A stalled landmark development site in San Francisco is moving back into focus following the collapse of its original sponsor, China-based Oceanwide Holdings. The San Francisco Recovery Fund has engaged BXP as development advisor for plans to complete a mixed-use tower rising 910 feet, according to reporting cited from the San Francisco Business Times.
The site in question is the former Oceanwide project at First and Mission, where construction was halted in 2020. Earlier this year, the San Francisco Recovery Fund acquired the property, positioning the local investment vehicle to determine a new path forward for the unfinished development. The acquisition transferred control of the stalled project from the prior owner to the fund, which is now working to re-envision and advance the tower.
The Recovery Fund selected BXP to provide development advisory services, tapping the firm for its experience with large-scale projects in the city. BXP is described as the nation’s largest publicly traded developer and is already a major presence in the local market. Dan Kingsley, co-founder of the San Francisco Recovery Fund, told the San Francisco Business Times that BXP brings the development capacity and expertise needed to help realize the fund’s concept for the First and Mission property.
Kingsley noted that BXP is the largest commercial landlord in San Francisco and previously developed the tallest building in the city. In his view, this track record gives BXP a distinctive understanding of local demand, entitlement dynamics, and delivery risk for high-rise mixed-use projects. The advisory role is intended to translate the fund’s vision for the site into a feasible development plan and, ultimately, an occupied tower.
The renewed planning effort in San Francisco follows movement on another Oceanwide-related asset in Southern California. A bankruptcy court recently approved the sale of the unfinished Oceanwide Plaza site in Los Angeles, clearing the way for that high-profile property to change hands. Together, these steps mark incremental progress on major projects that had been left unresolved in the wake of Oceanwide Holdings’ financial troubles.
The original Oceanwide Center design envisioned a prominent addition to the San Francisco skyline, and the new ownership and advisory team are now assessing how to move the partially completed site toward completion. While specific timing, capital structure, and program details have not been disclosed, the Recovery Fund’s engagement of BXP signals an intent to actively evaluate and reposition the long-stalled development opportunity at First and Mission.
