Proposed skyscraper for downtown SF vacant lot would be city's 2nd-tallest building

SAN FRANCISCO (KGO) -- A long-stalled construction site in downtown San Francisco could now become the city's second-tallest building under plans revealed Tuesday by the San Francisco Recovery Fund.

The proposed project, known as Fifty at First, would transform the vacant site at 1st and Mission streets into a 56-story office tower. If built, it would stand at 910 feet, about 100 feet shorter than Salesforce Tower.

The site has remained undeveloped for years and is frequently described by city leaders and observers as one of downtown's most visible unfinished projects.

"We're standing in front of Downtown's biggest eyesore," San Francisco Chronicle reporter Laura Waxmann told ABC7 Eyewitness News.

Developers released renderings of the proposed tower which boasts for 1.5 million square feet of space, bridge-to-bridge views and a partnership with SFMOMA.

"Once complete, it'll be one of the best office towers in the United States," said Jay Yang with the San Francisco Recovery Fund.

The proposal is drawing attention because it comes as San Francisco continues efforts to revitalize its downtown office market.

"There's been a lot of focus on San Francisco's downtown after the pandemic," Waxmann said. "We were in the news a lot for all the losses that we just talked about, and people in the development world are really excited that we're even talking about a new building."

The project faces a significant challenge before construction can begin: securing an anchor tenant. Developers are pursuing tenants at a time when about one-third of the city's commercial office space is vacant.

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Still, project leaders say they are confident demand exists for this building.

"The premium tier in the market is in high demand," Dan Kingsley with the San Francisco Recovery Fund said. "There just is not enough really good quality office space for the tenants that want it."

Mayor Daniel Lurie said the proposal reflects growing optimism about the city's future.

"It's hopeful, It's optimistic. It shows that San Francisco's on the rise. In this case, literally," Lurie said. "To see people wanting to build again in San Francisco means more jobs and means more revenue."

Developers said they are open to a variety of potential tenants.

"Obviously, the AI technology industry is growing rapidly," Kingsley said. "Right now in San Francisco, but the way they use space is different than, for example, a bank or law firm."

While no visible construction is expected in the near term, developers said work on the project is continuing behind the scenes. They hope to begin construction in 2028 and complete the tower by 2031.