San Francisco city officials have approved plans for a new skyscraper that will become the city's third-tallest building. Located at 10 South Van Ness Avenue, at the prominent intersection with Market Street, the project will rise 820 feet and include 67 stories, providing 1,019 new homes in the Mid-Market neighborhood.
The ambitious development, expected to begin construction by late 2026, aims to revitalize the area. This new tower replaces the SVN West events venue, marking a significant step in the city's ongoing efforts to boost housing and economic activity.
Key Takeaways
- New 820-foot, 67-story skyscraper approved for San Francisco.
- Project includes 1,019 homes, with 89 designated as affordable.
- Construction set to begin by late 2026, taking 3.5 years.
- Located at 10 South Van Ness Avenue, replacing SVN West.
- Aims to revitalize the Mid-Market neighborhood with new residents and retail.
A Towering Addition to the City Skyline
The approved skyscraper will stand as a prominent feature of the San Francisco skyline. Its 820-foot height will place it behind only two other buildings in the city's vertical hierarchy. This represents a substantial increase from an earlier 55-story proposal in 2015, which received approval in 2023.
The current design calls for a diverse mix of housing units. Plans include 363 apartments, with 89 designated as affordable, alongside 656 condominiums. This mix offers a range of options for future residents, though these figures could see adjustments as the project progresses.
Project at a Glance
- Height: 820 feet
- Stories: 67
- Total Homes: 1,019 (363 apartments, 656 condos)
- Affordable Units: 89 apartments
- Estimated Cost: Just under $1 billion
- Construction Start: End of 2026
Amenities and Public Spaces
Beyond the residential units, the development integrates a variety of amenities and public spaces designed to enhance urban living. The tower will feature 11,416 square feet of ground-floor retail space, creating new opportunities for local businesses and services. Two swimming pools on the second floor will provide recreational options for residents.
A significant portion of the project is dedicated to open space, with 36,116 square feet allocated across the tower. This commitment to green and communal areas is crucial for high-density urban environments. The building will also include extensive parking facilities, with 255 underground spots for vehicles and 388 spaces for bicycles, encouraging sustainable transportation.
Revitalizing Mid-Market
The developer, Crescent Heights, believes this project will serve as a catalyst for the Mid-Market neighborhood. Adam Tartakovsky, managing director of the Miami-based firm, highlighted the potential for revival.
"It's a bit of a renaissance," Tartakovsky stated. "There's a lot of promise here. We think the neighborhood is really going to come into its own."
Adding over a thousand new homes and thousands of residents is expected to inject significant vibrancy into the area. This influx of people will likely support existing businesses and attract new ones, contributing to a broader economic uplift. The project's location, near Hayes Valley and Civic Center, further enhances its appeal, making it an attractive hub for new residents.
San Francisco's Housing Push
For several years, San Francisco has actively collaborated with developers to encourage large-scale housing projects. The city's Planning Department approved this latest proposal on December 17. This approval follows a four-year extension granted to Crescent Heights in 2023 to secure city permissions, underscoring the city's commitment to facilitating such developments.
Tartakovsky praised the city's cooperation, noting that officials provided valuable assistance throughout the complex approval process. This collaborative approach is vital for navigating the intricate regulatory landscape of urban development.
The Future of SVN West
The site currently occupied by the SVN West events venue will be demolished to make way for the new skyscraper. Non Plus Ultra, the company operating SVN West, confirmed its awareness of the development plans. Lindsay Probasco, head of revenue for Non Plus Ultra, expressed support for the project.
"We are very supportive of the development and look forward to a continued working relationship with Crescent Heights," Probasco shared in an email.
Details regarding SVN West's future, including a potential relocation or becoming a tenant within the new skyscraper, remain undisclosed. The company's positive stance suggests a smooth transition as the ambitious construction project moves forward.
Construction Timeline and Economic Impact
Construction for the 67-story tower is projected to commence by the end of 2026. The development period is estimated to span three and a half years, indicating a completion target in early 2030. The total cost for the project is estimated to be just under $1 billion, a significant investment in the city's infrastructure and housing stock.
While specific financing details were not disclosed, Tartakovsky assured that funding would be secured before construction begins. This massive undertaking is expected to create numerous jobs during its construction phase and contribute to the local economy through increased property values and retail activity once completed. The project symbolizes a bold step forward for San Francisco's urban landscape and its housing future.