Plans to redevelop the downtown parking lot parcel at 524 Howard Street were first approved nearly three decades ago, at which point a 23-story office building was expected to rise up to 311 feet in height after the former parking garage on the site was razed in 1989.
But following an ongoing series of false starts and delays, the now surface parking lot parcel ended up being foreclosed upon in 2011 with over $23 million owed and sold to Crescent Heights for $15.85 million in 2012.
In 2013, Crescent began touting plans for a skinny 44-story residential tower to rise up to 450 feet in height upon the parcel, plans which were to be “coming soon.”
In early 2016, Crescent Heights added another 4 stories to their plans, for a total of 48 stories and 495 feet, and secured a two-year extension for the operation of the parking lot at 524 Howard Street, the operation of which is technically a temporary use, in order to provide the development team with a window within which to secure approval for the additional height.
By the end of 2016, the plans for a 495-foot-tall tower with up to 334 condos, or 72 condos over a 273-room hotel, depending upon market conditions, were approved and plans to connect the tower to the adjacent Transbay Terminal rooftop park were drawn.
And with the 2016-era extension for the temporary parking lot at 524 Howard Street slated to expire next month, Crescent Heights is now seeking another extension to continue the parking lot’s operation for another two years.
Keep in mind that Crescent Heights’ entitlement to break ground for its approved 495-foot-tall tower is slated to expire in the fourth quarter of 2019. We’ll keep you posted and plugged-in.