F
ivePoint Holdings is seeking investors to fund its revised plan for a massive office complex at Candlestick Park, despite thousands of empty offices in San Francisco. The Irvine-based developer has secured city approvals and is now looking for capital partners or tenant commitments to move forward with the 280-acre project. CEO Daniel Hedigan said the recent approvals will "catalyze conversations" with potential investors.

    The office vacancy rate in San Francisco has soared past 37 percent, but FivePoint is pushing ahead with its plan for 2 million square feet of offices at Candlestick Park. The developer had previously planned to build this space at Hunters Point, where it still hopes to construct 3,500 homes and other amenities. However, the Navy's ownership of the site until 2038 due to environmental cleanup delays has stalled progress.

    FivePoint has received a green light from the San Francisco Board of Supervisors to amend its development agreement for Candlestick and Hunters Point. The revised plan includes shifting 2 million square feet of offices from Hunters Point to Candlestick Park, which will require public financing extensions and zoning changes. FivePoint's senior vice president, Suheil Totah, expressed enthusiasm for moving forward with the project, citing the company's commitment to San Francisco.

    The developer can afford to break ground on infrastructure next year or in 2026 using its own funds, according to Thor Kaslofsky, who heads the city's Office of Community Investment and Infrastructure. FivePoint expects approval for site work next year, paving the way for a potential 2025 start date for the project.