News
THE TREATS OF VERSAILLES
August 10, 2011
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| For a guy who named his company after a fort, Presidio Development Partners president Mark Conroe knows how to provide the creature comforts. That’s one of the reasons the sales volume has doubled at Versailles of San Mateo, a luxury seniors housing condo development. Presidio acquired the 61-unit project in December (for a reported $20M-plus, about half of replacement cost). Sales had stalled last year and the construction lender took it back from the developer. Pop culture reference: Mark, whom we chatted with yesterday, claims Presidio’s known by some as “the Wolf” because “we’re called in to help when things get messy” (think Harvey Keitel’s character in Pulp Fiction). We didn’t challenge him for fear of ending up like the guy in the backseat of John Travolta and Samuel L. Jackson’s car. |
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| In his spare time, Mark collects pics of San Francisco and iconic people taken by famous photogs such as Ansel Adams and Annie Leibovitz, like this one of Nick Nolte. He says Versailles’ problem had nothing to do with the project itself but rather an inexperienced developer and the housing downturn. The project had sold about a third of the units before being taken back. To turn it around, Presidio implemented a 15-point improvement program (which we won't list here). It began with a “clear-headed assessment” to see what needed doing and a competitive analysis. Among other items, Presidio looked at the services and programs, enhanced the amenities package, and made physical upgrades. One major element was to assure the existing residents that the trauma of the foreclosure was over. “If they’d been bitten by a snake, we wanted to get the venom out.” |
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| Presidio’s a full-service commercial and residential development and investment firm specializing in urban-infill areas. Besides the aging baby boomer trend, Versailles plays into the vogue for smart growth—it’s located at 10 Crystal Springs Rd in downtown San Mateo, within walking distance of restaurants, entertainment, healthcare services, and the train station, which can take you to BART. Before settling down a few years ago to start a family—he and his wife have a 1.5 year-old, with another on the way—Mark had a serious case of wanderlust. If you want to know where in the world you can rub elbows with huli wigmen (above with Mark, some years ago), sit down for a rap session with silverback gorillas, or snorkel with marine iguanas, he’s your man. |
