Strategy

• Site of the former underutilized S&C Ford auto dealership
• Prado sourced the opportunity off-market through a complex C-Corp M&A transaction to get to the underlying real estate

Execution

• The project obtained unanimous approval at the Planning Commission and received endorsements from the SF Bicycle Coalition, SF LGBT, SFHAC, SPUR, SF Architectural Heritage, Merchants of Upper Market Castro (MUMC)
• Flagship 30,000 sq. ft. Whole Foods Market on the ground floor with 81 luxury residential units above

Results

• Refinanced and recapitalized for a long-term hold with a pension fund
• Prado achieved the highest grocery store rents in the market
• Whole Foods is percentage rent within 2 years

Awards

• 2014 PCBC Gold Nugget Grand Award for Residential Project of the Year
• 2014 PCBC Gold Nugget Grand Award for Best Multifamily Housing Project 60+ du/acre
• 2014 MHN Best New Development: Mid-Rise of the Year