realestate

Reviving San Francisco's Downtown: A Path Forward

San Francisco's top real estate leaders and city officials meet to revitalize downtown workforce.

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an Francisco's downtown area is struggling to attract workers, with half of its space empty or for sale. A recent panel discussion at UC-Berkeley brought together city officials and business leaders to brainstorm solutions. The gathering included representatives from major employers like Gap and the Warriors, as well as commercial and residential developers.

    Neighborhood amenities were identified as a key factor in revitalizing downtown. According to Gensler's upcoming global workplace survey, neighborhood bars, restaurants, coffee shops, and parks are the top preferred amenity for workers. However, Eric Chan, chief business and strategy officer for Gap, noted that there isn't enough foot traffic downtown, which is causing apprehension among businesses.

    A coalition led by Mayor Daniel Lurie is working to revive Warriors star Steph Curry's plan to build a 24,000-square-foot headquarters for his Thirty Ink firm. The project was previously stalled due to demands from the Nor Cal Carpenters Union for more union workers during construction. The city is exploring options such as finding a new general contractor or donating labor to alleviate costs.

    In other development news, Forge Development Partners is set to buy the former Wells Fargo headquarters in downtown San Francisco for around $54 million, with plans to convert it into homes. This follows the company's successful office-to-home conversion of the Humboldt Bank Building.

    Residential sales are also on the rise, with a notable co-op sale in Pacific Heights. The former CEO of Grocery Outlet sold his 5,000-square-foot home for $15.5 million, including furnishings. Other high-end sales have taken place in the area, including a unit at 1 Steuart Lane and the penthouse at The Avery.

San Francisco downtown revitalization efforts underway, with city officials and community leaders.