"Mark Schwettmann, the project lead from Skidmore, Owings & Merrill, or SOM, has watched all of these pieces come together since 2017. The result is a public-private partnership between the city and Related California, a large real estate development firm, that bundles this unlikely combo: up to 390,000 square feet of office space, 200 hotel rooms, ground-floor retail, and a four-story, state-of-the-art fire station to replace the aging Station 13."
"The unique factors in San Francisco that make development difficult were leading people to find these interesting synergies between public and private and different kinds of uses, said Schwettmann on a call with SFGATE this week. With a project of this magnitude, the complexity isn't just architectural; it's financial. The fire station will be funded through future hotel tax revenue instead of upfront money from the city, and the project is set to generate nearly $15 million in affordable housing funds."
"Downtown drives San Francisco's economy, and a thriving downtown where people can live, work, play, and learn will be key to our city's comeback, Lurie said in a news release. The timing matters. The Financial District has been likened to a ghost town, and questions persist about its future in the wake of the pandemic and rise of work-from-home culture. Office leasing and return-to-office numbers have improved, but recovery remains fragile, and large, new construction has been nearly nonexistent."
530 Sansome will place a 41-story, 544-foot tower, a luxury hotel, ground-floor retail, a public plaza and a four-story fire station on a half-acre Financial District site. The project is a public-private partnership between the city and Related California, led by SOM since 2017, and will include up to 390,000 square feet of offices and 200 hotel rooms. The new fire station will replace Station 13 and be funded by future hotel tax revenue. The development is expected to generate nearly $15 million for affordable housing and aims to support downtown economic recovery.
#san-francisco-development #public-private-partnership #mixed-use #financial-district #affordable-housing
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