San Francisco’s urban landscape just got a plot twist that would make even the most jaded developer raise an eyebrow.

Remember that massive hole in the ground at First and Mission streets? The one that’s been haunting downtown like a real estate ghost since 2016? Well, grab your hard hats because this zombie development project might finally rise from its concrete grave.

A Tale of International Real Estate Drama

Oceanwide Center was supposed to be a gleaming 61-story testament to international development ambition. Designed by the legendary Foster + Partners (the same folks behind Apple’s spaceship campus), this project was derailed by a perfect storm of Chinese real estate market chaos, pandemic pandemonium, and financial complications.

From Foreclosure to Future

After years of sitting dormant and surrendered to creditors, a new development team led by retired developer Dan Kingsley and private equity investor Jay Yang is negotiating to breathe new life into this prime downtown real estate corpse. The existing 300-foot underground foundation means they’re starting several steps ahead of typical ground-up construction.

What’s Next?

While details remain murky, the original vision included a 600-foot tower with residential units and a Waldorf-Astoria hotel. With San Francisco’s real estate market showing signs of resilience, this project could be a bold bet on the city’s future. City inspectors will need to verify the foundation’s integrity after five winters of exposure, but the potential is tantalizing.

Stay tuned, San Francisco – this zombie development might just become the phoenix of downtown’s skyline.