A proposed new office tower would become the tallest building on the West Coast, and would tower above Salesforce Tower by 150 feet, under a new plan by developer Hines for the former PG&E headquarters complex near the foot of Embarcadero.

The revised plans were submitted Friday, as the Chronicle reports, with Hines significantly changing course from plans that were previously submitted for the sites in 2021. Under the earlier plan, the developer planned to use the 50 Main Street site for an 818-foot, 75-story residential tower designed by the firm of British architect Norman Foster, while giving a facelift to the adjacent PG&E office tower at 77 Beale Street.

The new plan would have 77 Beale Street demolished and replaced with a "slender" 1,225-foot office tower, with a total of 1.6 million square feet of office space along with retail and restaurant space down below.

77 Beale Street as it stands. Photo via Wikimedia

It would be the tallest building in the city and on the West Coast, rising 125 feet higher than the 1,100-foot Wilshire Grand Center in LA.

Meanwhile, a small office building at 25 Beale would be converted into residential, with the historic buildings at 215 and 245 Market Street restored as well, and a total of 120 residential units created, per the Chronicle.

The project would encompass the entire block between Market and Mission streets, between Main and Beale streets.

While SF's office market continues to struggle, and there is still a 35% vacancy rate in the office market, the Hines seems confident that things are turning around, especially for higher-end office space with views. In a statement to the Chronicle they say the proposed project "encapsulates Hines’ belief in the strength of the San Francisco real estate market in the coming years."

The spokesperson added that this would be "a significant, long-term investment towards the revitalization of downtown San Francisco."

Photo via Unsplash, with added illustration

This is certainly a bright spot of news after years in which downtown and SoMa development has largely stalled due to market conditions and construction costs.

The only major commercial development underway, with groundbreaking possibly occurring next year, is this 41-story tower going in at 530 Sansome Street, which is set to include both a luxury hotel on its lower floors, and Class-A office space on its upper flors.

As the Chronicle notes, Hines had another proposed tower that would have been the skyline's fifth-tallest, planned for Parcel F of the Transbay District, aka 542-550 Howard Street, which seems hopelessly stalled. As of May 2024, we learned that Hines was on the hook for $70 million in penalties for not delivering the project by a previously agreed-upon deadline of late 2023.

We'll update you as we learn more about the project at the former PG&E headquarters site.

Previously: Developer Seeks to Build 75-Story Residential Tower Behind Old PG&E Building on Market Street