Central Station

The Bay Area's Newest Destination

Tuesday, November 6, 2007

De Ja Vu All Over Again

Fifteen years ago the Bay Area housing market was mired in a serious funk after 8 record setting years of rising prices in the late 80's....sound familiar?

In the midst of all the negative headlines and bargain hunters, however, there was one neighborhood (San Francisco’s South of Market) and one building (The Clocktower) that completely bucked this negative trend. In fact in 1992/3, the Clocktower's 128 units accounted for 50% of ALL of the condominium sales in SF! (See Channel 2 news story 9/17/93).

The building's success was a by-product of it's unique live/work format...it attracted people with an entrepreneurial spirit....people that enjoyed being around other creative and interesting folks...people that weren't willing to wait for the "downturn" to be over... people who wanted to get on with their plans and invest in something exciting and rewarding….their selves, their future, & their businesses.

And the result for those people? Not only did they become a part of an exciting community, but the lofts that they bought then for $265,000 now sell for around $1 million. One original buyer recently blogged on another site: “I lived in the Clocktower from 1993 until 1996 in one of the lofts in the actual Clocktower building and I wish that I had never left….It was a great place to live, and there was a real feeling of community. I was very happy there.”

Every major change in the economy opens the door to new ideas and new thinking. I think we are again at the crossroads of a new economy in the Bay Area....it is time for a new dynamic live/work building. I hope you continue to watch our progress at Pacific Cannery Lofts as the next such community begins to take shape.

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Blogger Richard Register said...

Rick, my NGO, Ecocity Builders, is going to be helping Marcel with some of his ideas for Pine Street Arts and Culture and sustainability revival, within the framework of our Urban Villages Project for BAAQMD. Could I meet with you sometime and learn more about your project and also what is being planned for the Station itself and surrounding?
Kirstin Miller, Ecocity Builders
510-419-0850 kirstin@ecocitybuilders.org

December 2, 2008 at 5:52 PM  

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