Lendlease Hired Brokerage to Sell Stalled Hayes Point Site
San Francisco residents will see the future of the 30 South Van Ness site shift as the developer seeks a new buyer.
Updated on Sept. 24, 2026 in Commercial
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Lendlease has officially moved to sell the Hayes Point construction site in San Francisco, a project that has remained stalled since September 2023. The site, originally envisioned as a 47-story skyscraper with 333 homes, is now being marketed to potential buyers.
Why it matters
The sale signals a significant change for the development landscape in San Francisco, as the project previously faced challenges from elevated office vacancies and rising interest rates. The site at 30 South Van Ness, which remains empty, is now positioned for a potential transition to an entirely residential use.
City officials dropped the 25% affordable housing requirement for the site, allowing for the removal of 83 below-market-rate homes. This comes after the project, once valued at $1 billion, stalled with 260,000 square feet of office space planned.
The players
Lendlease
An international development firm based in Sydney that is currently exiting its U.S. construction operations.
The details
Lendlease broke ground on the skyscraper in September 2022 before construction halted a year later amid market turmoil and the developer's decision to wind down its U.S. construction business. By removing the affordable housing mandate in September 2024, the city has altered the project's requirements to potentially make the site more attractive for a residential-only conversion. The property remains vacant adjacent to the Van Ness Muni Station.
Timeline
Lendlease broke ground on the Hayes Point project in September 2022.
Construction at the 30 South Van Ness site stopped in September 2023.
City officials dropped the 25% affordable housing requirement in September 2024.
Money Landscape
The potential sale of the Hayes Point site reflects the ongoing recalibration of San Francisco commercial real estate amid high office vacancy rates. This development follows a period where rising interest rates and shifting demand have stalled various high-profile construction projects.
The change in development plans may affect the local housing supply and surrounding area activity in the long term. If you are tracking property values or local development impacts in San Francisco, consult with a qualified real estate or tax professional to understand how shifts in zoning and project scope influence your specific financial planning.
The takeaway
The move to sell the 30 South Van Ness site marks a departure from the original mixed-use vision for the Mid-Market area. Residents should watch for public filings or future planning notices from the city to see if a new developer pursues an all-residential build.
Further reading
For more on the local market, see Commercial.
Source note: This article includes information reported by San Francisco Chronicle.
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