In honor of New York YIMBY Turkey Week's tradition of shining a spotlight on stalled projects, we'd like to highlight the one big project we have in mind for San Francisco. Oceanwide Center would be the city's second tallest skyscraper, with a unique geometric structure designed by Foster + Partners. Today, the property at First and Mission remains an unfinished hole in the ground where dust and water collects.
Oceanwide Center construction site view of garage ramp, image by Andrew Campbell Nelson
Oceanwide Center along Mission Street, image by Andrew Campbell Nelson.jpg
In the Bay Area, a number of high-profile proposals have dried up before construction begins, but few projects have been as delicate and messy as the Oceanwide Center. Oceanwide Holdings purchased the site in 2015 from TMG Partners and Northwood Investors and began construction with a groundbreaking in late 2016. However, progress slowed due to financial headwinds starting in 2017. In the fall of 2020, crews were almost finished building the foundation when work officially stopped. Given the initial expectation of opening offices in 2021, the slow pace of progress is notable.
The current condition of the Oceanwide Center is eye-catching for any potential bidders looking to take it over. A report by Kevin Truong for the San Francisco Standard in March of this year estimated that around $400 million in construction costs had already gone into the estimated $1.6 billion development. Today the project was in the headlines because of unpaid property taxes and contractor lawsuits led by Swinerton and Webcor. In late October 2021, Haitong International seized Oceanwide Holdings' property after a bond defaulted.
Scale model of the Oceanwide Center facade, image via Foster + Partners
West elevation of Oceanwide Center, depicting design by Foster and Partners
Oceanwide Center settled the contractors' lawsuit earlier this year through an eventual property sale. However, in July this year, Laura Waxmann reported for the San Francisco Chronicle that the potential July 1 sale was blocked by Hong Kong-based Haitong International. According to the article, the investment bank is trying to recover $43 million on the mortgage, arguing that they “should be first in line if Oceanwide Center is put up for sale.”
The plan for Oceanwide Center called for two mixed-use towers covering 2.1 million square feet, with 1,040,400 square feet of office space, 798,400 square feet for approximately 280 apartments, 245,900 square feet for the 169-key Waldorf Astoria and 12,500 Square feet of ground floor retail. Foster + Partners is responsible for the design of the office tower, while Heller Manus Architects is responsible for the hotel tower.
Waldorf Astoria proposed an entrance for the Oceanwide Center, designed by Heller Manus Architects
Oceanwide Center public plaza with seating, trees and sculptures, design rendering by Foster and Partners
Hero view of Oceanwide Center, depicting design by Foster and Partners
Oceanwide Center with Salesforce Tower in the background, image by Andrew Campbell Nelson
The residential portion of Oceanwide Center was split between the two towers, with over a hundred units located on the top 19 floors of the First Street tower and approximately 150 units on the top 33 floors above the hotel tower along Mission Street. The site would include parking for 350 vehicles and 525 bicycles. Additionally, the two historic buildings at 76-78 and 88 First Street would be preserved and renovated.
The property is located at 1st and Mission Streets, directly across from the Salesforce Tower and on a block bordered by Market Street. Due to its central location, the empty pit is not easy to miss, and the mixed-use potential permitted by the city's General Plan will stimulate the city's and potential developers' interest in its future. However, the Oceanwide Center is closed for the time being.
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