Speaking on July 17 from an empty commercial space at 150 Post Street, on a once a vital stretch of San Francisco’s esteemed retail block, 2024 mayoral candidate Mark Farrell outlined his vision for the city’s downtown revival. Stephen W. Van Dusen, managing director of Eastdil Secured, a real estate investment banking company, and Greg Hardeman, business representative and recording secretary at IUEC Local 8 were beside Farrell in support, as were about two dozen members of the union.
One of the hallmarks of Farrell’s plan is transforming Embarcadero Plaza, which cradles the intersection of Market and Steuart streets into a “world class” park. Currently Embarcadero Plaza is home to Vaillancourt Fountain, a brutalist water-based statue that is currently broken and will require at least $3 million to fix. According to Farrell, turning the plaza into a park will attract families and visitors, and provide residents a much needed sense of civic pride.
Regarding the business community, Farrell pointed out that the city has lost over 50 major businesses over the past few years under incumbent Mayor London Breed’s tenure. His plan is to cut the commercial vacancy rate by half in his first year in office.
Emphasizing that San Francisco is the slowest major city to recover after the Covid-19 pandemic, Farrell noted that the city is bleeding tax revenue that these companies once brought in and that fund essential city services.
Farrell plans to cut the commercial vacancy rate by half in his first year in office.
On July 16, 2024 Elon Musk announced that he will be shuttering X headquarters on 1355 Market Street, in part due to the area’s squalor and dangerous conditions. When asked for his reaction to Senator Scott Weiner’s comments supporting X’s departure from the city that he made on social media’s platform, as well as Democratic Socialist candidate for District 9 supervisor Jackie Fielder’s implication that children would be safer without Musk having a headquarters in the city, Farrell responded, “It’s wrong. It’s driven by politics and ideology.”
On the subject of whether he would try to keep Macy’s enormous flagship store in Union Square, Farrell was emphatic, responding that he would absolutely attempt a Hail Mary.
To drive more companies back into the city, Farrell’s plan involves instituting tax and economic incentives. One will be a special financial incentive for employers who pledge to have employees work from the office a minimum of four days per week.
Farrell emphasized the need for far greater public safety measures. His plan includes assigning substantially more San Francisco police officers to foot patrol duty and a zero tolerance approach to crime. He also wants to bring tens of thousands of new housing units into the downtown area, maximizing existing but underutilized buildings. They will be repurposed as “anchor projects,” a mix of commercial office, small businesses, housing, and open space.
To ensure all is going according to plan, which will take up to 20 years to realize in full, Farrell wants to create a downtown revitalization authority, modeled after successful economic development authorities in cities like New York.
