As Mid-Market continues marching towards a cleaner, less stabby future, the next big addition to join the soon-to-be renovated Renoir Hotel will be a Tokyo-style capsule hotel with 200 rooms averaging around 170 square feet at Market and Seventh Streets.
As the Chronicle reports today, New York developer Synapse Capital bought the Grant Building, a narrow, eight-story number at 1095 Market Street. London-based Yotel will work with the developer to convert the former office building into 200 "cabins" as they call their minuscule hotel rooms. Yotel, which has properties in New York, London and Amsterdamn, has a futuristic aesthetic that includes an electronic check-in system, retractable beds to save space and a robotic arm that stows your luggage. It looks what would happen if a Toyota assembly line mated with a Virgin America cabin:
The Grant building is over a century old, having been built in 1904 and surviving the 1906 earthquake and subsequent fires. Most recently it was bought in 2008 by a developer who tried to turn it into a high-end nightclub and hostel, but that eventually fizzled around 2010 and the building has been a boarded-up eyesore ever since.
Local hotel consultant Rick Swig told the Chronicle the time is right for an ultra-efficient hotel because "Millennials have established different habits, and they are more efficient in their lifestyle." #YOTEL
The blighted corner of Seventh and Market will actually be getting four new hotels in the near future, including this one. In addition to the Renoir's $30 million makeover across the street, the former home of Kaplan's Army-Navy surplus store will become a 174-room Hampton Inn and there's another proposal on the books for a 250-room hotel at 950 Market Street.