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05/01/2006
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| [Real Estate] |
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| Ritz-Carlton resurrects two historic buildings. |
| text by: |
Kim Fredericks |
| photos by: |
The Ritz-Carlton Club |
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When San Francisco’s first
skyscraper was completed in 1890, the 10-story building quickly became a
defining symbol of the city. Housing the San Francisco Chronicle, the
stately redbrick building got its first face-lift after the 1906 earthquake
shook the structure and sent heavy Linotype machines crashing through burning
floors. Several years and a bevy of new tenants later, its then-current
occupant, Home Mutual Savings and Loan, decided the old building needed a new
look. The classic exterior was covered with metal and concrete to attract a hip
crowd to the city’s Market Street area.
 A rendering of the future Ritz-Carlton Club and Residences
in Miami’s trendy South Beach. (Click image to enlarge)
Forty years later, the Ritz-Carlton Hotel Company, in
collaboration with developer the Hunter Group, is stripping what came to be
called the Chronicle building of its metal make-up. Working with the local
Landmarks Advisory Preservation Board, the building will be restored to its
original redbrick grandeur. Eight stories will be added, and offices once
occupied by newspapermen will be transformed into gracious living spaces—52 one-
to four-bedroom private residences priced from $1.2 million, and 49 deeded
fractional-ownership residences priced from $175,000. "We started peeling back
the exterior and discovered historic archways, portals and doorways—when
complete the building will be visibly stunning," says David Short, regional vice
president of the Ritz-Carlton Club.
As the first Ritz-Carlton residence club in an urban market,
the brand has established a new set of rules. "Strategically, we have always had
the desire to be in urban markets that have leisure and business appeal," says
Short. The goal for this project is to combine whole ownership for those who
wish to live full time in this location with fractional ownership. While
fractional shares will be offered in 21-day usage segments, the way members use
their days in San Francisco will be modified—to allow shorter, one- or two-night
stays rather than longer ones. "As we go into new markets, we have to establish
a usage framework that fits the area," says Short adding that owners stay
longest at the company’s Jupiter, Fla., location where the share is 35 days
annually.
 The Ritz-Carlton Club and Residences, San
Francisco, will be
constructed in the bustling downtown area. (Click image to enlarge)
Like the 2,500 members who have already purchased fractional
shares at Ritz-Carlton Clubs, San Francisco members receive reciprocal benefits
at other club destinations such as Aspen, St. Thomas and, soon, Miami’s South
Beach. In Miami, Ritz-Carlton has partnered with developer Lionstone to
transform the Seville Hotel, a popular spot in the 1950s, into a project similar
to the one in San Francisco. The old Seville will be renovated, adding two new
towers. When complete, the oceanfront project will hold 45 fractional-ownership
residences, 89 whole-ownership condominiums and two townhomes. Residences will
range in size from 941 square feet to nearly 7,300 square feet, with prices yet
to be determined.
Ritz-Carlton is also working with local landmark and advisory
groups in Miami to maintain the hotel’s historic MiMo (Miami Modern) integrity.
In its heyday, the Seville and other neighboring hotels along Collins Avenue
were magnets for the Rat Pack and other celebrities such as Joan Crawford and
Jackie Gleason, who were drawn to the new glamour of the area and its
architecture. "A chandelier from the original hotel will be a centerpiece in the
members lounge," says Short. The original high-diving board that once graced the
Seville’s swimming pool will be on display near a pool meant for reflection.
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