Development Team Purchases Historic Renoir Hotel, Unveils Plan for Redevelopment and Renovation
SAN FRANCISCO, CA – May 7, 2013 –A seasoned development team led by The Kor Group and EB5 Global SF announced today that it has closed on its purchase of the historic 1909 Renoir Hotel in San Francisco, with plans to redesign and redevelop the property as a 4-star boutique hotel. Built in 1909, the Renoir Hotel is located at 1100-1112 Market Street (also known as 45 McAllister Street) in the vibrant Mid-Market District of San Francisco.[contextly_sidebar id=”4e6d1e4532a55ddb3c0320460b839206″]The Kor Group will lead the complete renovation, redevelopment and redesign of the historic hotel and an affiliate of The Kor Group will operate the re-envisioned lifestyle hotel.
Financed in part with New Market Tax Credits and Historic Preservation Tax Credits, the project will also rely on capital raised through the EB-5 Investor Green Card Program. Williams/Dame & Associates will provide development oversight for the project on behalf of EB-5 investors.
“We are pleased to be working with Kor to breathe new life into the historic Renoir Hotel,” said Devin Williams of EB5 Global SF. “In addition to preserving a landmark and creating a beautiful new destination in Mid-Market, the project will generate construction and permanent jobs in the city center.”
Kor Principal, Alex Samek, commented “We are thrilled by the wildly successful EB-5 capital raise that our team was able to achieve in China. Our project employs a unique capital structure, allowing EB-5 investors to benefit from substantial tax credits from the state and federal government. The enthusiastic response from EB-5 investors has been a direct result of our capital structure and the strength of the development team. Of course, this project and the entire revitalization of the Mid-Market corridor would not have been possible without the continued support of the Mayor’s Office and Supervisor Kim.”
When it opens in 2014, the hotel will feature 135 guestrooms, a new lobby lounge and retail shop, and multiple food and beverage concepts. Below ground level, the hotel will provide a fitness center, restrooms, and 1,000 square feet of meeting space. The hotel will also have a rooftop deck accommodating close to 300 people for food and beverage service and special events.
About The Kor Group (www.thekorgroup.com)
Kor is a fully-integrated real estate investment, development and management firm with offices in San Francisco and Venice, CA. The firm is committed to creative design and distinctive branding that brings enhanced value for investors. Since its inception in 1999, Kor has acquired and developed hospitality, residential, and office assets valued in excess of $2 billion, earning numerous design and preservation awards along the way. Kor created the Viceroy Hotels & Resorts brand and the Viceroy Hotel Group management company and is recognized as an innovator in the design and development of lifestyle properties,. The firm is led by Brad Korzen, Brian De Lowe, and Alex Samek.
About EB5 Global SF (www.eb5g.com)
EB5 Global SF specializes in real estate projects that revitalize cities and create jobs using foreign capital. EB5 Global SF provides general oversight and management for each project in addition to managing each project for USCIS compliance throughout the lifecycle of the investment. Collaborating with best-in-class immigration attorneys, regional centers, and branded operating companies, EB5 Global SF brings quality projects to market, creating jobs and helping families realize their dream to immigrate to the United States. The firm is led by Homer Williams and Devin Williams.
About Williams/Dame & Associates (www.wddcorp.com)
Williams/Dame & Associates is a Portland-based real estate development firm led by Homer Williams and Dike Dame. The firm has led the redevelopment of the “South” neighborhood, a new high-rise community in South Park in downtown Los Angeles, the Pearl and South Waterfront Districts in Portland, Oregon, and several hotel projects in both cities.