The Chronicle and Examiner are both reporting today that the Fairmont is planning to convert the top floor of its Ghiradelli Square building into timeshare condominiums by mid-2007.

“The development, which the firms are calling a “private residence club,” will be managed by Fairmont Hotels’ Heritage Place division, which also operates similar high-end projects in Acapulco, Barbados and Telluride, Colo.”

“Each [of the approximately 50 units] will have two or three bedrooms and between two and 3 1/2 bathrooms, said owner JMA Ventures of Los Altos. JMA, a real estate investment group, bought the 170,000-square-foot Ghirardelli Square early last year for $38 million. The company also plans to revamp the property to include high-end retail and dining, art galleries and spa facilities.”

“Earlier this year, the Fairmont had hoped to convert a 23-story tower at its posh Nob Hill hotel into condos, but the Board of Supervisors approved an 18-month moratorium on hotel-to-condo conversions in August.”

“[Supervisor Aaron] Peskin said though he would prefer straight residential, this will provide some union jobs. “This isn’t housing for real people, but it’s at Fisherman’s Wharf, so let it be,” he said.”

Why’s that, Aaron? Because ‘real people’ wouldn’t want to live near Fisherman’s Wharf?

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