The downtown campus of Golden Gate University might become San Francisco’s newest skyscraper.
Dallas-based Lincoln Property Company and Los Angeles-based McCourt Partners have applied to demolish the university’s seven-story building at 536 Mission Street, the San Francisco Business Times reported.
To replace the structure, the firms have proposed building either a 700-foot-tall, 1.3 million-square-foot office tower or a 650-foot-tall, 1.2 million-square-foot tower with 554,400 square feet of offices and 370 housing units. Both plans top the building out at 46 stories.
By envisioning two potential pathways to moving forward at the site, the companies would have “the flexibility to respond thoughtfully to market dynamics while maximizing the site’s potential to serve both the university and the surrounding community,” according to a statement cited by the Business Times.
In June, an affiliate of Lincoln and McCourt secured the right to acquire the 0.8-acre site at 536 Mission where GGU’s 230,000-square-foot building stands.
In the deal, Lincoln offered the school a $21.9 million loan to cover its existing debts on its campus property and locked down the option to purchase the property outright in the coming years, the San Francisco Chronicle reported. Both would help the private school recoup funds.
The office tower would include 9,409 of retail and 23,000 square feet of public open space. The mixed-use variant would include a combination of studio, one- and two-bedroom units as well as 1,784 square feet of retail, 17,250 square feet of public open space and additional square footage for parking.
Golden Gate University placed the 536 Mission building up for sale in 2022, though it didn’t attract a buyer the school was willing to work with. Earlier this year, the school began looking for a partner to recapitalize the property.
Under the partnership agreement, GGU would have “flexible options” to stay at 536 Mission Street, GGU’s chief financial officer Elaine Clark told faculty and staff, according to the Business Times. If the university decides to relocate, it would do so as early as next fall.