41 West – Bankers Hill
2600 block of 5th Ave and Maple
Formerly known as The Regent on 5th
Ground Breaking estimate May 2017
Residences from 1,400 to 3,500 sq ft
Estimated pricing from $750,000 – $3,000,000
Icon Properties is bringing another high-end luxury product to the block, at the corner of Fifth Avenue and Maple Street. Featuring a boutique collection of 41 condos, 41 West was rebranded to emphasize the exclusivity of the project and its spacious units, said AJ Tangsoc, owner of Icon Properties.
The project was previously called Regent on 5th. New displays around the property, which just saw the demolition of the Mandarin House restaurant, ask passers-by, “Will you be one of 41?”
A market study of nearby areas found that higher price points were tied to larger spaces, rather than the opposite.
“It was interesting to us, because usually the bigger unit, the more efficient the price per square foot,” Tangsoc said. “That wasn’t the case in Bankers Hill. We saw that and found that quite interesting. We attributed a lot of that toward the difficulty in developing in the area.”
While not a definite at this time, 41 West’s units could have an average of about 1,700 square feet. Units will have two bedrooms and two-and-a-half bathrooms, and 200-square-foot patios.
“We saw that the majority of people living downtown wanted bigger units. And not only did they want bigger units but they wanted more outdoor space,” said Tangsoc, whose company is an arm of his family’s Vancouver-based Regent International Developments Ltd.
Renderings of the project bring to mind others in the area — with glass exterior walls and large balcony areas — but Tangsoc isn’t concerned with oversaturating the market.
In fact, he says brokers have relayed that there is pent-up demand for projects that are 1,500 square feet and up with price points above $1 million.
“With the market in San Diego, and also how the market in San Francisco has been, especially with out-of-town buyers, I think we’ll be able to sell quickly,” Tangsoc said.
A 3,000-square-foot retail space will sit on the corner of the site.
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