Skanska has signed a contract with 1095 Market Street Owner to renovate 1095 Market St. in San Francisco, converting the historic structure into a hotel. The contract is worth $38m (about £26m), which will be included in the order bookings for Skanska USA Building for the first quarter 2016.
The project consists of rehabilitation of a historic commercial office building originally built in 1904. The existing eight story, 6,700 square meter building will receive a top-to-bottom renovation, including seismic structural upgrades.
Additionally, a new story will be inserted within the ground floor level, resulting in a nine-story 7,800 square meter high rise building. The hotel that will occupy the building will include more than 200 rooms. Additionally, the property will include ground floor retail.
Construction commenced in the first quarter 2016 and is scheduled for completion during the summer 2017.