The former Oceanwide site in San Francisco is set to be home to a new office tower.
Photographer: Poppy Lynch/BloombergReal Estate Investors Who Shunned San Francisco Are Rushing Back
The city’s AI boom is setting off a race for new office towers in a downtown that once symbolized the urban doom loop.
In downtown San Francisco, a vacant pit ringed by concrete and steel has come to embody the city’s fortunes — from boom to bust, to nascent turnaround.
China Oceanwide Holdings bought the lot in 2014 and spent more than $1 billion on what was meant to be the city’s second-tallest tower, before losing the property to foreclosure. It sat idle for years as San Francisco struggled with soaring vacancies and a downtown written off as uninvestable.