Mixed-use tower at 550 Howard Street lands Rosewood Hotel deal
The proposed 806-foot-tall tower will be built on Parcel F of the Transbay District development plan
The mixed-use tower planned for 550 Howard Street landed a deal for the hospitality portion of the project.
Hines, which is developing the project with Urban Pacific and Goldman Sachs Asset Management, announced the agreement with Rosewood Hotels and Resorts, San Francisco YIMBY reported.
The proposed 806-foot-tall tower will be built on Parcel F of the Transbay District development plan and is set to become the fourth-tallest building in the Bay Area. The building will yield about 957,000 square feet, including 9,000 square feet of retail space and 325,000 square feet of office space.
In addition to the 165 proposed apartments, the new Rosewood Hotel will provide approximately 180 hotel rooms. Rosewood committed to open the new hotel at 550 Howard Street by 2026. Joyce Wang Studio will handle the interior design for the rooms.
Hines has also agreed to allow the hotel workers to be unionized.
Construction on the tower is slated to begin in the first quarter of 2022 and should take at least two and a half years to complete — giving the project an estimated completion date between 2024-2025.
Pelli Clarke Pelli — who is designing the Salesforce Tower in Chicago — will handle the design for the building.
Urban Pacific said the goal for the project is to create a substantial supply of affordable housing for the area. In addition, Hines pledged $45-47 million for low-income housing projects in Transbay Block 4 — a payment that is $15 million over the base fee.
Hines is also in the process of purchasing the six-building, 1.5-million-square-foot complex that formerly served as the headquarters for PG&E. The California Public Utilities Commission approved the decision to sell the $800-million complex to the real estate development and investment firm earlier this month.
[SFYIMBY] — Victoria Pruitt