Rejected names: REACH Farther; CEEALAR SF
Update: Red Victorian not available @April 24, 2022 10:45 AM (PDT)
Called the agent running the site; apparently the Red Victorian is being sold off on May 6th. Efficient market hypothesis strikes again!
There’s some chance the deal falls through (5%? idk), and the agent offered to contact us if that happens.
The Red Victorian is:
- A historic 21-bed, 14-bath hotel
- 11.2k sqft, with a 2.3k sqft storefront on the first floor
- Located in the center of the lively Haight-Ashbury neighborhood
- Next to Golden Gate Park and the Panhandle
- Currently listed for $5M
Austin proposes to buy this property and turn it into a living, working, and community space for people trying to change the world.
- Right in the center of a quirky/nice neighborhood
- Easy access to two giant parks
- Close to the Neighborhood?
- Berkeley REACH: Community hub for people to cowork/crash
- EA Hotel: Subsidized hotel in Blackpool, UK
- People matter
- Make sure people’s needs are met
- Shelter (obviously)
- Physical exercise (jogging groups?, morning workouts?)
- Mental health, emotional support
- Sleep/quiet at night
- Foster serendipity
- Easy to meet other cool people
- Easy to enjoy the surrounding food, weather, parks
- Have a high bar
- This isn’t a commercial endeavor seeking ROI; you can’t just buy a room
- Application process for long-term residents
- But short-term tenants can drop by and try it for a night or two
- People may want to only spend a few months of the year here. Let’s make that possible!
- Down payment: 20% = 1m? Austin could almost cover this.
- How do $5m-sized loans work
- How much free cash flow is needed to service the loan? Is it covered by expected rent?
- Any tax things we need to sort out?
- Would someone like FTX FF or OpenPhil or CEA be interested in funding this completely?
- Or be interested in providing the loan
- Impact Cert
- Could we sell an impact certificate on this???
- What’s the current state of the Red Victorian?
- Who’s living there? Is it completely empty?
- If so: Why? is the housing market in a low state in SF?
- How much work is needed to renovate it?
- Are cool people expected to continue coming in to SF?
- Or are they going to be migrating to east bay/NY?
- Austin is biased towards thinking SF is really cool, but maybe that’s a temporary COVID measure
- Have REACH and EA Hotel been worth the resource investment?
- REACH fell apart
- Sinclair: Trying to be a lot of things. Hostel, community center
- Liked playing board games there. Did consider living there.
- EA Hotel
- Super cool, but haven’t necessarily seen too much amazing work produced??
- Is there any legal/bureaucratic red tape around owning and managing a hotel??
- Find results here: https://www.loopnet.com/search/hotels/san-francisco-ca/for-sale/
Sinclair: “REACH farther out”
- People are lacking a nice environment around them
- Live in houses that are badly furnished, with only soylent
- Probably isn’t how a project trying to get smart people to do smart things should look like
- Maybe there’s danger of encompassing a person’s personal life into their job
- Cult-like dynamics, makes it harder to leave if you have disagreements, easier to abuse people
- Maybe there’s already enough competition for group-house like living in SF
- Genesis seemed like a cool idea but they’re falling apart now
Cool people who might want housing
- Diane Kim/Kyle Tan
- Sinclair Chen
- Michelle Chang
- Ida Mayer
- Eric Jang
- Arnav Dugar
- Carol Chen
- Jose Luis Ricon
- ... you? Contact Austin (email@example.com), or just add your name above!
- Austin Chen
- June Liu?
- Greg Colbourn?
- Ruth Grace Wong?
- Jason Benn?
- (reach out if you’d like to help!)