Developer Proposed 45-Story Tower in San Francisco

Manna Capital has filed plans for a 528-unit apartment building at the current site of a Mission Street car wash.

Updated on Oct. 12, 2026 in Commercial

Developer Proposed 45-Story Tower in San Francisco

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Developer Manna Capital has proposed a 45-story residential tower at 1601 Mission Street in San Francisco. The project aims to replace an existing car wash with a 633,600-square-foot development containing 528 apartments.

Why it matters

The proposal seeks to address surging rental demand in San Francisco fueled by the ongoing artificial intelligence boom and a chronic shortage of housing supply. If approved, the building would utilize the state density bonus law to increase unit counts.

The $312 million project features 528 units, 900 square feet of retail space, and 190 parking spots. Property owner IPE 18 LLC acquired the site for $12 million in October 2024.

The players

Manna Capital

This is a real estate development firm that has recently expanded its portfolio through projects in San Francisco and across California.

IPE 18 LLC

This entity acts as the property owner for the site located at 1601 Mission Street.

The details

The skyscraper is designed to span 45 stories and stands as a major residential expansion for the developer in the city. The project also includes provisions for 80 affordable housing units to meet state development requirements.

A prior development proposal for the site was submitted in 2014.
Property owner IPE 18 LLC purchased the land in October 2024.
Manna Capital proposed a 40-story tower at 38 8th St. in August 2026.
The 1601 Mission St. skyscraper proposal was filed on October 7, 2026.

Culture Shift

This project reflects a broader trend of utilizing state-level legislation to bypass traditional local zoning constraints in high-demand urban markets. It highlights how developers are increasingly prioritizing vertical density to capitalize on the housing shortage caused by the tech-driven economic growth in California.

The transition of a car wash into a high-density residential building will alter the street-level landscape for neighborhood residents. Prospective renters may see this project as a future supply source, though it may take years to complete given the typical timelines for large-scale construction.

The takeaway

Large-scale residential projects in urban cores are increasingly common as developers leverage state laws to address housing deficits. Investors and residents should monitor municipal planning hearings, which will ultimately determine if the project proceeds as designed.