Real Estate
Home›Real Estate›Residential›Chicago firm proposes 40-story, 288-unit apartment tow…
Chicago firm proposes 40-story, 288-unit apartment tower in San Francisco
The 433-foot project would replace a 0.2-acre surface parking lot and include 38 affordable housing units under San Francisco’s Family Zoning Plan.
Manna Capital, a Chicago private equity firm, has filed an application to build a 40-story, 288-unit multifamily tower at the corners of Eighth and Stevenson streets in San Francisco. The project is proposed on a 0.2-acre surface parking lot, with a projected height of 433 feet and about 303,000 square feet of total space.
The developer plans to include 38 affordable housing units as part of the city’s Family Zoning Plan, which allows increased density and taller buildings in exchange for designated affordability. The proposal would use California Senate Bill 330, a state law that freezes local zoning rules, caps public hearings at five, and expedites permitting.
Plans call for a 37,000-square-foot, six-story podium parking garage for 107 vehicles, designed by Handel Architects. The unit mix is 99 studios, 154 one-bedroom apartments, and 35 two-bedroom units, and the project is projected to cost upwards of $125 million.
The move follows other high-rise multifamily momentum in the city, with San Francisco approving a 23-story, 201-unit apartment tower at 1965 Market St. earlier this summer. The appeal is being reinforced by tight occupancy and rent growth, including 97.4% downtown occupancy in Q2 2026, up 70 basis points from the prior quarter, and an average rent per unit of $4,007, up 17.1% year over year, according to CBRE researchers.