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A stalled 40-story condo tower in S.F. could be revived with a plan for more density
By Laura Waxmann, Reporter
June 17, 2024



An effort to rezone more than a dozen parcels in a stretch of San Francisco known as the “Hub District” for more height and density fizzled out in 2020, initially due to community opposition, and ultimately because of the pandemic. However, one project in the area — which spans about 84 acres and is centered around Market Street and Van Ness Avenue near the Civic Center — that was declared dead last year after it was seized by its lender is seeking a restart, by way of a density boost.

After years of trying to get its planned 40-story “One Oak” housing tower at 1500 Market St. out of the ground, San Francisco developer Build Inc. lost the entitled project in a voluntary foreclosure last year. An application filed with the city’s Planning Department Friday shows that the lender, Washington Capital Management Inc., has now partnered with another local group, Emerald Fund Inc., to potentially revive the plan by adding more units and reducing funding that has been committed to satisfy the city’s affordable housing requirements.

Emerald Fund’s application seeks to grow the project — originally approved for 309 condos in 2017 and reimagined in 2022 as 460 rental apartments — by 56 units and slightly increase its floorplate, though the 437-foot height of the project would remain unchanged.

https://www.sfchronicle.com/realestate/article/s-f-condo-tower-19518388.php