Strategy

• Prado identified an underutilized parking lot and adjacent building in the Inner Sunset neighborhood
• Prado was able to purchase the site in an off-market transaction

Execution

• Prado obtained planning approvals and built a groundfloor, neighborhood-serving cafe, La Boulangerie (later acquired by Starbucks)
• 12 rental condo flats above the retail and 3 rental townhomes

Results

• The property was refinanced after completion
• Ownership elected to hold the condo units as rentals to align with long-term strategic objectives

Awards

• 2014 PCBC Grand Award for Best Mixed-Use Project