SF DBI Logs $49.6M Permit to Convert 150 Hayes St Office

San Francisco’s Department of Building Inspection has logged permit 202610149441 for 150 Hayes St, filed Oct. 29, 2026, to convert a vacant office building into a 106-unit multifamily residential building. The filing declares a project cost of $49,650,000 and carries a status of filed, meaning it is pending DBI review and has not been approved, issued, or cleared for construction.

Why it matters

Office-to-residential conversions remain rare in San Francisco despite years of city promotion, because gutting and re-skinning an office tower rarely pencils against construction costs. Earlier this year the city stood up a Downtown Adaptive Reuse Program and a related tax-increment financing district meant to change that math, directing future property tax growth back into conversion projects. SF YIMBY reported in August that Emerald Fund and SDG had filed for a 104-unit version of this same conversion; a fresh DBI filing eight weeks later, now at 106 units, is a sign the project is still moving through city review rather than stalling after that initial filing.

The numbers

The permit covers an adaptive reuse of the existing office building into a 106-unit multifamily residential building, including a new exterior facade and one additional story above the existing structure, while retaining the existing structural frame, per the filing’s own project description. The $49.6 million figure is the applicant-declared project cost on the permit application, not a sale price, loan amount, or appraisal. The site carries assessor’s parcel number 0811/022, sits in Supervisor District 6, and its existing use is listed as office with 0 residential units. SF YIMBY reported that Emerald Fund and SDG had filed plans for a 104-unit version of the same conversion at this address; the DBI filing’s 106-unit count suggests the design has shifted slightly since.

What’s next

The permit remains under DBI review with no construction timeline attached. Public permit records do not name a general contractor or construction start date, and the project still needs to clear the agency’s standard review before any work can begin on the facade replacement or the added story. Whether the filing converts into an active construction permit will depend on that review and on financing for a project type that has produced few completed examples in San Francisco to date.