Just one month after the long-gestating Treasure Island redevelopment welcomed its first market-rate tenants, pre-leasing has begun on the project’s soon-to-be-completed second apartment complex.
Lennar is the developer of Hawkins, a 178-unit apartment community with a mix of studio, one-, two- and three-bedroom units ranging from about 450 to 1,660 square feet.
Rents for studios start in the $2,800s; one bedrooms start in the low $3,000s; two-bedrooms in the low $4,000s; and three bedrooms jump up to a start of $7,200, according to a rep from the island’s master developer Treasure Island Community Development, a partnership between Wilson Meany, Stockbridge Capital and Lennar.
Island living has a premium, at least on the margins. According to Zumper, the average rent for a studio in San Francisco is $2,095, putting the Hawkins unit at least 134 percent over average. A three-bedroom unit in the city typically goes for $4,900, making the Hawkins rent nearly 150 percent over average.
On the other hand, the average San Francisco rents for a one-bedroom ($2,948) and two-bedroom ($4,085) track pretty closely with monthly costs at Hawkins.
Located at 77 Burton Street, Hawkins is walking distance from the Treasure Island Ferry Terminal. Amenities include a panoramic view roof terrace with a “hammock lounge,” 24-hour fitness center, coworking center and pet spa.
Completion of the six-story mid-rise and a four-story low-rise is set for early next year, with move-ins to follow. The “more intimate design” is part of what differentiates Hawkins — named after the main character from the adventure novel “Treasure Island” by Robert Louis Stevenson — from the towering 22-story Isle House, the island’s first-market rate apartments, which was developed by Wilson Meany and Stockbridge, according to the TIDC rep.
Hawkins will be managed by Lennar subsidiary Quarterra Multifamily and the leasing team is particularly targeting single working professionals, couples and independent creatives, the TIDC rep said. But the potential tenants for both apartment communities will be drawn to Treasure Island’s park-centric waterfront lifestyle just a short ferry ride from Downtown San Francisco, the rep added.
The spokesperson did not have data on how the 250-unit Isle House lease up is going but said the partners are not concerned that Lennar’s Hawkins project would cannibalize potential tenants from Isle House.
“We see Treasure Island as a collaborative and cohesive residential community that will collectively attract new interest rather than create a competitive marketplace,” the spokesperson said. “Each building is designed to bring its unique personality, views and offerings.”
Between Hawkins, Isle House and two affordable housing developments there are now more than 1,200 new homes open or soon-to-be open on Treasure Island. In combination with the for-sale homes under development on neighboring Yerba Buena Island, there will eventually be more than 8,000 housing units on the former naval base, as well as 300 acres of parks, trails and open space. Soccer team BayFC recently announced it will open its new practice facility on Treasure Island, and outdoor spaces such as Panorama Park, Signal Park and Rocks Dog Park were recently completed.
“It’s incredibly rewarding to see Treasure Island coming to life, with residents now moving into Isle House and soon Hawkins,” said Chris Meany, managing partner at Wilson Meany and co-CEO of TIDC, who has worked on the project for more than two decades.
Next up on the island are its first for-sale residences at 490 Avenue of the Palms, which will have studios, one-, two- and three-bedroom homes. There will be 148 residences in the condo complex with sales beginning in February, according to the marketing site.
More details on those offerings will be announced next year, Meany said.
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