Redevelopment of Embarcadero Plaza, shown in this rendering of the plan for area’s new park, is being partially funded by groups with ties to Bay Area billionaires.
HOK
The removal of the giant Brutalist Vaillancourt Fountain at Embarcadero Plaza has created what officials describe as a once-in-a-generation opportunity to reimagine the city’s “front door,” as it continues to wrestle with restoring foot traffic and confidence in its downtown core.
The redesign of the roughly 5-acre stretch near the city’s waterfront that makes up the Embarcadero Plaza and adjacent Sue Bierman Park is not finalized, but has been gaining traction. Now its funding is becoming clear.
Half of the estimated $40 million cost will be covered by two of San Francisco’s most influential civic financiers: the Downtown Development Corp., or DDC, which is backed by downtown property and business interests, and the Crankstart Foundation, the philanthropic organization of billionaire venture capitalist Michael Moritz. The arrangement underscores a familiar pattern in the city’s downtown renewal efforts, in which large-scale public-space projects are increasingly reliant on tech wealth and philanthropy.
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Together, the two groups are committing up to $20 million, with Crankstart providing $10 million and the DDC tasked with raising a matching $10 million from additional donors.
The renovation project is expected to break ground next year, and the remainder of its costs will largely be covered by public funding, including some $18 million in public funding from the 2024 Healthy, Safe, and Vibrant San Francisco bond. The Downtown SF Partnership will be contributing $2 million in private funding, in addition to some $2.5 million donated by BXP for design services.
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“Embarcadero Plaza and Sue Bierman Park belong to every San Franciscan, and we’re thrilled to help power their reinvention for generations to come,” Crankstart CEO Missy Narula said, adding that the foundation partners with “agile leaders to drive lasting change on the ground.”
Crew members work to disassemble the Vaillancourt Fountain in San Francisco on May 6, 2026.
Yalonda M. James/S.F. Chronicle
In the case of the Embarcadero park project, Narula said Crankstart is going further by positioning its contribution as a catalyst for what she described as a “next generation” of San Francisco philanthropists who stand to benefit from an improved waterfront.
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On Thursday, the Recreation and Park Commission will consider recommending that the DDC be added to an existing partnership that includes the city’s Office of Economic and Workforce Development, BXP — the real estate firm that owns the Embarcadero Center office complex and its connecting public spaces — and the Downtown SF Partnership, a community benefit district in the area. The agreement will ultimately require approval from the Board of Supervisors.
The funding effort has the support of Mayor Daniel Lurie, who has prioritized downtown recovery efforts centered, among other things, on public space activation and fast-tracking visible improvements in the city’s core through public-private partnerships.
Lurie said that the DDC and Crankstart’s commitment to pushing the project forward would help create a place where residents, workers and visitors can gather in the heart of the city — and comes at a time when, he said, “we need all hands on deck and leadership from all sectors.”
Moritz and his Crankstart foundation have supported a range of initiatives aligned with Lurie’s agenda, directing tens of millions of dollars into a network of political, policy and reform-oriented groups.
The DDC was formed last summer as a business-led civic group focused on coordinating investment and revitalization in the downtown area, and is also closely aligned with the mayor’s priorities. It is backed by a broad coalition of major corporate and philanthropic donors — including Laurene Powell Jobs’ Emerson Collective, tech companies such as OpenAI, Alphabet, Salesforce, Amazon and major real estate and investment groups like Shorenstein Co., TPG, Thoma Bravo, Sixth Street and Hellman & Friedman and others.
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“The DDC and our partners are working to transition downtown into a 24/7 destination that works for everyone where people want to live, gather, and experience this city day and night,” said the organization’s CEO, Shola Olatoye.
She added about the Embarcadero Plaza’s redesign: “We’re laser focused on getting this right because we believe it is one of the most consequential things we can do to strengthen downtown as the economic engine and global front door it has always been.”
As currently envisioned, the project would involve adding new multipurpose spaces for large gatherings to the sweeping site, seating and picnic areas and other amenities. But the plan has drawn pushback from preservationists and other critics who argue the redesign risks diluting the Embarcadero Plaza’s original civic and artistic intent into something more generic and programmed.
Opponents also filed a lawsuit seeking to block the removal of the Vaillancourt Fountain, accusing the city of failing to follow required review processes for altering a major public artwork. A judge ultimately allowed the project to move forward.
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“This project is about creating an extraordinary public space that reflects the energy, beauty, and resilience of San Francisco,” said Recreation and Park General Manager Sarah Madland. “This fundraising agreement with the DDC will allow us to deliver a waterfront park that supports recreation, culture, community gathering, and downtown vitality every day of the year.”