Construction starts in San Francisco slowed in 2022.
The estimated cost of the 10 biggest projects that got underway in San Francisco in 2022 totaled more than half a billion dollars, but that was more than 35 percent below 2021’s figure. And these projects are expected to deliver just 1,361 new residential units.
Strada Investment Group’s 16-story project at 555 Bryant Street topped the list with its $200 million estimated cost and with the 500 new units it promises for the SoMa neighborhood.
Mercy Housing and Related California plan to spend $115 million on a 170-unit project at 1501 Sunnydale Avenue as part of the massive Sunnydale HOPE SF redevelopment plan, which ultimately aims to add nearly 1,000 new units to the neighborhood.
Webcor broke ground on its $84.4 million Tidal House project on Treasure Island in July. The 22-story residential tower will bring 248 units to the artificial island in San Francisco Bay.
One factor that could contribute to the high costs and low number of units is that San Francisco has the highest construction costs in the world, according to a report last year from brokerage CBRE. On average, it costs $440 per square foot to build in the city.
Here are the 10 largest new building projects on tap for the city, ranked by estimated cost, based on The Real Deal’s analysis of San Francisco building permits issued in 2022. The initial construction estimate for a project is often lower than its final cost.
This is one of the hundreds of data sets available on TRD Pro — the one-stop real estate terminal for all the data and market information you need.
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