Downtown Revival: 10,000-Square-Foot Rooftop Planned at 88 Spear

Presidio Bay’s renovation of 88 Spear Street marks one of the largest single-building investments in downtown San Francisco this year, transforming a former office tower into The Spear, an "office resort" designed to mix workplaces with hospitality and public programming. The developer and restaurateur Phil Spiegel are building a 10,000-square-foot rooftop restaurant and event space as the crown feature of the roughly $100 million project, with the rooftop and event spaces slated to open in early 2027.

Construction reached a visible milestone when crews installed a tower crane on New Year’s Day, signaling an acceleration of work after planning and permitting. The developer has already signed leases with tenants including Arsicault Bakery and co-working operator Canopy, indicating a strategy that combines neighborhood retail and flexible office offerings to lure a broader mix of users than a traditional office building would.

For San Francisco County residents, the project matters on several fronts. Economically, a seven-figure renovation of this scale generates construction jobs and, ultimately, hospitality and service employment once the rooftop and ancillary spaces open. It also aims to increase daytime and evening foot traffic in the Financial District, offering restaurants, events, and programming that could benefit nearby small businesses that have struggled with lower office occupancy rates in recent years.

From a commercial real estate perspective, The Spear exemplifies a broader shift in landlord strategy: turning conventional towers into mixed-use destinations to compete for tenants who now value amenities, experiences, and flexibility. By signing a bakery and a co-working operator early, the project positions itself to serve both neighborhood residents and a renewed base of downtown workers who seek on-site food options and adaptable work environments.

There are policy implications as well. Large private investments that activate public-facing ground floors and host cultural programming can reduce reliance on municipal subsidies for downtown revitalization, but they also raise questions about affordability of retail space and the balance between national chains and local small businesses. City planners and local supervisors will likely watch how the project affects pedestrian counts, transit usage, and neighborhood retail rents as it comes online.

As work continues through 2026, the tower crane on 88 Spear will be a visible signal of downtown investment. If The Spear achieves its aim of blending office tenants with hospitality and cultural activity, it could serve as a model for repurposing underused office stock and help reshape the Financial District’s economic footprint in the years ahead.