London Breed issued a request for interest from property owners, developers, and architects looking to transform dust-gathering downtown San Francisco offices into something — anything — different.
Downtown San Francisco is undergoing existential change, as is apparent to anyone who has walked through it on a Monday morning or Friday afternoon since March 2020.Breed’s office announced Thursday that it issued a request for interest from property owners, developers, and architects looking to transform dust-gathering downtown offices into something — anything — different.
Long the driver of San Francisco and the Bay Area’s economy, downtown’s economic lethargy is causing an array of consequences. The City is struggling to address a $780 million budget deficit over the next two years, transit agencies like BART have been unable to lure back riders, and the dearth of office workers has caused property values to crater.
“We have an extraordinary opportunity right now to think big, think creatively, and decide what we want the future of downtown to be,” she said. This new data can help potential developers assess the feasibility of projects. The math of converting an office building is much different at a purchase price of $100 per square foot than double that or more.
Caltrain delays fare increase at least 6 months as fiscal cliff looms Caltrain's ridership lags far behind its peers in San Francisco and around the Bay Area The prospect of converting downtown offices into housing is particularly divisive, creating ardent believers and an army of skeptics — despite The City’s well-documented housing shortage and demand to create more than 80,000 new homes by 2030.
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