First and Mission Developer Files Modification at 50 1st St

The developer behind the long-stalled First and Mission project at 50 1st Street has filed a modification to its already-approved plans, according to San Francisco Planning Department records, even as crews continue below-grade work on a shared basement that excavation has already cleared.

Case 2026-008984PRJ, opened Oct. 11, 2026, and listed as “Submitted,” amends the project approved under case 2006.1523. The filing does not describe a new proposal: the project has been under construction for some time, with excavation for the shared basement across the entire property complete and below-grade work underway, per the city record. The current ownership group, the San Francisco Recovery Fund, led by Dan Kingsley of SKS Partners and private-equity veteran Jay Yang, acquired the roughly 1.21-acre downtown site for $60 million in a deal that closed earlier this year. Oceanwide Holdings, the site’s original owner, had lost the property through a foreclosure action brought by lender Haitong International.

Why it matters

Downtown San Francisco has few active construction sites at this scale, and First and Mission is one of the city’s most closely watched stalled megaprojects. A modification filed while foundation work is already underway signals the new ownership is actively re-engineering the approved plans rather than starting over, a meaningfully different story than a fresh application for builders tracking which downtown sites are actually moving dirt.

The numbers

The modification record ties 156 units to the current phase of construction. That figure sits well below the roughly 265 residential units cited in the project’s original approval years ago, suggesting the filing scales or restructures the residential component rather than replicating the earlier plan outright. The site itself spans APN 3708/003 at 50 1st St, zip 94105.

What’s next

The modification remains in “Submitted” status, meaning it has not cleared Planning Department review. Separately, the Recovery Fund has circulated new renderings for a redesigned single office tower at the site, with BXP consulting on development and leasing and JLL named exclusive office leasing agent, work that is organizationally distinct from the residential modification filed under case 2026-008984PRJ. Builders and brokers watching downtown absorption should expect further filings as the new ownership works through the site’s remaining approved scope.