Olympic Residential Group, Tidewater Capital and J.P. Morgan Open 193-Unit Prism Apartments in San Francisco

Olympic Residential Group, Tidewater Capital, J.P. Morgan, San Francisco 1028 Market St. Prism
Photo credit: Haley Lan

13-Story Residential Mixed-Use Community includes 193 Apartments and 5,500 SF of Retail 

SAN FRANCISCO — Olympic Residential Group (Olympic), Tidewater Capital (Tidewater) and J.P. Morgan Global Alternatives announced today that Prism, a 13-story residential mixed-use community at 1028 Market St. in San Francisco, California, has completed construction and begun welcoming its first residents. The new community consists of 193 for-rent apartment homes and approximately 5,500 square feet of ground-floor retail. The development, which is pursuing LEED Silver certification, is ideally located in the city’s rapidly evolving Mid-Market corridor and is a short walk to Downtown San Francisco, Union Square, SoMa and the Civic Center. The new community includes 26 on-site Below Market Rate apartment homes. Prism is a joint venture development of Olympic, Tidewater and institutional investors advised by J.P. Morgan Global Alternatives. 

According to Dan Deibel, president of San Francisco-based Olympic Residential Group, Prism represents one of the final pieces of the recent transformation of Mid-Market, completing the connection from Union Square to the Civic Center. This includes the forthcoming IKEA shopping center at 945 Market St.; Serif condominiums and the Line Hotel at 950 Market St.; the Proper Hotel at 1100 Market St.; and a brand new Whole Foods at 1185 Market St. that opened in March 2022 and at 65,000 square feet is the largest Whole Foods in the city. The Line Hotel is anticipated to open in Fall 2022 and will offer a rooftop bar and restaurant in addition to a beer hall, coffee shop, and other dining venues at the street level. 

“Prism is located in a walkable, amenity-rich neighborhood and offers unparalleled access to Muni, BART and bicycle network,” said Deibel, noting Prism’s Walk Score of 100 and Bike Score of 96. In addition, Prism contains secure bicycle parking for 124 bikes.

Deibel continues, “The new apartment community also offers residents immediate access to the city’s vibrant entertainment district with Golden Gate Theatre, the Warfield, and new American Conservatory Theatre within a few blocks, plus an array of nightlife and dining venues nearby.”

Prism features a mix of studios and one-, two- and three-bedroom apartment homes including 26 on-site below-market rental units. Amenities include an attended lobby with a lounge area, community living room with co-working space, conference room, a state-of-the-art fitness center and a 4,500-square-foot rooftop Sky Deck with panoramic views of San Francisco, an outdoor kitchen, fireplace, picnic lawn and dog park. 

“We are pleased to deliver a sustainability-oriented community where Prism’s residents can walk, bike, or take transit to everything the City has to offer,” noted Adam Tetenbaum, director with Olympic Residential Group.  

The site was formerly the home of The Hall, a popular food hall, bar, and community space that Tidewater developed and operated from 2015 to 2017. Tidewater secured entitlements for the apartment building in 2017. Construction began in November 2019 with Build Group, Inc. as the general contractor. The project’s architect was Solomon Cordwell Buenz. IwamotoScott Architecture provided interior architecture and design. Parisa O’Connell Interior Design providedinterior décor. RHAA served as the landscape architect and designer of the panoramic Sky Deck   

The development also includes a glass-and-steel, waterfall-like public art installation, “Infinite Reflections” by Sanaz Mazinani. Olympic and Tidewater selected Mazinani, an Iranian-born artist, out of a field of over 130 candidates who submitted art concepts through a public competition. Tetenbaum noted that “The dichroic glass changes colors based on light conditions throughout the day, creating a stunning visual display on the building and reflecting the dynamic character of the neighborhood.”

About Olympic Residential Group 

Olympic Residential Group (Olympic) is a San Francisco real estate development firm founded in 2012 focused on job-centric, supply-constrained, high-growth markets. With a deep understanding of the Bay Area’s unique fabric, we integrate extensive market knowledge, strong capital partnerships, and talented teams to build creative and enduring communities. Olympic partners with top-tier financial institutions to execute complex developments from the ground up, and leverages our extensive local experience to advise landowners and other strategic partners.

About Tidewater Capital 

Founded in 2013, Tidewater Capital is a San Francisco-based real estate investor, developer and operator with expertise across office, residential, retail, hotel and industrial asset classes. Tidewater’s investment philosophy is grounded in creating value for all stakeholders and generating a positive impact in the communities in which it works.

About J.P. Morgan Global Alternatives 

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$213 billion in assets under management and more than 700 professionals (as of December 31, 2021), we offer strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives.

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