Officials pick Ensemble as Oyster Point hotel builder
NEWS ARTICLE
12.20.2017
Article originally posted on The Daily Journal on December 18, 2017
As transformative development takes shape across Oyster Point, South San Francisco officials picked the builder preferred to construct a high-end hotel on a key property in the area’s revitalization.
The city’s Housing Standing Committee unanimously selected Ensemble Real Estate Investments from a remaining pool of three qualified applicants seeking to build a landmark hotel on city Bayfront property.
Under the decision, company representatives and city staff will begin negotiating a development agreement for a 243-room hotel to rise adjacent to a massive project offering more than 2 million square feet of commercial and residential space.
Alex Greenwood, the city’s Economic and Community Development director, expressed confidence the hotel would be a regional attraction for visitors to South San Francisco.
“It is something that is unique to the location, unique to South San Francisco and provides a very distinct, high-quality experience for guests,” said Greenwood.
Ensemble Real Estate was picked ahead of other finalists JMA Ventures and the Shashi Group, as officials continued whittling down a group of eight applicants which initially expressed interest in the site earlier this year.
Greenwood said all of the finalists proposed attractive offers, but the committee ultimately landed on the preferred applicant due to its financing, design and operational terms.
“We would like to get all three to develop a hotel in South San Francisco, but we had to pick one in this location and my sense is that Ensemble had the best approach,” he said.
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