250 Kearny (Stanford Hotel)

The result is a lease agreement with the city, currently before the Board of Supervisors for approval, that would pay the owners about $1.9 million in rent the first year, or $1,190 per unit per month, with the city responsible for maintenance costs of up to $205,000 a year. Rent payments would increase 2 percent a year over the 10-year term of the deal, which also gives the city a five-year extension option.