The San Francisco Transit Center District Plan (“TCDP”) was an ambitious redevelopment plan that was adopted by the City of San Francisco in 2005. The hope was to invigorate the improvement of the South of Market area in downtown San Francisco by providing financing and development incentives such as height limit and building area density increases to exceptional projects. As a testament to this effort, the area’s most prominent development is currently the Salesforce Transit Tower, a 1,070-ft tall office skyscraper, the tallest building in San Francisco.
David acquired a building site at 524 Howard St for $22.5 Million in 2007.
Development and Project Exit
The building site had already been entitled for a 22-story, 200,000 SF office building. David had planned to acquire neighboring parcels but unfortunately was unable to retain the property throughout the 2008 Financial Crisis.
The site has since become part of the Transbay Redevelopment Project Area. The Project Area is located south of the Financial District in San Francisco, runs 4 blocks by 2 blocks and is approximately 40 acres in size. The Project Area is home to the Salesforce Tower and includes Salesforce Park.