The scope on the record
Parcel F is a planned 61-story tower at 542 Howard Street in San Francisco. The project tracker Markets of Tomorrow records 180 hotel keys and 165 residences, the status as announced, and the expected opening date as to be determined.
The plan stacks a Rosewood hotel, condominium residences and office floors into a single shaft, with hotel-serviced homes above podium retail. Hines, Urban Pacific Development and Goldman Sachs Asset Management are the developers on the file, and Pelli Clarke & Partners designed the tower.
SF YIMBY recorded 189 hotel guest rooms, 165 apartments, 325,000 square feet of offices, roughly 957,000 square feet of yield, about 9,000 square feet of retail, 212 bicycle spaces and 183 vehicle spaces in its December 2021 piece, with Joyce Wang Studio on the interiors.
The missed installment
F4 Transbay Partners failed to pay the first installment of a $40 million delay penalty owed to the Transbay Joint Powers Authority, reverting the partnership to its original $70 million obligation. The tracker records that deadline as 30 April 2024.
SFist reported on 7 May 2024 that the $70 million penalty sits under a 2016 development agreement, that the two parties later agreed to a $40 million penalty paid in installments with the first due 30 April 2024, and that the missed payment was $5 million. SFist reported that a Hines spokesperson said the partnership was working with its lender.
SFist also recorded the developer's 2016 vision of 250,000 to 425,000 square feet of offices, 200 to 300 hotel rooms and 200 condominium units, approvals dated to January 2020, a 0.75-acre parcel, and an $80 million loan against the parcel that matured in October 2023.
The site listed and undisturbed
The tracker lists the site as undisturbed, the tower as pre-construction and the parcel as listed for sale. SFist recorded the parcel and its entitlements as on the market since July 2023, with F4 saying it remained open to involvement in the development.
SFist dates Salesforce's withdrawal from its commitment to lease the office component to the fall of 2020. SF YIMBY dates the same withdrawal to early 2021.
The loan extensions
SF YIMBY reported on 7 July 2023 that JPMorgan Chase Bank and United Overseas Bank had each pushed the deadline on a $40 million loan through October. Its piece also records the authority's sale of 550 Howard Street to Hines in 2016 for $160 million, payable in quarterly installments from 2023 through 2027.
The redesign the tracker carries
The tracker's own milestone row records a redesigned plan approved by the San Francisco Planning Commission in June 2026. The row's source link opens the May 2024 SFist report, which records the missed penalty installment and carries no redesign. No page read for this piece carries the redesign's content.
The construction that has not started
No construction start is recorded. The tracker lists the site as undisturbed, the tower as pre-construction and the expected opening as to be determined. SF YIMBY recorded a start scheduled for the first quarter of 2022.
Also unpublished on the record read here: a developer-confirmed room count for the current plan, an operator agreement, a construction lender and a general contractor. The 180 keys on the tracker sit against the 189 hotel rooms SF YIMBY recorded in 2021.
Parcel F stands as a parcel with an approved plan, an 800-foot proposal and a penalty obligation attached to it.