San Francisco—Demand for new, high-end product continues in San Francisco, with the first new condo residences in the city’s Pacific Heights neighborhood in decades selling out in just a few weeks. Developer Trumark Urban has completely sold out of its phase-one offering of residences at The Pacific, surpassing $120 million in sales. To keep up the momentum, the developer will release and accept offers for the second phase of residences ahead of schedule on Sept. 6.
“San Francisco as a market has been generally under-supplied,” Arden Hearing, managing director of Trumark Urban, told MHN. “From 2010 to 2015, only 10,000 new housing units were delivered in the city. In 2016, new-construction condominium deliveries are beginning to make an impact. However, future new condominium deliveries remain low by historic standards and will be inadequate to meet the city’s for-sale housing needs.”
Trumark Urban hopes The Pacific will help alleviate some of the housing shortage. “After working for so many years on a building with no parallel or precedence, it is very encouraging to see such a strong reception by the market,” Hearing added. “The feedback and sales interest in our first phase of residences at The Pacific has exceeded our expectations.”
The development team for The Pacific, located at 2121 Webster St., included architecture and interior design by Glenn Rescalvo at Handel Architects, who collaborated with Jay Jeffers on model residences and Helen Amy Murray on an art installation.
While Trumark Urban declined to comment on the number of residences sold in phase one and the number to be offered in phase two, the community will offer 66 residences in total. Marketing firm Polaris Pacific led the sale of the first phase of residences, which include one-, two- and three-bedroom flats and three-level townhomes, each with chef’s kitchens, up to 11-foot ceiling heights and floor-to-ceiling windows with views of San Francisco.
The Pacific also offers a Penthouse Collection, which is more than one-third sold. The collection includes seven penthouses ranging up to 3,073 square feet and four Grand Penthouses with private wrap-around terraces ranging up to 4,048 square feet.
The luxury experience will extend to the community’s amenity package, which will include a private valet, full-service concierge, lobby attendant, private Observatory Lounge overlooking the Bay and Golden Gate Bridge, and a fitness center. The community is also next to Fillmore Street, which offers high-end retail, Michelin-star restaurants and other activities.
Prices for the residences will start at just under $2 million and reach up to $18 million. Move-ins are expected to begin in September, and private tours are available now.