture of Olympic Residential Group, Tidewater Capital and institutional investors advised by J.P. Morgan Global Alternatives has completed development of the 13-story Prism in San Francisco. Residents have begun moving into the property in the city’s Mid-Market corridor.
The 193-unit Prism, located at 1028 Market St., offers studio, one-, two- and three-bedroom apartments, ranging from 341 square feet to 1,125 square feet, with 26 units renting at below market rates. Amenities include controlled access, digital locks, above-standard ceiling heights, hardwood-style flooring, oversized or floor-to-ceiling windows, quartz countertops, washers/dryers and microwaves. Select residents have private balconies or terraces.
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Residents have access to conveniences that include a lounge area, a community living room with co-working space, a conference room, a fitness center, a 4,500-square-foot sky deck, an outdoor kitchen, a fireplace, a picnic lawn and a dog park. Prism has approximately 5,500 square feet of ground-floor retail space.
“Olympic Residential Group is focused on urban, transit-oriented multifamily developments in California adjacent to jobs and community amenities. Prism fits squarely in our area of focus of concentration,” Dan Deibel, president of Olympic, told Multi-Housing News.
Prism residents are within walking distance of downtown San Francisco, Union Square, SoMa and the Civic Center. The property is near the IKEA shopping center, Serif condominiums and the Line Hotel, the Proper Hotel and Whole Foods.
Prism was developed on the site previously occupied by The Hall, a food hall, bar and community space that Tidewater developed and operated from 2015 to 2017. Olympic began construction of Prism in November 2019 and completed the project earlier this year.
The property was designed by architectural firm Solomon Cordwell Buenz, with IwamotoScott Architecture handling interior architecture and design and Parisa O’Connell Interior Design overseeing interior décor. RHAA served as the landscape architect and designer of the sky deck. Build Group served as general contractor.
Deibel noted that Olympic is actively pursuing multifamily development opportunities in the San Francisco Bay Area and Southern California. The company recently broke ground on the 412-unit Aster Avenue Apartments in Sunnyvale, Calif. The project is part of a 17-acre master plan that Olympic designed and led through the approval process in 2019.