San Francisco's skyline might soon welcome a new addition, as developers Lincoln Property Co. and McCourt Partners unveiled plans for a towering skyscraper at the site of Golden Gate University's downtown campus. The potential structures, detailed in an application to the city's Planning Department, feature either a 700-foot office monolith at 1.3 million square feet or a smaller 650-foot mixed-use tower, comprising office space and 370 residences, as noted by the San Francisco Business Times.
The strategic move, outlined in documents filed last week, shows that the developers are ready to leverage the 536 Mission Street location's zoning, allowing for up to 700 feet of vertical growth, something the university, currently coping with financial woes, could find advantageous. With an option already secured on the property and a $21.9 million lifeline extended to the institution, Lincoln Property and its partner seem to harbor big ambitions for the prime spot, as the San Francisco Chronicle reports.
Amidst a fluctuating market, the university's fate at 536 Mission hasn't been locked down. Still, the cards could have a leaseback arrangement, allowing the institution to continue its legacy downtown. This speculation comes as Golden Gate University forges ahead in their search for a new president, with an announcement expected to come in the fall, "Our dual entitlement approach for the site envisions two potential pathways, allowing us the flexibility to respond thoughtfully to market dynamics while maximizing the site’s potential to serve both the university and the surrounding community," the developers have stated via the San Francisco Chronicle.
The development applications propose a blend of 160 one-bedroom units, 100 two-bedroom units, and 110 studios across a 46-story design, ambitious plans that seek to inject new life into a downtown district wrestling with commercial vacancies.
