Bay Area hotel/office distress conversions accelerating
Key Questions
What are some recent hotel-to-apartment conversions in the Bay Area?
San Jose's WSC hotel is converting to a 213-unit apartment building with 5% affordable units. Oakland's Courtyard Marriott is being converted to a 64-unit building with 7% affordable units under SB330 by Gaw/Core.
How is the office-to-apartment conversion trend progressing in the Bay Area?
Office-to-apartment conversions are accelerating, with 8 projects underway in San Francisco. This reflects broader distress in commercial real estate amid economic pressures.
What is the status of the historic Alameda Hotel Apartments?
The 93-unit historic hotel-apartment building at 1415 Broadway in Alameda is on the market for $18.6 million. It was recently reported to have experienced a fire.
What factors are driving hotel and office conversions in the Bay Area?
Conversions are accelerating due to hospitality sector challenges including crashes, insurance issues, and syndication problems. They echo adaptive reuse opportunities like ArtHaus, with tracking needed for permits, NIMBY opposition, and pipeline developments.
How does California's hotels-to-housing program relate to these conversions?
Governor Newsom's $3.8 billion hotels-to-housing program has been scrutinized by CalMatters through 100 records requests to assess its effectiveness. It supports initiatives like the Bay Area hotel conversions amid commercial distress.
San Jose WSC hotel to 213-unit (5% aff); Oakland Courtyard Marriott to 64-unit (7 aff) SB330 Gaw/Core; Bay Area office-to-apartments up (SF 8 projects); Alameda 93-unit historic hotel-apts $18.6M sale. Echoes ArtHaus adaptive reuse opps amid hospitality crash/insurance/syndication. Track permits/NIMBY/pipeline.