The San Francisco skyline might soon welcome back a long-forgotten megaproject that has sat dormant for years. The Oceanwide Center, a massive development at First and Mission streets, is potentially returning to life after a tumultuous journey through financial challenges and construction halts.

Originally conceived as a 61-story tower designed by the renowned Foster + Partners architectural firm, the project was launched in 2016 by a Chinese developer. However, financial complications and the global pandemic brought construction to a grinding halt by mid-2020, leaving behind an incomplete structure and unfulfilled urban development dreams.

Now, retired developer Dan Kingsley and private equity investor Jay Yang are in negotiations to acquire the property from Haitong International, the current lender controlling the site. While their specific plans remain undisclosed, the project could potentially resurrect the original ambitious design: a 600-foot tower featuring 156 residential units and a 169-room Waldorf-Astoria hotel.

The existing 300-foot underground foundation provides a significant advantage, potentially accelerating the project’s timeline compared to other competing developments. City inspectors will need to thoroughly assess the structural integrity of the foundation after five years of exposure to San Francisco’s winter rainfall.

Local development experts suggest that while construction costs remain high, the excellent downtown location and emerging signs of renewed interest in premium office spaces make this project an intriguing prospect. The potential revitalization represents not just a architectural comeback, but a symbolic renewal for San Francisco’s commercial real estate landscape.

As negotiations continue, the future of this iconic downtown location hangs in the balance, promising potential transformation and renewed urban energy.