Strada Refiles Plans for 45-Story Tower at 395 3rd Street in San Francisco

Strada Investment Group has submitted preliminary permits to re-entitle the parcel at 395 3rd Street in San Francisco's SoMa neighborhood. The updated proposal outlines a 45-story, 480-foot-tall tower containing 501 rental apartments, 3,600 square feet of ground-floor retail, and a seven-story podium garage accommodating 150 vehicles and 239 bicycles.

Designed jointly by Henning Larsen and Multistudio, the 608,500-square-foot high-rise will allocate 51 deed-restricted units to very low-income households. The developer is invoking the State Density Bonus law to achieve added density above base zoning limits alongside Senate Bill 423 to secure streamlined administrative approvals. The site, which last traded for $34 million in 2021, previously carried approvals for shorter configurations of 35 and 37 floors.

The revised filing reflects renewed activity across San Francisco's pipeline as developers restart long-paused multifamily developments in response to improving rental demand. For developers and lenders, the refiling underscores the continued effectiveness of combining SB 423 streamlining with State Density Bonus provisions to reconfigure stalled high-density infill sites.