NEW PROPOSAL FOR 35-STORY HOTEL IN HEART OF SAN FRANCISCO

August 25, 2016

A New York developer wants to build a 35-story hotel tower on top of the historic One Montgomery Street in San Francisco.

The speculative plan for the 500-foot tower from 601W Cos would add about 266k SF of hotel and residential space to the city’s Financial District, reports the San Francisco Business Times. 601W Cos would preserve the historic building below and add more stories to reach the desired height.

The proposal is in its very early stages and does not yet include affordable housing units. Depending on the number of residential units in the final plan, it may not be subject to the city’s affordable housing requirements under Prop C.

While the addition of hotel space is likely to be welcomed by the city’s nearby financial district, it remains to be seen if the city will actively consider the proposal to remake the character of a historic building.

601W Cos purchased Chicago’s Old Main Post Office in May to pursue a similar development project. [SFBT]