Paul Paradis, the mind behind Bayhill Ventures, is ready to embark on his next mission by delving into the next innovative phase of real estate development. With a goal of building the tallest highrise in San Francisco and plans in hand, he’s planning on replacing Bayhill’s four-story headquarters building and parking lot with an entirely new structure. The blueprints involve a 71-story tower ready to reside at 530 Howard Street in the South Financial District, according to the San Francisco Chronicle.
The 840-foot-tall building would easily become the tallest construction of its kind in the city, as well as the third tallest building behind Salesforce Tower and the Transamerica Pyramid. Not to mention, it would be the first tower Downtown that wouldn’t need approval from the Planning Commission or the Board of Supervisors. Since the establishment of Assembly Bill 2011, an affordable housing law has been in place that allows ‘ministerial’ approval of certain projects on commercially zoned properties. Without the requirement of an environmental review or a hearing before the commission, the process is going smoothly. Rather than having to wait for permission, the ambitious and dedicated team is moving forward with the project in record time.
The plans outline a slim rectangular building with 672 one-, two-, and three-bedroom apartments – 67 of which are set aside as affordable housing. It was designed by acclaimed architect Pickard Chilton, based out of New Haven, Connecticut. The structure features a gray lattice of floor-to-ceiling windows sitting on top of a four-story podium fronted by a balcony with tall columns. The project will include approximately 30,000 square feet of community space and is set to be connected to the 5.4-acre Salesforce Park next to the Salesforce Transit Center.
The development is slated to be truly spectacular. With gorgeous views and exceptional craftsmanship, Paul Paradis is proudly presenting a brand-new standard for rental properties in San Francisco. Once it’s been reviewed for compliance by the planning staff and checks the boxes in accordance with city code requirements, building permits should be issued within six months according to San Francisco Planning Director Rich Hillis.
Once approval is in place, estimates set completion of the tower for approximately four years from now around 2028. “By the time we’re ready to rent the apartments, I suspect the city will really need them, and the rents will be at a place that will make it a good investment,” stated Paradis. He’s on a mission to create housing that’s in demand in the area, setting the scene for a successful future in the community he cares about.
Bayhill Ventures, the company at the helm, is registered in Woodside in San Mateo County, founded in February by Paradis and Hollister. Paradis was one of the driving forces behind the 61-story Salesforce Tower at 415 Mission Street, as well as the 31-story JP Morgan Chase building at 560 Mission Street. We look forward to seeing his purposeful presence in his creations for the future, benefiting all those who have the privilege of living in a building he’s behind.