Trending
Wilson Meany, Stockbridge start pre-leasing at Treasure Island tower
Rents at SF megaproject’s first highrise will range from $3,500 to $8,300 a month
Wilson Meany and Stockbridge Capital Group have started pre-leasing at their 22-story tower on San Francisco’s Treasure Island, more than 15 years after joining the redevelopment of the manmade island.
The 250-unit tower at 39 Burton Street, called Isle House, marks the first highrise on Treasure Island, the 400-acre artificial island connected to Yerba Buena Island. The property will also have nine “live-work” residences, which have commercial and residential spaces in one.
The property, which was designed by David Baker Architects, will be move-in ready in August. The tower also has 1,100 square feet of retail space, a private electric car-share program, EV charging stations and a pet spa.
Rents at the tower are expected to range from $3,500 a month for a studio to $8,300 a month for a three-bedroom unit.
As of last month, the median rent for a studio in San Francisco was $2,095, according to Zumper, down 5 percent from May last year.
Wilson Meany and Stockbridge have worked on the redevelopment of Treasure Island for more than 15 years, after the City of San Francisco started negotiations to redevelop the former naval site. The firms were two of four key developers of the project, along with Kenwood Investments and Lennar.
Plans envisioned up to 8,000 new homes, 500 hotel rooms, 140,000 square feet of retail and 100,000 square feet of office space, totaling more than $5 billion.
Across Treasure Island, Wilson Meany anticipates about 1,000 new residential units will open over the next year.
Wilson Meany also has worked to sell off secluded townhomes it built on the adjacent Yerba Buena Island over the last few months. Prices for those have ranged from $800,000 for a studio to $3.2 million for one of the three-bedroom penthouses.