April 22, 2016
For more on what’s going on in the Bay Area market, attend Connect San Francisco on May 12 at the Hibernia Bank.
New York-based Hearst Corp. is working with two San Francisco-based firms, JMA Ventures and Kenwood Investments, to convert the landmark 13-story Hearst Building into a 130-room luxury hotel. The media company alerted tenants at the 120,000-square-foot building of its intention to submit adaptive reuse plans to the city in the coming weeks.
The historic building at Third and Market St.’s served as a home to both the SF Chronicle and Examiner in the past, but is currently 100% occupied by a diverse mix of businesses since becoming a multi-tenant building in the 1960’s. Hearst’s western real estate operations are based in the building.
JMA Ventures says the Spanish Revival style construction, featuring Tennessee Pink marble and a terra cotta façade, and a long and colorful legacy make it an ideal candidate for a hotel conversion.