Formerly the headquarters of Crocker National Bank back in 1908, and now home to arguably the fanciest Wells Fargo Bank branch in world, the site of One Montgomery could play host to a 35-story residential and hotel tower.
Keep in mind that this is still in the proposal stage—which is to say, anything can, and often does, change—but what makes this one noteworthy is that, if cleared, it would be one the biggest development plans north of Market Street.
Possible residential stock could range anywhere from five luxury homes up to 52 market-rate homes, while hotel coverage could be anywhere between zero, 152, or 234 rooms.
San Francisco Business Times, who broke the story, has more on the structure’s lack of BMR housing:
None of the plans have affordable housing on-site. The first two plans wouldn't be subject to the city's new affordable housing requirements under Prop. C, which only apply to projects of 25 or more housing units. The 52-unit housing proposal could pay a fee equal to the value of 33 percent of the project's units under Prop C instead of building affordable units. Some observers have speculated that the new affordability rules are pushing more projects to become hotels rather than housing.
And fret not, purists, as bank at One Montgomery structure is a federally registered trademark.
We will update as info come in and the proposal progresses.
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