Challenges

San Francisco’s condominium market was in a slump in 1992

Timber-and-brick construction meant seismic upgrades were complicated and costly.

The building had windows on only two of its four sides.

San Francisco buyers, famously picky about parking, were less than thrilled to share parking with the office building next door.

exterior courtyard

Framework

In 355 Bryant, McKenzie, Rose & Holliday Development recognized a perfect opportunity to create a real-estate product for the burgeoning home-based-business market. (By 1992, home-based businesses would become the fastest-growing sector of the American economy.) We correctly predicted that buyers would appreciate the flexible space plan and lower cost per square foot of the new loft-conversion concept. We also saw an advantage in the building’s location: walking distance from the Financial District yet close to San Francisco Bay and the green space of South Park. This insight allowed us to complete two warehouse conversions in San Francisco’s SOMA district before other developers were even aware of the trend. (The other was 601 4th Street.) It was a calculated risk that paid off handsomely. The building’s brickwork and arched industrial windows are reminiscent of warehouses in New York and Paris that by 1990 had already become hot residential properties. We preserved the graceful exterior and added a light court that provided natural light to all the units as well as 12-by-12-foot pop-up glassed areas on the roof that were incorporated into the upper-floor units. Closed-off private spaces, complete with walls and storage areas, introduced the “platform loft” to San Francisco; living, dining, and kitchen areas were given open floor plans.

interior common space

building exterior at night

Impact

ITogether with the 601 4th Street conversion, which was completed during the previous year, 355 Bryant played a vital role in the rebirth of the surrounding South of Market neighborhood. As more people chose to live in the new live/work lofts, businesses sprang up to serve them, and by the end of the 1990s SOMA was synonomous with a young, hip, entrepreneurial spirit.

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