(SAN FRANCISCO, Calif.) One of the most iconic skyscrapers in the City will get a high-end, extremely exclusive club in an attempt to revitalize nightlife in San Francisco since the pandemic.
Core club, a New York-based nightlife company, will build a three-floor facility in the bottom of the striking tower. The new facility will feature three private restaurants, three bars, a fitness center, a theater, six suites and four private meeting rooms.
The facility is part of a wide revamping of the tower from new owner Michael Shvo, an Israeli real estate developer, who reportedly plans to invest $100 million in renovating the tower.
“We’re starting a restoration, a transformation of that block that we believe will revitalize downtown,” Shvo told the Chronicle. He also noted that he had plans to open three public restaurants as part of the renovation.
In 2018, Shvo agreed to pay $3.5 million in restitution for criminal tax fraud. He was not sentenced to any jail time. Part of the plea mandated that Shvo "stay out of trouble" for three years or will face re-arrest. The plea deal also mandated that any civil litigation will cease, provided that Shvo meets the aforementioned terms.
San Francisco is the first West Coast venture for Core and the second in a Shvo building. The first is in New York. Core maintains another high-end club location in Milan, Italy.
“We’re very bullish on San Francisco and big cities generally, especially gateway cities,” said Jennie Enterprise, founder and chairman of Core, which opened in 2005. “We weren’t compelled to expand. It had to be an evolution that made sense. It’s about finding a city that’s internationally relevant and culturally vibrant.”
The venture will bring in chefs from around the world and feature exclusive perks for members. The exclusivity comes with a hefty price tag.
Initial fees range from $15,000 to $100,000 for a "founding membership," which allows any member of the purchasing family to use the facility. There will only be 20 available in San Francisco and membership is by invite only. The purchase does allow members to attend any of the clubs in New York City and Milan, Italy.
Last year, Core signed a 20-year lease for 45,000 square feet of critical real estate in the Pyramid.
“COVID is a moment in time,” Shvo said. “There was life before COVID. There will be life after COVID.”