Prado develops for quality of life and quality of time.

Development Strategy

Positive Evolution drives our development strategy. We listen to communities, work with municipalities, and collaborate with the best architects and builders. This approach springs from our determination to contribute to better, healthier, more sustainable, and accessible neighborhoods and cities.

We employ a holistic process

We engage at the earliest stages with our Acquisitions team to evaluate properties, envision possibilities for value enhancement, provide budgetary insight, and determine feasibility. This helps us maximize value while reducing risk, and allows us to move more quickly and nimbly during development.

We leverage our entitlement expertise

Because of our experience with complex projects, we understand how to manage the community relationships that emerge during all development stages. This ability has been forged over decades of working side-by-side with urban leaders, city and regional officials, regulators, policy organizations, and community groups. Our relationships allow us to maximize opportunities, build enduring value, and reduce risk. We deeply value the trust we’ve built over time.

We only work with the best

Designing and building high-quality projects increases intrinsic value and withstands the test of time. We partner with architects and others who share our commitment to quality, sustainability, and creativity. Our institutional-grade systems and practices ensure that projects are executed on time, on budget, and according to plan.

We engage broadly, deeply, and above and beyond

We strive to set the highest standard on community and civic engagement, and continue to reset the bar with every new project. Earning the respect and trust of communities and civic leaders is the foundation of our development practice. It also mitigates risks and ensures that each project can meet the evolving needs of its community.

Development Case Studies

We aspire to develop the spaces and places that make life more livable, work more productive, and play more possible.

Multifamily / Mixed-Use
Multifamily / Mixed-Use
3333 California
Transaction Highlights
Size: 744 residential units; 35,000 sq. ft. retail
Use: Residential/Retail
Neighborhood: Laurel Heights, Presidio Heights, Pacific Heights, SF

Strategy
  • Site is currently improved with a 360,000 sq. ft. office building and 550 parking spaces
  • Structured the transaction to include a fully-prepaid 99-year ground lease with a space leaseback to UCSF with unilateral termination right
  • Entitle, recap, develop, sell condos, maintain apartments and retail
Execution
  • Secured the site in a competitive RFP process with more than 20 national and international development firms
  • Restructured transaction to convert speculative development and entitlement into a credit tenant leased investment with 10-year lease back and unilateral termination right under a 5.5% return on cost for covered land
  • Obtained approval from the California Governor for AB900 project streamlining as an environmental leadership project
  • Secured over 1,000,000 sq. ft. in entitlement from a 363,000 existing building
  • Obtained up to 92 foot heights in rezoning in 40 foot height zone
  • Entitled site with unanimous approval from the Planning Commission and Full Board of Supervisors for 15 buildings containing 744 units, including 558 market-rate condos and apartment homes
  • Prado Group is currently in the process of recapitalizing the project for vertical development
See the 3333 California project page
Multifamily / Mixed-Use
Multifamily / Mixed-Use
38 Dolores
Transaction Highlights
Size: 81 units; 76,019 sq. ft. residential; 31,432 sq. ft. retail
Use: Residential/Retail
Neighborhood: Mission Dolores, SF
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
See the 38 Dolores project page
Multifamily / Mixed-Use /
For Sale
Multifamily / Mixed-Use / For Sale
2238 Market
Transaction Highlights
Size: 44 residential units; 5,000 sq. ft. retail
Use: Residential/Retail
Neighborhood: Duboce, Triangle, SF
Strategy
  • Prado identified an underutilized funeral home and parking lot across from a Muni stop in the most desirable neighborhood of Duboce Triangle and Upper Market
Execution
  • Adaptive reuse of an existing historic building
  • Prado received planning approvals in 2016
  • Successful recapitalization in 2016 with a foreign partner
  • Construction of 5,000 sq. ft. of ground-floor retail, 42 residential condo units above the retail; 2 town-homes
  • Added a 24-space below-grade parking structure
  • LEED Platinum
Results
  • 85% sold
See the 2238 Market project page
Multifamily / Mixed-Use
Multifamily / Mixed-Use
1266 9th
Transaction Highlights
Size: 15 residential units; 5,650 sq. ft. retail
Use: Residential/Retail
Neighborhood: Inner Sunset, SF
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
See the 1266 9th project page

Results

Prado projects illustrate our entitlement expertise, design-forward priorities, quality execution, and the positive evolution of the neighborhoods and communities.

Entitlements

3333 California Street

2238 Market Street

38 Dolores

1266 9th Ave

2130 Post Street

Atherton Place

2055 Chestnut Street

Entitlements
  • 3333 California Street
  • 2238 Market Street
  • 38 Dolores
  • 1266 9th Ave
  • 2130 Post Street
  • Atherton Place
  • 2055 Chestnut Street

In Construction

Greyhound Curtis Park

In Construction
  • Greyhound Curtis Park

Completed

38 Dolores Street

1266 9th Ave

2130 Post Street

1401 California Street

333 Valencia Street

2238 Market Street

Completed
  • 38 Dolores Street
  • 1266 9th Ave
  • 2130 Post Street
  • 1401 California Street
  • 333 Valencia Street
  • 2238 Market Street
Awards
Project of the Year Award
38 Dolores
Gold Nugget Grand Award
38 Dolores
Gold Nugget Grand Award
1266 Ninth Avenue
Award of Merit
2130 Post Street