San Francisco officials have given final approval to an ambitious residential skyscraper that will dramatically alter the city's iconic skyline. The Planning Department signed off on December 17 for an 820-foot, 67-story tower at 10 South Van Ness Avenue, located at the busy intersection of Market Street. The project, developed by Miami-based Crescent Heights, will replace the existing SVN West events venue and house 1,019 residential units, making it the third-tallest building in San Francisco upon completion. Construction is slated to begin by the end of 2026, with an estimated timeline of three and a half years and a total development cost of just under one billion dollars.

The massive housing project represents a significant scaling up from earlier proposals, marking a major milestone in the city's efforts to address its chronic housing shortage. Originally conceived as a 55-story tower in 2015 and approved in 2023, the current design substantially increases both height and density. The unit mix includes 363 apartments, with 89 designated as affordable housing, plus 656 condominiums, though developers note this composition could evolve. The tower will sit atop a 119-foot podium and feature 255 underground parking spaces alongside 388 bicycle parking spots, reflecting the city's transit-oriented development goals. Additional amenities include 11,416 square feet of ground-floor retail space, two swimming pools on the second floor, and 36,116 square feet of open space integrated throughout the tower.

Adam Tartakovsky, managing director of Crescent Heights, emphasized the project's potential to catalyze revitalization in the struggling Mid-Market neighborhood. The area, long plagued by vacant storefronts and economic challenges, could benefit from the influx of thousands of new residents. Tartakovsky highlighted the development's strategic location near desirable districts like Hayes Valley and the Civic Center, suggesting this proximity makes it an especially attractive investment. He described the project as part of a broader renaissance for the neighborhood, expressing confidence that Mid-Market will finally come into its own as a vibrant urban center. The developer declined to discuss specific financing details but assured that funding would be secured before construction begins.

The approval process itself illustrates San Francisco's evolving approach to large-scale housing development. In 2023, Crescent Heights received a four-year extension to secure final city approval, demonstrating municipal flexibility in advancing major projects. Tartakovsky praised city officials for their collaborative approach, noting that planning staff helped navigate the complex regulatory landscape. This cooperative dynamic reflects Mayor London Breed's administration's priority of streamlining housing production. The project aligns with recent state mandates requiring cities to accelerate approval of qualified housing developments and reduce bureaucratic obstacles that have historically delayed or killed similar proposals.

Lindsay Probasco, head of revenue for Non Plus Ultra, which operates the current SVN West events venue, confirmed the company is aware of the development plans and remains supportive. While declining to specify whether the business will relocate elsewhere in the city or become a commercial tenant within the new skyscraper, Probasco expressed optimism about maintaining a working relationship with Crescent Heights. The events venue, which has hosted numerous concerts and gatherings, will be demolished to make way for the residential tower. This transition from commercial entertainment to high-density housing exemplifies the post-pandemic shift in urban land use priorities.

Urban planners and housing advocates will be watching the project's implementation closely as a potential model for future developments. If successful, the tower could demonstrate how strategic high-density construction can simultaneously address housing shortages, generate property tax revenue, and activate underutilized transit corridors. However, challenges remain, including community concerns about affordability levels, neighborhood character, and infrastructure strain. The project's ultimate impact on surrounding property values and commercial activity will be measured over years, potentially influencing whether similar mega-developments gain approval in other parts of the city.