1095 Market Street
Synapse Development Group LLC (“SDG” or “Synapse”) and AQARAT (Kuwait Real Estate Company) (collectively, the “Partnership” or “GP”) is seeking interest from qualified accredited investors to provide $5.7 MM+ of capital for the redevelopment of 1095 Market Street, San Francisco, CA (the “Property”).
The Property is an eight-story, 71,944 gross square foot, historic building located at the corner of Market Street and 7th Street in San Francisco’s burgeoning Mid-Market neighborhood. The Partnership has plans to re-develop the Property into a nine-story 203-key YOTEL branded hotel totaling 84,000 SF that includes a 3,350 SF restaurant, 3,500 SF roof top bar and 1,500 SF of meeting and flex space.
The Partnership acquired the property on April 25, 2014, and has spent the last fifteen months working through its pre-development strategy. Upon approval of the Site Permit from the City of San Francisco (expected to occur by the end of August 2015), the Partnership will commence construction (currently estimating structural construction start in fall of 2015). During the pre-development period, the Partnership has worked to ensure that development and construction can begin immediately upon recapitalization.