San Francisco Developer Plans 33-Story South Beach Condo Tower

A veteran San Francisco developer wants to put new condo supply back on the table near Oracle Park after years of false starts downtown.

David O’Keeffe, working with San Francisco–based Stanton Architecture, has floated plans for a 33-story condominium tower in South Beach, a block away from Oracle Park, the San Francisco Business Times reported. The proposal calls for 260 units at 329 Bryant Street, a half-acre site currently occupied by low-rise commercial buildings.

Plans submitted to the city show a slender tower rising above two historic structures that would remain in place, alongside three levels of parking, said Stanton Architecture’s Stephen Allen.

O’Keeffe, a longtime player in the neighborhood, picked up the four parcels that make up the site from Fortress Real Estate Advisors for $7.3 million in October 2024. His past projects nearby include the Hotel Via across from Oracle Park and a 44-unit condo building on King Street, both developed before the city’s residential pipeline largely froze during the pandemic-era downturn.

To unlock extra height and density, the project would include 40 affordable units under California’s density bonus law, a now-standard trade-off for developers trying to pencil new housing in San Francisco.

Stanton Architecture said the condos are aimed at the mid-to-upper market rather than the ultra-luxury tier that once dominated new towers near the waterfront. Unit sizes would range from sub-500-square-foot one-bedrooms to three-bedroom homes topping 1,100 square feet, offering a broader mix than many pre-pandemic condo projects.

New ground-up residential development in San Francisco has been scarce as developers grappled with falling rents, weak buyer demand and stubbornly high construction costs. In recent months, however, some architects and landowners have begun dusting off plans, betting that improving market sentiment could support new starts. Still, more than 20,000 homes have been approved citywide but little has been built, with developers sidelined by high interest rates and construction costs as capital instead chases existing apartment deals, as The Real Deal reported over the weekend.

That makes the timing fluid. A final application is expected next year, with the construction schedule hinging on city approvals and whether San Francisco’s fragile residential recovery continues to firm up. For now, the proposal could stand as another signal that local developers are cautiously reentering the ring.

— Judah Duke