Hines has announced a deal with Rosewood Hotels and Resorts to occupy the hospitality portion of 550 Howard Street, a mixed-use tower set to break ground early next year in SoMa, San Francisco. Dubbed Parcel F, it is the tallest of the remaining Transbay tower parcel remaining. The 806-foot tall tower is being developed by a joint venture with Hines, Urban Pacific, and Goldman Sachs Asset Management.
According to reporting by J.K. Dineen, a reporter at the San Francisco Chronicle, the developer has stated construction is scheduled to start in the first quarter of 2022. The project will take at least two and a half years to complete, putting the opening date between 2024 and 2025.
Rosewood has committed to opening up the new hotel in the Transbay District by 2026, well after the 2024 period market experts predict the hotel industry will return to pre-2020 levels. The firm will operate approximately 180 guest rooms and suites with interior design by the international Joyce Wang Studio.
The 61-story building rises 750 feet from street level to rooftop, with its parapet extending 800 feet high. The building will yield roughly 957,000 square feet, with 325,000 square feet of office space, 165 apartments, and 189 hotel guest rooms. Approximately 9,000 square feet of retail will be fitted in the podium, alongside parking for 212 bicycles and 183 vehicles.
If complete, 550 Howard Street will be the fourth-tallest building in the Bay Area. The only project that could overshadow this position, the Oceanwide Center at 50 1st Street, is currently stalled at street level.
Pelli Clarke Pelli Architects, the same firm behind the design for the Salesforce Tower, is responsible for the design.
In a March meeting with the Board of Supervisors, the firm expressed that it will raise an estimated billion dollars for construction from JP Morgan Chase and the Singapore-based UOB bank. Hines has agreed to allow hotel workers to be unionized. The firm has also pledged $45-47 million to produce low-income housing in Transbay Block 4, $15 million over the base fee.
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