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The project was approved by the San Francisco Planning Commission and Board of Supervisors in 2013, [5] [7] [8] and construction started in February 2016. [9] [10] [11]Pre-sales for the 146 condos began in May 2019, ranging from $2.3 million per unit up to $49 million for the top-floor penthouse, [12] making the latter the highest-priced penthouse in San Francisco.
The highrise towers rise above the earlier buildings in between the Embarcadero waterfront and Spear Street, making the complex prominent from places like the San Francisco Bay. [7] Along with the Millennium Tower and One Rincon Hill to the west and south, respectively, they will create a new highrise neighborhood in the South of Market district.
The developer's headquarters are in San Diego, although all its highrise projects over 14 stories are in the San Francisco Bay Area. [16] The Rincon Hill complex is the developer's second project in San Francisco, with the first being ONE Embarcadero South, a residential complex near One Rincon Hill and across from Oracle Park. [17]
Construction was announced finished in November 2019. [16] 40% of the 392 condos are designated to be sold below market rate. [6] [17] The units at the top of Mira tower start around $5 million. [18] However, sales have stayed sluggish and most condos sold below market. Part of the reason is the fact that the area has become much less attractive.
Construction on the shorter of the two towers was suspended in 2019 due to economic conditions. [19] Subsequently, the construction on the second, taller tower was also halted in 2020 due to the COVID-19 pandemic. [19] In 2024 the sale of the stalled project was blocked by legal disputes. [20] [21]
In October 2019, Netherlands-based designer MVRDV revealed the design renderings for a canyon-like tower to be constructed in San Francisco. Named The Canyon, the building is one of four that form the first phase of the Mission Rock development project, which was joint venture between the San Francisco Giants, Tishman Speyer and the Port of San Francisco.
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