San Francisco has a 35% office vacancy rate and generational housing crisis, but investors want to build a 1,225 foot mostly-office tower instead of 808 homes proposed for the same lot. This is a perversity of financial incentives, yet every city leader quoted here is “bullish.” https://t.co/viGHOg5FPr
A 10-story project is slated for this site near the Miami River. https://t.co/nDg5mGrKJc
NEW: Proposed SF tower would dwarf Salesforce, be tallest on West Coast https://t.co/tUmImU6tBP
A developer has filed preliminary plans for a roughly 1,225-foot skyscraper in downtown San Francisco, a height that would exceed the 1,070-foot Salesforce Tower by about 15 stories and make it the tallest building on the U.S. West Coast. The predominantly office project is slated for a site that had previously been advanced for a 808-unit residential development, according to planning documents. City officials quoted in initial statements said they are "bullish" on the proposal despite San Francisco’s office vacancy rate hovering near 35 percent and ongoing calls for more housing. If approved, the tower would reshape the city’s skyline for the first time since the Salesforce Tower opened in 2018, underscoring continuing investor interest in trophy office properties even as the broader commercial real-estate market struggles with post-pandemic demand.