Hotel development firm planning on turning parking garage into a six-story hotel.
Stonebridge Realty Advisors has plans to turn a one-story parking garage in San Francisco's SoMa District into a six-story hotel. Architect Michael Stanton of Stanton Architecture is collaborating on the project with Stonebridge Realty Advisors.
The design of the structure is described as a re-used space and would incorporate the existing façade of the parking garage, which was built in 1935. The hotel would house 105 rooms with a basement, and a public accessible rooftop. The project is estimated to cost $10 million dollars.
The garage is presently owned by Ares Commercial Properties, and was only recently used as a garage. Prior to 2009 the building was used as an industrial space. The project has been submitted to the city for review, but must be approved before any further plans continue.
This project is just one of the many hotel projects that Stanton Architecture has been involved with recently. They have just completed the Hotel Zetta, and are presently working on a 134 room hotel on King St.
The current boom in the hotel market is due to a thriving tourism scene in San Francisco. With 18 million tourists in 2014, the city has had an increase in revenue. The San Francisco Business Times reports that the city's revenue is up 13.7 percent from 2013. However, the growing tourism is stifled by lessening hotel space as hotel occupancy has increased to 85% from 73%.
San Francisco's hotel market is one of the best in the country, so even despite the high costs of commercial real estate, more investors are investing in the city's hotel industry.
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