Permits have been filed for the potential office-to-housing conversion of 150 Hayes Street in Civic Center, San Francisco. The project garnered headlines last month as a marquee project in the latest effort to make conversions pencil out financially as the city continues to struggle with high office vacancy. Emerald Fund and SDG are jointly responsible for the application.
The application calls for converting the existing structure and adding a new story spanning 15,530 square feet. The existing building footprint will remain unchanged. Once complete, the latest filing looks to add 104 apartments to the site, a single-unit reduction from the initial announcement.
The 1968-built structure is located along Hayes Street between Polk Street and Van Ness Avenue. Future residents would be one block away from City Hall, and a couple of blocks away from the Civic Center BART Station.
150 Hayes Street, image by Google Satellite
150 Hayes Street was formerly one of four properties around Van Ness Avenue and Hayes Street that were part of the vacated California State Automobile Association Campus. The other three sites have all been redeveloped into housing at 101 Polk Street, 150 Van Ness Avenue, and the biggest office-to-housing conversion project in the city’s history at 100 Van Ness Avenue.
All three projects were developed by Emerald Fund, and the firm’s involvement at 150 Hayes Street will only bolster residential support. According to reporting by J.K. Dineen for the San Francisco Chronicle, the new housing will share amenities with 101 Polk Street, including the existing fitness center and a new co-working space.
SDG is a San Francisco-based investment firm founded by Jack Sylvan, a former Senior Vice President at Brookfield Properties involved with various high-profile projects across the city, including Pier 70, 5M, and Stonestown Galleria.
The city continues to endure a historic high office vacancy rate, currently standing around 30% according to city records. However, the market has shown a sustained slow recovery, with four straight quarters of positive net absorption. The most recent two quarters were both the strongest quarters for office net absorption since 2019.
Despite this recovery, several office buildings around the city are unlikely to garner success, leading developers and the city alike to seek a new use. Currently, no major office-to-housing conversion projects are under construction after Forge Development Partners terminated its agreement to convert 785 Market Street, as per reporting by Sarah Klearman for the San Francisco Business Times. In recent weeks, a few plans have been submitted to the city, including at 575 Sutter Street, 901 Market Street, and 2300 Stockton Street.
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