Developer, Critics Dispute Sales of Units at Marina City Club

Opponents of plans to sell 81-year leases on 600 luxury units at the Marina City Club say the conversion has failed to attract buyers, but developer Jerome H. Snyder dismissed their claims as “wishful thinking.”

Critics include Marina City Club tenants who sponsored a court attempt to overturn the conversion plan approved by the County Board of Supervisors in October.

County consultants estimated that the county would receive an additional $1.4 billion in lease income over the 81-year period of the leases, which range in price from $85,000 for a single to $725,000 for a four-bedroom penthouse.

Opponents claim that the conversion has failed to attract buyers, and that the developer is settling for short-term leases for renters at Marina City Club.

But in an interview Tuesday, Snyder said he is pleased with the progress of the leasing. He said that leases on 142 of the 600 units have been sold for a total of $42 million. As soon as 150 units are sold, probably within a week or two, he said, escrows will be allowed to close and transactions will be completed on these initial sales.

Snyder said renters are being given short-term leases to occupy 45 low-rise apartments on the Marina City Promenade, which was not part of the conversion plan for the three high-rise towers at Marina City Club.

He said tenants in tower apartments are being allowed to remain until a new owner acquires their units. Asked if new tenants are being allowed to rent tower apartments, he said that possibility is under discussion, but so far “that is not our policy.”