The 408,000-square-foot development at 950-974 Market Street, which began construction in 2018 and was slated to be completed this year, is delayed — in part because of the pandemic and the state of tourism.
The project has two main components: a 236-room hotel, and a 236-unit condo complex. Both parts are delayed, as the SF Business Times reports, with the condo previously expected to welcome residents in the first quarter of 2021, and the hotel expected to open around the same time.
"It doesn’t make sense to open a hotel this year," says Eric Tao, managing partner and co-founder of the developer L37, speaking to the Business Times. "Tourism won’t really come back until next year, along with conventions."
They're now aiming to open the hotel in the early part of 2022. It's being managed by the New York-based Sydell Group, which operates the NoMad in Manhattan and three other cities, as well as the Saguaro in Palm Springs and about a dozen other properties. It looks like, according to the group's website, the brand for the SF hotel is The LINE, which already has locations in Los Angeles, D.C., and Austin.
The LA location is a renovated hotel on Wilshire Boulevard originally built in 1964. The description calls it "place of community and gathering" with a "lobby [that] welcomes travelers and neighbors alike." Also, "Between locally crafted dishes and nightlife vibes designed by the Houston Brothers, the LINE delivers a rich, layered, urban experience unlike any other in Los Angeles."
Also delayed is the condo component, called Serif, which was supposed to be having move-ins by this time, but which also faced pandemic-related construction delays.
Per the Business Times, condo sales are set to begin this spring, with move-ins by late summer.
Amenities at Serif include "a rooftop solarium with a library and bar," as well as an entertaining kitchen, gym, yoga studio, pet spa, dog run, and a 24/7 attended lobby. The ground floor will likely be getting a restaurant tenant — in addition to The LINE's restaurant and bar — but tenants have not all been lined up yet. The only tenant that's been secured, as of several years ago, is The Magic Theatre, which is opening a 2,000-square-foot black-box theater here.
Also, Serif and The LINE will soon be across-the-street neighbors with SF's first IKEA store, so that's convenient. As we learned last year, Ingka Centres, the company's mall division, is opening a scaled-down IKEA store in the long vacant 6x6 complex sometime later this year.
Rendering by SteelBlue