Financial District, San Francisco, California
Encyclopedia
The Financial District is a neighborhood in San Francisco, California
, that serves as its main central business district
. The nickname "FiDi" is occasionally employed, analogous to nearby SoMa.
, and some other tall buildings, such as 101 California Street
and 345 California Street, are located there.
, the area boomed rapidly and the Bay shoreline, which originally ended at Battery St, was filled in and extended to the Embarcadero. Gold Rush wealth and business made it the financial capital of the west coast as many banks and businesses set up in the neighborhood. The west coast's first and only skyscraper
s, were built in the area along Market Street
.
The neighborhood was completely destroyed in the 1906 Earthquake and Fire
(although miraculously, the area's skyscrapers survived), and rebuilt. Because of state wide height restrictions due to earthquake fears, the district remained relatively low-rise throughout the 20th century until the late 1950s, when due to new building and earthquake retrofitting
technologies, the height restrictions were lifted, fueling a skyscraper building boom. This boom accelerated under mayor Dianne Feinstein
during the 1980s, something her critics labelled as "Manhattanization
". This caused widespread opposition citywide leading to the "skyscraper revolt" similar to the "freeway revolt" in the city years earlier. The skyscraper revolt led to the city imposing extremely strict, European-style height restrictions on building construction city-wide.
Owing to these height restrictions (which have been relaxed and overlooked over the years), overcrowding, and changes and demand in the local real estate market, development in the area, as well as the district's boundaries as a whole have shifted to SOMA as the focus has shifted from building office space to high-rise condominiums and hotels. Notable examples include the Four Seasons Hotel
, The Paramount
(the tallest apartment building in San Francisco and the West Coast), and the Millennium Tower
.
, Wells Fargo Bank
, the Charles Schwab Corporation, McKesson Corporation, Bechtel
, Gap, the Union Bank of California
and salesforce.com
among others. The headquarters of the 12th district of the United States Federal Reserve
are located in the area as well. Montgomery Street
("Wall Street of the West") is the traditional heart of the district. There are several shopping malls in the area including the Crocker Galleria, the Embarcadero Center
, the Ferry Building
, and the Rincon Center
complex.
Parks and Plazas located there include Justin Herman Plaza which is the current location of the city's New Year's festivities.
Prior to its disestablishment, AirTouch
had its headquarters in the Financial District. Prior to its disestablishment, South Pacific Air Lines
had its headquarters in the Financial District. Prior to its disestablishment, Pegasus Aviation had its headquarters in Four Embarcadero Center
.
Several consulates are located in the financial district. Countries with consulates in the Financial District include Brazil
, Guatemala
, Japan, Luxembourg
, Mexico
, Ireland
, Singapore, and the United Kingdom. The Taipei Economic and Cultural Office
, of the Republic of China
, is located in the Financial District.
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, that serves as its main central business district
Central business district
A central business district is the commercial and often geographic heart of a city. In North America this part of a city is commonly referred to as "downtown" or "city center"...
. The nickname "FiDi" is occasionally employed, analogous to nearby SoMa.
Location
The area is marked by the cluster of high-rise towers that lies between Grant Avenue east of the Union Square shopping district, Sacramento Street and Columbus Street, south of Chinatown and North Beach, and the Embarcadero that rings the waterfront. The city's tallest buildings, including 555 California Street and the Transamerica PyramidTransamerica Pyramid
The Transamerica Pyramid is the tallest skyscraper in the San Francisco skyline and one of its most iconic. Although the building no longer houses the headquarters of the Transamerica Corporation, it is still strongly associated with the company and is depicted in the company's logo...
, and some other tall buildings, such as 101 California Street
101 California Street
101 California Street is a 48-story office building completed in 1982 in the Financial District of San Francisco, California. The tower providing of office space is bounded by California-, Davis-, Front-, and Pine Streets near Market Street....
and 345 California Street, are located there.
History
The area was the center of European and American settlement during Spanish and later Mexican rule. Following American annexation and the California Gold RushCalifornia Gold Rush
The California Gold Rush began on January 24, 1848, when gold was found by James W. Marshall at Sutter's Mill in Coloma, California. The first to hear confirmed information of the gold rush were the people in Oregon, the Sandwich Islands , and Latin America, who were the first to start flocking to...
, the area boomed rapidly and the Bay shoreline, which originally ended at Battery St, was filled in and extended to the Embarcadero. Gold Rush wealth and business made it the financial capital of the west coast as many banks and businesses set up in the neighborhood. The west coast's first and only skyscraper
Skyscraper
A skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...
s, were built in the area along Market Street
Market Street (San Francisco)
Market Street is an important thoroughfare in San Francisco, California. It begins at The Embarcadero in front of the Ferry Building at the northeastern edge of the city and runs southwest through downtown, passing the Civic Center and the Castro District, to the intersection with Corbett Avenue in...
.
The neighborhood was completely destroyed in the 1906 Earthquake and Fire
1906 San Francisco earthquake
The San Francisco earthquake of 1906 was a major earthquake that struck San Francisco, California, and the coast of Northern California at 5:12 a.m. on Wednesday, April 18, 1906. The most widely accepted estimate for the magnitude of the earthquake is a moment magnitude of 7.9; however, other...
(although miraculously, the area's skyscrapers survived), and rebuilt. Because of state wide height restrictions due to earthquake fears, the district remained relatively low-rise throughout the 20th century until the late 1950s, when due to new building and earthquake retrofitting
Seismic retrofit
Seismic retrofitting is the modification of existing structures to make them more resistant to seismic activity, ground motion, or soil failure due to earthquakes. With better understanding of seismic demand on structures and with our recent experiences with large earthquakes near urban centers,...
technologies, the height restrictions were lifted, fueling a skyscraper building boom. This boom accelerated under mayor Dianne Feinstein
Dianne Feinstein
Dianne Goldman Berman Feinstein is the senior U.S. Senator from California. A member of the Democratic Party, she has served in the Senate since 1992. She also served as 38th Mayor of San Francisco from 1978 to 1988....
during the 1980s, something her critics labelled as "Manhattanization
Manhattanization
Manhattanization is a neologism coined to describe the construction of many tall or densely situated buildings which transforms the appearance and character of a city. It was a pejorative word used by critics of the highrise buildings built in San Francisco during the 1960s and 1970s, who claimed...
". This caused widespread opposition citywide leading to the "skyscraper revolt" similar to the "freeway revolt" in the city years earlier. The skyscraper revolt led to the city imposing extremely strict, European-style height restrictions on building construction city-wide.
Owing to these height restrictions (which have been relaxed and overlooked over the years), overcrowding, and changes and demand in the local real estate market, development in the area, as well as the district's boundaries as a whole have shifted to SOMA as the focus has shifted from building office space to high-rise condominiums and hotels. Notable examples include the Four Seasons Hotel
Four Seasons Hotel (San Francisco)
The Four Seasons Hotel & Residences is a mixed-used, development at 757 Market Street in San Francisco, California near Moscone Center. The four-star hotel operated by Four Seasons Hotels and Resorts hosts 277 guest rooms and retail stores, and has 142 luxury condominiums on the upper floors...
, The Paramount
The Paramount (apartment tower)
The Paramount, or 680 Mission Street at Third is a 40-story rental-apartment tower that is located in South of Market just outside of the Financial District on Mission Street in San Francisco....
(the tallest apartment building in San Francisco and the West Coast), and the Millennium Tower
Millennium Tower (301 Mission Street)
Millennium Tower is a 58-story highrise condominium completed in 2009 in the San Francisco Financial District, South of Market. A mixed-use building, primarily residential, it is the tallest building in San Francisco to include residences. The blue-gray glass, late-modernist tower is bounded by...
.
Attractions and characteristics
The District is home to the city's largest concentration of corporate headquarters, law firms, banks, savings & loans and other financial institutions, such as the corporate headquarters of VISAVisa
Visa or VISA may refer to:* Visa , a document issued by a country's government allowing the holder to enter or to leave that country...
, Wells Fargo Bank
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
, the Charles Schwab Corporation, McKesson Corporation, Bechtel
Bechtel
Bechtel Corporation is the largest engineering company in the United States, ranking as the 5th-largest privately owned company in the U.S...
, Gap, the Union Bank of California
Union Bank of California
Union Bank, N.A., formerly known as Union Bank of California, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations...
and salesforce.com
Salesforce.com
Salesforce.com is an enterprise cloud computing company headquartered in San Francisco that distributes business software on a subscription basis. Salesforce.com hosts the applications off-site...
among others. The headquarters of the 12th district of the United States Federal Reserve
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
are located in the area as well. Montgomery Street
Montgomery Street
Montgomery Street is a north-south thoroughfare in San Francisco, California, in the United States.It runs about 16 blocks from the Telegraph Hill neighborhood south through downtown, terminating at Market Street. South of Columbus Avenue, Montgomery Street runs through the heart of San Francisco's...
("Wall Street of the West") is the traditional heart of the district. There are several shopping malls in the area including the Crocker Galleria, the Embarcadero Center
Embarcadero Center
Embarcadero Center is a commercial complex of five office towers and two hotels on a site located off the Embarcadero in the financial district of San Francisco, California. The Trammell Crow, David Rockefeller and John Portman development was begun with Tower One in 1971, with the last...
, the Ferry Building
Ferry Building
The San Francisco Ferry Building is a terminal for ferries that travel across the San Francisco Bay and a shopping center located on The Embarcadero in San Francisco, California. On top of the building is a large clock tower, which can be seen from Market Street, a main thoroughfare of the city...
, and the Rincon Center
Rincon Center
Rincon Center is a complex of , offices and in downtown San Francisco. The center takes up an entire block bounded by Mission, Howard, Spear and Steuart streets. There are two buildings....
complex.
Parks and Plazas located there include Justin Herman Plaza which is the current location of the city's New Year's festivities.
Economy
Bechtel Corporation has its headquarters in the Financial District.Prior to its disestablishment, AirTouch
AirTouch
AirTouch Communications was a U.S.-based wireless telephone service provider, created as a spin-off on Pacific Telesis on April 1, 1994. Its headquarters were in One California in the Financial District, San Francisco, California...
had its headquarters in the Financial District. Prior to its disestablishment, South Pacific Air Lines
South Pacific Air Lines
South Pacific Air Lines was an airline headquartered in the Financial District of San Francisco, California. The airline began service from Honolulu to Tahiti on April 2, 1960. In 1963 its fleet consisted of two L.1049A Super Constellations....
had its headquarters in the Financial District. Prior to its disestablishment, Pegasus Aviation had its headquarters in Four Embarcadero Center
Four Embarcadero Center
Four Embarcadero Center is a class-A office skyscraper in the Financial District of San Francisco, California. The building is part of the Embarcadero Center complex of six interconnected buildings and one off-site extension. The skyscraper, completed in 1982, stands with 45 stories...
.
Diplomatic missions
Diplomatic missions of Brazil
This is a list of diplomatic missions of Brazil, excluding honorary consulates. Brazil has a large global network of diplomatic missions, with representations in over 125 countries.-Europe:** Vienna ** Baku...
, Guatemala
Diplomatic missions of Guatemala
This is a list of diplomatic missions of Guatemala, excluding honorary consulates. Guatemala is a small Central American country.-Europe:** Vienna ** Brussels ** Paris ** Berlin ** Vatican City...
, Japan, Luxembourg
Diplomatic missions of Luxembourg
This is a list of diplomatic missions of Luxembourg, excluding honorary consulates. It is represented by Belgium in countries that do not host a Luxembourgish diplomatic mission.-Europe:** Vienna ** Brussels ** Prague...
, Mexico
Diplomatic missions of Mexico
This is a list of diplomatic missions of Mexico, excluding honorary consulates. Mexico's foreign service started in 1822, the year after the signing of the Treaty of Cordoba which marked the beginning of Mexico's independence...
, Ireland
Diplomatic missions of Ireland
Ireland has diplomatic relations with 161 foreign governments. The Irish government has 74 missions across the world including 55 embassies, 8 multilateral missions and 8 Consulates General and other offices. The country has also appointed 24 Honorary Consuls General and 62 Honorary Consuls...
, Singapore, and the United Kingdom. The Taipei Economic and Cultural Office
Taipei Economic and Cultural Representative Office
A Taipei Economic and Cultural Representative Office , sometimes known as a Taipei Economic and Cultural Office or a Taipei Representative Office , is a representative office, established by the Republic of China in countries that have diplomatic relations with the People's Republic of China...
, of the Republic of China
Diplomatic missions of the Republic of China
This is a list of diplomatic missions of the Republic of China. Due to the fierce competition between the People's Republic of China and the Republic of China for diplomatic recognition, the ROC only maintains a handful of full-fledged diplomatic missions abroad...
, is located in the Financial District.
See also
- 49-Mile Scenic Drive49-Mile Scenic DriveThe 49-Mile Scenic Drive in San Francisco highlights many of the city's major attractions and historic structures.Opened on September 14, 1938 as a promotion for the 1939 Golden Gate International Exposition, it...
- History of the west coast of North AmericaHistory of the west coast of North AmericaThe human history of the west coast of North America is believed to stretch back to the arrival of the earliest people over the Bering Strait, or alternately along a now-submerged coastal plain, through the development of significant pre-Columbian cultures and population densities, to the arrival...
- List of tallest buildings in San Francisco