TOUCHSTONE COMMERCIAL PARTNERS, INC Broadway Street RESIDENTIAL DEVELOPMENT OWNER/USER INVESTMENT OPPORTUNITY

Transcription

1 Broadway Street RESIDENTIAL DEVELOPMENT OWNER/USER INVESTMENT OPPORTUNITY TOUCHSTONE COMMERCIAL PARTNERS, INC. 1

2 2 TOUCHSTONE COMMERCIAL PARTNERS, INC. 3 CONTENTS 4 Executive Summary 6 Project Overview 12 Project Highlights 14 Offering Terms 16 Maps and Elevations 21 Buyer Scenarios 24 Amenities 30 Demographics 32 Remodeled Churches 34 Contact Information

3 4 TOUCHSTONE COMMERCIAL PARTNERS, INC. 5 AS UNIQUE AS THE CITY ITSELF EXECUTIVE SUMMARY Touchstone Commercial Partners, Inc., as Exclusive Agent for the Seller, is pleased to offer investors and developers the opportunity to purchase the fee simple interest in Broadway Street, San Francisco, CA, Broadway is comprised of approximately 19,692 gross square feet in two separate buildings standing on approximately 13,420 gross square feet of land. The property is situated on the east facing slope of Russian Hill with sweeping views of the San Francisco Bay and the downtown financial district skyline. Due to its central location, this development will benefit from its walkability to North Beach, Russian Hill, Chinatown and the Financial District. 906 Broadway, also known as Our Lady of Guadalupe Church, is a spectacular historical landmark constructed of reinforced concrete. Along with the adjacent structure and land at 908 Broadway, this combined site offers a tremendous adaptive re-use opportunity to sophisticated developers in one of the most sought after locations in the world. ADDRESS APN(S) #: BUILDING SIZE TOTAL LOT SIZE NO. OF STORIES ZONING HEIGHT LIMIT YEAR BUILT Broadway St., San Francisco, CA , /- 19,692 square feet +/- 13,398 square feet 2-3 RM-2 Residential-Mixed, Moderate Density 40-X 1907

4 6 TOUCHSTONE COMMERCIAL PARTNERS, INC. 7 PROPERTY OVERVIEW Broadway offers potential buyers the chance The property is an extraordinary opportunity for an adaptive Dolores Basilica in the Mission District, Holy Cross in the Mission District and the Church suffered from declining to own a historic piece of San Francisco. Our Lady of reuse or renovation project of a historical gem, originally Western Addition, and the Star of the Sea and St. Monica attendance. In early 1990s, the Church was officially Guadalupe Church and the adjacent parcel present a unique designed by prominent architects, Shea & Lofquist in in the Richmond District. Other landmark properties closed along with eight other churches shuttered by the opportunity to redevelop a classic building in Russian Hill, The beauty and character of 906 Broadway is a they designed include the Bank of Italy building at 552 Archdiocese of San Francisco. The property was leased to one of San Francisco s most exclusive neighborhoods. reflection of Shea & Lofquist s portfolio of work around Montgomery Street and the Hall of Justice in Sacramento. the St. Mary s Chinese Day School for over 16 years after Known for its stunning city and bay views, close proximity to the nearby neighborhoods of North Beach, Nob Hill, Pacific Heights, the Marina, Fisherman s Wharf and the Financial District, Russian Hill is one of the most beautiful and centrally located areas in all of San Francisco. Scenic parks, iconic cable cars, and popular restaurants and cafés surround the neighborhood to create an ideal place to call your home or office (with a Walk Score of 99 out of 100). Northern California during the early part of the 20th Century. Their work employed a wide range of styles including Mediterranean, Gothic, Classical, and Romanesque. Under the leadership of Archbishop Patrick Riordan, Shea & Lofquist were contracted to design several other churches including St. Vincent De Paul in Pacific Heights, St. Brigid on Van Ness, St. Paul in Noe Valley, St. James and Mission Built for local parishioners in the neighborhood, Our Lady of Guadalupe Church thrived for over 40 years. Up until early 1950s, the area around the Church was populated with homes and shop space for people of Mexican, Spanish, and Portuguese descent. In the 1950s, after the nearby Broadway Tunnel was constructed in the middle of this neighborhood, many of these people migrated to the the school s previous facility was closed due to earthquake damage. The inherent beauty and location of the existing structure is an incredible opportunity for a sophisticated developer or owner-user to revitalize the site as scores of other church properties have been through Europe and other parts of the world.

5 8 9 VIEW FROM THE ROOF

6 10 TOUCHSTONE COMMERCIAL PARTNERS, INC. 11 DESIGN BY Staffan Svenson (MESH, Dencity.us) & David Brown (MESH) (415)

7 12 TOUCHSTONE COMMERCIAL PARTNERS, INC. 13 PROJECT HIGHLIGHTS RARE DEVELOPMENT OPPORTUNITY IN RUSSIAN HILL The site at Broadway is situated in one of the most exclusive residential areas of San Francisco, with its views of San Francisco Bay and the Financial District, just steps from the bustling activity of North Beach and Chinatown. HISTORIC ARCHITECTURAL GEM Shea & Lofquist s design is representative of a prolific era of architecture in San Francisco during the rapid expansion of growth in the city. Any future renovation or adaptive reuse of the property will adhere to the Historical Designation rules applied to the property. WALKABILITY SCORE OF 99 OUT OF 100 The location at Broadway is a veritable Walker s Paradise per the Walk Score rating system. Russian Hill offers beautiful public parks such as Coolbrith Park, Sterling Park, Lombard Street, and Macondray Lane. Two blocks downhill is Columbus Avenue, world famous for nightlife, dining, and entertainment. A few blocks over the hill in the prestigious Russian Hill proper are various well-known eateries and boutique shops along Hyde Street. CONVENIENT ACCESS TO PUBLIC TRANSPORTATION The location has an overall Transit Rating of 93 out of 100. The Powell-Mason Cable Car is located half a block away on Mason. In addition, the MUNI offers several bus lines nearby the property that can transport patrons around the city and connects to the BART train for public transportation to the neighboring counties of Alameda, Contra Costa and San Mateo. UNENTITLED RESIDENTIAL OPPORTUNITY All prospective bidders are advised to evaluate the current zoning restrictions (Residential, Mixed, Moderate Density or RM-2) to determine the potential future use and possible development.

8 14 TOUCHSTONE COMMERCIAL PARTNERS, INC. 15 OFFERING TERMS Broadway Street is being offered for sale without an asking price. All prospective buyers should assume the subject property will be delivered on an As-Is, Where-Is basis and 100% vacant at the close of escrow. MARKETING PROCESS / OFFERING OUTLINE Prospective buyers will have the opportunity to tour the subject property and begin initial due diligence for approximately 3-4 weeks from the property s availability in the marketplace. All prospective buyers will be notified of the Call for Offers Date. All offers are to be delivered to Touchstone Commercial Partners, Inc. (jcmorris@tcpre.com, zhaupert@tcpre.com, or msanberg@tcpre.com).

9 16 TOUCHSTONE COMMERCIAL PARTNERS, INC. 17 PARCEL MAP EXTERIOR ELEVATION CEILING PEAK ELEV ' MEZZANINE ROOF DECK ELEV ' MEZZANINE FLOOR ELEV ' 11'-0" MAIN FLOOR ELEV ' BASEMENT ELEV ' EXISTING BUILDING SECTION 1 SCALE: 1/8" = 1'-0"

10 18 TOUCHSTONE COMMERCIAL PARTNERS, INC. 19 EXTERIOR ELEVATION CEILING PEAK ELEV ' MEZZANINE ROOF DECK ELEV ' MEZZANINE FLOOR ELEV ' 22'-3" MAIN FLOOR ELEV ' 14'-0" 36'-3" BASEMENT ELEV ' EXISTING BUILDING SECTION 2 SCALE: 1/8" = 1'-0"

11 20 TOUCHSTONE COMMERCIAL PARTNERS, INC. 21 VARIOUS BUYER SCENARIOS 1 RESIDENTIAL DEVELOPER The subject property is ideally situated for high-end/luxury residential condominium development. The sheer size of the site makes this a unique opportunity for developers. Once a project is completed, outstanding views and the historical façade will make this development stand out above all of its competition. 2 RELIGIOUS ORGANIZATIONS Religious organizations who are seeking a new home for their community will instantly see the intrinsic characteristics the property has to offer. The property benefits from a beautiful façade, a large open space for services, outdoor space, and classroom facilities. 3 EDUCATIONAL/STUDENT HOUSING Educational users who are in need of a long term home for their students will be able to make good use out of the property. The large amount of class room facilities in place, the outdoor/playground space, and the location of the property make this opportunity ideal. No design or feasibility study has been done, but a buyer may be able to convert the property into a well located student housing facility.

12 22 TOUCHSTONE COMMERCIAL PARTNERS, INC. 23 DESIGN BY Staffan Svenson (MESH, Dencity.us) & David Brown (MESH) (415)

13 24 TOUCHSTONE COMMERCIAL PARTNERS, INC. 25 AMENITIES MAP

14 26 TOUCHSTONE COMMERCIAL PARTNERS, INC. 27

15 28 TOUCHSTONE COMMERCIAL PARTNERS, INC. 29 One day if I go to heaven I ll look around and say It ain t bad, but it ain t San Francisco. -Herb Caen

16 30 TOUCHSTONE COMMERCIAL PARTNERS, INC. 31 RUSSIAN HILL DEMOGRAPHICS POPULATION The local population in Russian Hill is 12,320 with approximately 51% female. Total households are 9,620 with approximately 32% as family households and 52% are single-family households. 32% are aged 18-34, 37% are aged 35-59, and 24% are 60 years and older. About 25% are foreign born. About 70% speak English and 20% speak an Asian language. 39% have a college degree and approximately 26% have a graduate or professional degree. HOUSING CHARACTERISTICS A total of 10,900 units in Russian Hill with only 60 units built in the last 10 years. Median age of building is % is owner occupied with 71% renter occupied. Vacancy is approximately 12%. Median year purchased is 1996 while median year moved started renting is Only 9% are single-family homes, with 28% 2-4 units, 20% 5-9 units, 17% units, and 27% are 20+ unit buildings. Median home value is $1,245,450 (as of 2009). Approximately one-third of households do not own a car in Russian Hill. INCOME & EMPLOYMENT Median household income (2009) is $84,537 with median family income at $113,223. There are 10,460 that are employed in Russian Hill, with roughly 8% unemployed. More than 60% of those employed hold managerial or professional occupations. About 11% hold service occupations and 24% are in sales occupations. TRANSPORTATION TO WORK Of the 10,260 that work, about 36% drive to work alone or carpool (5%). 27% take public transportation, 1% bikes to work and 20% walk to work. Roughly 13% work from home. *Source: San Francisco Planning Department s Socio-Economic Profiles By Neighborhood, 2011

17 REDEVELOPED CHURCHES 32 TOUCHSTONE COMMERCIAL PARTNERS, INC. 33 CORSO KARLIN PRAGUE, CZECH REPUBLIC DAVID CLOSES CONVENT DE SANT FRANCESC KNOX CHURCH RESIDENCE VICTORIA, AUSTRALIA DAVID CLOSES CONVENT DE SANT FRANCESC KNOX CHURCH RESIDENCE VICTORIA, AUSTRALIA DAVID CLOSES CONVENT DE SANT FRANCESC SELEXYZ DOMINICAN BOOKSTORE KNOX CHURCH RESIDENCE VICTORIA, AUSTRALIA

18 34 TOUCHSTONE COMMERCIAL PARTNERS, INC. 35 CONFIDENTIAL OFFERING MEMORANDUM This Confidential Offering Memorandum ( Memorandum ) has been prepared and presented to the recipient (the Recipient ) by Touchstone CONTACT Commercial Partners (TCP) as part of TCP s efforts to market for sale the real property located at Broadway Street, San Francisco, California (the Property ). TCP is the exclusive agent and broker for the owner(s) of the property (the Owner ). TCP is providing this Memorandum and the material contained in it to the Recipient solely to assist the Recipient in determining whether the Recipient is interested in potentially purchasing all JOHN-CLAY MORRIS direct (415) cell (415) jcmorris@tcpre.com BRE # ZACH HAUPERT direct (415) cell (415) zhaupert@tcpre.com BRE # MICHAEL SANBERG direct (415) cell (415) msanberg@tcpre.com BRE # or part of the Property. TCP also is providing this Memorandum and the material in it to the Recipient with the understanding that the Recipient will independently investigate those matters that it deems necessary and appropriate to evaluate the Property and that the Recipient will rely only on its own investigation, and not on TCP s, the Owner or this Memorandum, in determining whether to purchase all or part of the Property. The Recipient previously executed and delivered to TCP. PLEASE NOTE EACH OF THE FOLLOWING: TCP, the Owner and their respective agents, employees, representatives, property managers, officers, directors, shareholders, members, managers, partners, joint ventures, corporate parents or controlling entities, subsidiaries, affiliates, assigns and predecessors and successors-in-interest make no representations or warranties about the accuracy, correctness or completeness of the information contained in this Memorandum. The Recipient is urged not to rely on the information contained in this TOUCHSTONE COMMERCIAL PARTNERS, INC. 505 Sansome Street, Suite 1575 San Francisco, CA Memorandum and to make an independent investigation of all matters relating to the Property. This Memorandum includes statements and estimates provided by or to TCP and/or the Owner regarding the Property. Those statements and estimates may or may not be accurate, correct or complete. Nothing contained in this Memorandum should be construed as a representation or warranty about the accuracy, correctness or completeness of such statements and estimates. Further, nothing contained in this Memorandum should be construed as a representation or warranty about any aspect of the Property, including, without limitation, the Property s (1) past, current or future performance, income, uses or occupancy, (2) past, current or prospective tenants, (3) physical condition, (4) compliance or non-compliance with any permit, license, law regulation, rule guideline or ordinance, or (5) appropriateness for any particular purpose, investment or occupancy. Again, the Recipient is urged not to rely on this Memorandum and the statements and estimates in it and to make an independent investigation regarding the Property and the statement sand estimates contained herein. This Memorandum may include statements regarding, references to, or summaries of, the nature, scope or content of contracts and/or other documents relating to the Property. Those statements, references or summaries may or may not be accurate, correct or complete. Additionally, TCP may not have RESIDENTIAL EXPERT NEILL BASSI direct (415) cell (415) BRE # SOTHEBY S INTERNATIONAL REALTY-SAN FRANCISCO BROKERAGE 117 Greenwich Street San Francisco, CA referenced or included summaries of each and every contract and/ or other document that the Recipient might determine is relevant to its evaluation of the Property. Nothing contained in the Memorandum should be construed as a representation or warranty about the accuracy, correctness or completeness of such statements, representations or summaries. On request and as available, and subject to the Owner s consent, TCP will provide the Recipient with copies of all referenced contract and other documents. TCP assumes no obligation to supplement or modify the information contained in t this Memorandum to reflect events or conditions occurring on or after the date of its preparation of the Memorandum. This Memorandum does not constitute an offer to sell, or a solicitation of an offer to buy, an interest in the Property. Nothing contained in the Memorandum may be construed to constitute legal or tax advice to a Recipient concerning the Property. More detailed information regarding the anticipated terms, conditions and timing of any offering by the Owner relating to the Property will be provided in due course by separate communication. TCP and/or the Owner reserve the right to engage at any time in discussions or negotiations with one or more recipients of this Memorandum and/or other prospective purchasers of the Property without notice or other obligation to the Recipient. The Owner reserves the right to change the terms of any offering relating to the Property or to terminate without notice that offering. The Owner also reserves the right to operate the Property in its sole and absolute discretion prior to the completion of any sale of the Property. TCP reserves the right to require the return of this Memorandum and the material in it any other material provided by TCP to the Recipient at any time. Acceptance of this Memorandum by the Recipient constitutes acceptance of the terms and conditions above. All inquiries regarding this Memorandum should be directed to Michael Sanberg or Zach Haupert at (415)

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