Scheduled to participate in the groundbreaking are: San Francisco Mayor Willie L. Brown, Jr.; Millennium Partners principals Christopher M. Jeffries and Philip E. Aarons; H. Roger Garland, Vice Chairman, Four Seasons Hotels and Resorts; Paula R. Collins, CEO of WDG Ventures, Inc.; Lynette Sweet, President, San Francisco Redevelopment Agency Commission; and William C. McCahill, Jr., Executive Vice President, Fleet Bank.
Making a dramatic addition to the city, Four Seasons Hotel and Tower will feature a 285-room Four Seasons Hotel; approximately 140 luxury residential condominiums serviced by the hotel; a state-of-the-art Sports Club fitness and spa facility spanning 100,000 square feet, plus retail and restaurant space. The one million-square-foot project will be developed at a cost of $350 million on a 55,000-square-foot parcel in downtown San Francisco's burgeoning South of Market area, providing 750,000 square feet of above-grade usable space.
"San Francisco is a world-class city known as a capital of culture and commerce among its loyal residents and visitors alike," said Christopher Jeffries, president of Millennium Partners. "Millennium's successful mixed-use concept will make Four Seasons Hotel and Tower a significant landmark in downtown's South of Market area, providing the best in living, recreation and shopping - all at one site."
"The impact of this project on both the immediate neighborhood and all of downtown San Francisco will be significant. Millennium Partners and WDG Ventures, Inc. will capture the appeal of this entire area and do it in a way that is appropriate for our city in the next century," said Mayor Willie L. Brown, Jr. "This neighborhood has emerged as a dynamic place where people will want to live and visit. The developers have been responsive and sensitive to neighborhood concerns. We look forward to their continuing participation in the business community of San Francisco."
"Four Seasons Hotel San Francisco is an exciting new addition to our portfolio," remarked Isadore Sharp, chairman and chief executive officer of Four Seasons Hotels and Resorts. "It has long been a priority for us to return to the City, and with this exciting new development, we have the ideal location and facility. We see the hotel as a welcome focal point for residents and visitors to one of the world's most attractive urban centers."
"This development represents a cornerstone for the many positive changes that have combined to create a renaissance for Yerba Buena Gardens. Its lively mix of uses will contribute greatly to this area's new energy," said Lynette Sweet, president of the San Francisco Redevelopment Commission.
The site is being developed by Millennium Partners LLC, in connection with their local partner WDG Ventures, Inc. This team is also responsible for the creation of the Metreon, A Sony Entertainment Center, currently under construction on an adjacent parcel, scheduled to open in 1999. Providing more than 350,000 square feet of multi-faceted entertainment options, the Metreon will be billed as the nation's premier urban family entertainment center, featuring movie theaters and an IMAX cinema; retail such as Discovery Channel, Microsoft and Sony Style stores; restaurants, and Sony's signature virtual reality attractions.
"The beauty of our development is that it completes a neighborhood. We are proud that so many people from throughout the City have pulled together to make this project a reality," said Paula R. Collins, principal, WDG Ventures, Inc., a San Francisco-based real estate development and urban planning consulting firm.
Millennium's novel urban entertainment and living concept, its ability to partner with its tenants, its strong equity position and its ability to work with local redevelopment agencies and city governments, has enabled it to secure major developments in San Francisco, Boston, Miami, Washington, D.C., New York and Toronto.
The project was designed by the architectural firms of Gary Edward Handel + Associates Architects of New York and San Francisco, in collaboration with Del Campo and Maru of San Francisco, and Teodoro Gonzalez de Leon of Mexico.
Millennium has selected Bovis Construction Corp. as construction manager for the project. It marks Millennium's 12th association with Bovis, comprising nearly five million square feet of construction, including the Metreon Sony Entertainment Center adjacent to Four Seasons Hotel and Tower. Bovis is a subsidiary of the Peninsular and Oriental Steam Navigation Company (PO).
Four Seasons Hotels and Resorts is the world's leading operator of luxury hotels and currently manages 42 properties in 18 countries, primarily under the Four Seasons and Regent brand names. Four Seasons Hotels Inc. is traded on the New York Stock Exchange under the ticker symbol "FS." Information on the company can be accessed through the Four Seasons website at www.fourseasons.com.
Millennium Partners, headquartered in New York City, is the international real estate development firm that pioneered the urban living and entertainment center concept. The company has assembled some of the world's leading retailers, sports and entertainment companies, and financial institutions to create intelligent, large-scale urban developments that respond to a resurgent demand for dynamic city living. Millennium Partners has attracted prominent institutions and individuals as financial partners, including Goldman Sachs' Whitehall Fund; financier George Soros and his Quantum Realty Fund Limited; Citicorp Real Estate N.A. and a consortium of German financial institutions led by ERGO Versicherungs Gruppe AG. With nearly $2 billion of mixed-use real estate currently under development in Boston, New York, Miami, San Francisco, Washington, D.C. and Toronto, Millennium Partners has forged the revitalization of the Lincoln Center area with the development of the Lincoln Square Complex, one of Manhattan's newest and most successful shopping and residential locations.