Permits are approved, and construction was expected to start two years ago, but now the site remains undisturbed while the project developer has received an extension for two loans totaling $80 million. Both JPMorgan Chase Bank and United Overseas Bank have pushed the deadline for Hines through October for two $40 million loans pertaining to the 61-story proposal at 550 Howard Street in SoMa, San Francisco. If built today, the mixed-use tower could become the fourth tallest tower in the city.
The San Francisco Planning Department has approved rezoning Transbay Block 4 to conform with the 47-story proposal by Hines in SoMa. The 513-foot tower will exceed the 400-foot height limit for the parcel at 200 Main Street, creating 681 new homes, of which nearly half will be designated as affordable. Groundbreaking is expected by late 2023 or 2024.
New permit activity shows plans are moving ahead for the 47-story skyscraper at Transbay Block 4 in SoMa, San Francisco. Representatives for the property owner, Hines, have recently filed an amendment request to increase the lot’s height limit from 450 feet to 513 feet. The building would create hundreds of below-market-rate units, apartments, condos, and townhomes overlooking the proposed Transbay Park.
The fifth tallest building in the Bay Area planned or built in the SFYIMBY January 2021 Countdown is the Transbay Parcel F at 550 Howard Street in SoMa, San Francisco. Proposed by a joint venture with Hines, Urban Pacific, and Goldman Sachs Asset Management, the mixed-use tower will rise 806 feet above street level. Construction is scheduled to start in the first quarter of next year.
The ninth tallest tower in the Bay Area planned or built is One Rincon Hill, one of the tallest fully residential buildings west of the Mississippi River. Finished in 2008, the 641-foot tower led the procession of construction that now defines Rincon Hill and the southern portion of San Francisco’s SoMa skyline overlooking the Bay Bridge. Solomon Cordwell Buenz is the project architect.