The former Bank of America clock tower building, which is located at the end of the San Francisco Bay Bridge, has been a landmark for nearly 50 years. In December, Rincon bought the 183-foot building from Bank of America for $16 million.
Now the developer has submitted a proposal to the San Francisco planning department, outlining its plans to demolish the building and build a 30-story, 500-unit luxury apartment complex on the site.
According to city officials, the plans have yet to be approved by the planning department and are subject to an environmental review process. However, the city has asserted that the landmark is not a historical structure and, therefore, is not protected by preservation laws.
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