First Republic Bank is getting in on the ground floor in the transformation of San Francisco's historic Presidio into a bustling commercialized park.
The $4.2 billion-asset San Francisco bank this month opened a branch in what was once the jailhouse of the military post, now surrounded by acres of undeveloped parkland at the southern foot of the Golden Gate Bridge.
The Presidio served as a military post under the flags of Spain (1776-1822), Mexico (1822-48), and the United States (1848-1994), and is now part of the Golden Gate National Recreation Area. Mandated by Congress to become the nation's first self-sufficient national park by 2013, the Presidio will soon be home to the filmmaker George Lucas' digital production studio, plus scores of other business and residential developments that will help the park pay its $45 million a year in expenses itself.
According to chief operating officer Katherine August-deWilde, First Republic jumped at the chance to be the first bank to open a branch in the redeveloped park to gain business from neighboring tenants and others that will follow.
"We're already the lender for several businesses to get into some of the buildings there," she said. "We believe we will also do a good job of serving the employees who work at the Presidio and the residents who live there."
Known for its private banking, investment, and trust services, First Republic wants to get a crack at increasing its market share in the tony areas surrounding the Presidio.
Of course, turning the park into a commercial center is not a done deal.
Though Mr. Lucas' company has been given the green light, development of the remaining land adjacent to the military post is still in the planning stage. Opposing proposals include everything from leaving the site as it is, to giving it to nonprofits for homeless shelters.
Ms. August-deWilde said that, considering the park is in one of the most affluent areas of San Francisco, First Republic should do well in its new Presidio office no matter what.
