An ambitious new project has been proposed for 1 Montgomery St. (at Post): a 500-foot-tall condo and hotel tower, which would use the southwest corner of the intersection's existing two-story Wells Fargo building as its base.
According to the Chronicle, the proposal calls for an as-yet-undetermined mix of hotel rooms and residences, and the 500-foot height would be more than twice the area's limit, which would require special legislation from the Board of Supervisors to get it built.
The building at 1 Montgomery wasn't always a petite two stories: in 1908, when it was constructed by Willis Polk as a headquarters for Crocker Bank, it clocked in at 12 stories, and remained that way for decades.
Then, in the 1970s, a complex real estate deal occurred: in exchange for the right to construct a 500-foot office tower at 120 Kearny St., the bank removed the building's 10 upper floors, allowing space for both the Crocker Galleria and a public open space on 1 Montgomery's roof.
Despite its age, the 1 Montgomery building is not a historic landmark, thanks to the removal of those 10 floors. It is, however, regarded by the city as a "historic resource," thanks to its lavish period interior. The construction of the tower would require removing about 25 percent of the building's old-school coffered ceilings, but architect Charles Bloszies told the Chron he's confident that much of the rest of it can be preserved.
Construction of the tower would also impact the public outdoor space on 1 Montgomery's roof, which could eventually serve as an amenities floor (including a cafe) for the hotel. However, the proposed remodel would open up some now-closed roof space to the public to make up for the loss.
As is to be expected for such a large project at such a prominent intersection, opinions are mixed. Some advocate for the project to "go tall" given its central downtown location and proximity to jobs and transit, and believe it could help revitalize the struggling Crocker Galleria.
Others are concerned about preserving the existing building, and the possibility of the tower casting shadows on St. Mary’s Square and Union Square. In addition to winning the approval of the Historic Preservation Commission, experts say it's likely that the developer will have to provide a large package of public benefits to secure approval and make up for the shadows.
The Planning Department will issue its response to the project's preliminary application in November; should it move forward, the approval process will likely take about two years.
