The Oceanwide Center at First and Mission in San Francisco, abandoned since 2019 after costs spiraled, may be bought by the San Francisco Recovery Fund for $95 million. Oceanwide Holdings originally paid $300 million for the site a decade ago and planned two luxury towers with a hotel and offices. What happens next is unclear.
The most notorious housing project in San Francisco might be getting a fresh start. If you haven't heard of the Oceanwide Center, you've probably been living under a rock. Oceanwide Holdings purchased the 1.2-acre site at First and Mission about a decade ago for nearly $300 million. And despite entitlements for two massive towers designed by Foster and Partners that would house residences, a high-end hotel, office space, all that remains there after about a decade is just a gigantic hole in the ground. The developers stopped construction of the project in 2019 as construction costs got out of control. The lender eventually initially took over the project in 2021, and basically no progress has been made since. But the Long Stull development might be getting some new legs. An investment vehicle called the San Francisco Recovery Fund is in talks to purchase the site for about $95 million, substantially less than the nearly billion dollars that's already been invested at the site. No idea yet what the Recovery Fund has in store for the site, whether they'll actually close on the deal. There's a lot of demand right now for high-end office space, so I imagine that'll be part of whatever is eventually built there. But it's anyone's guess at this point. Let me know what you'd like to see there in the comments, and follow me for more San Francisco Real estate.
