The Tower is composed of the following components: five sub-grade levels of parking; three levels of retail space totaling 85,000 square feet, 100,000 square feet of high-end fitness and spa facilities (Sports Club LA/San Francisco); a 285,000 square foot five-star hotel containing 240 rooms; approximately 320,000 square feet of luxury residential condominiums comprising 140 units.

The project opened for business in October 2001. To date, the condominium residences have enjoyed an unprecedented reception in the residential market, with the substantial number of units sold before project completion at an average sales price of $1,100 per sq. ft.

Sony Retail Entertainment, which oversees and operates theater locations across the country and the development of location-based entertainment centers and Sony Style retail stores, is the master tenant for the entire center.

Consistent with the City’s plan for the Divisadero Street Corridor, the ground floor street frontage is devoted to retail space. The adjacent parking structure adjoins the building at the first level and provides parking for 538 cars.

The total project cost was approximately $17 million. The development was completed on time and within budget. The equity capital source was UNC Realty, Inc., and individual private investors. Construction financing was provided by Bank of California. The project is owned by the SFMC I Partnership in which the Principals of WDG Ventures (WDGV) are General Partners. The completed asset continues to operate successfully as an operating investment with permanent financing provided by General Electric Capital Corporation. This project was sold in March 2002.

This 50,000 square foot, $10 million project was completed four months ahead of its original construction schedule and within its pro forma budget. Equity capital was provided by WDG Ventures, Ltd. and construction was financed by the Bank of America. The project was purchased by the University of California upon shell completion. WDGV managed the tenant improvement planning and construction on a contractual basis.

At the request of several local public officials and neighborhood leaders, WDGV worked with the San Francisco Redevelopment Agency to explore taking over a commercial renovation project that had nearly bankrupt a local developer. The plan, which WDGV developed, was to abandon the existing commercial structure in favor of a residential development on this site and the adjacent parcel, which the Agency controlled. The proposal included an increased development density to offset the cost of acquiring and demolishing the existing commercial building. The project was designed with significant community consultation and input. The land disposition agreement granted the SFRA profit participation beyond a benchmark return to the development partnership. This $10 million project was completed in 1991 with construction financing by Union Bank and equity from WDG Ventures, Ltd. Westwood’s economic success in a declining market was due primarily to the quality of its physical design and superior sales effort.

WDG Ventures, Ltd. was the source of equity financing for this $7 million project and Luther Burbank Savings provided the land loan. The builder is DeAngelis Construction, Inc. The project was completed in 2000.

Each Loft home includes private outdoor space in the form of terraces, roof decks, and/or rear yards. The below grade garage has 26 stalls, in order to accommodate one and in some cases cars two per unit.

The project was completed in the September of 2001. Despite a difficult real estate market following the events of 9/11, all units were sold within eight months of completion. Comerica Bank provided construction financing. Weyerhaeuser Realty Investors made a substantial equity investment, and the project sponsors provided additional private equity.