Downtown Development Corp. launched to revitalize SF
Published April 08, 2025
A coalition of business leaders and civic organizers have just launched The San Francisco Downtown Development Corp. (DDC). It will raise money to fund revitalization for downtown – think beautification projects, events, and support for small businesses.
The Facts
A coalition of business, labor, and philanthropic leaders announced the San Francisco Downtown Development Corp., a nonprofit focused on downtown recovery. The organization plans to raise private funds to beautify downtown, host events, and support small businesses.
The Context
The org is a who's-who of industry leaders, which should make fundraising for downtown a breeze:
- David Stiepleman, co-founder of private equity firm Sixth Street, will serve as the board chair.
- Sam Cobbs, CEO of Tipping Point, which was founded by Mayor Lurie in 2005
- Bob Fisher, chairman of Gap
- Meg Whitman, former US Ambassador to Kenya, former CEO of eBay and Hewlett Packard Enterprise, and former Republican candidate for California governor
- Chris Larsen, co-founder of cryptocurrency firm Ripple Labs and big civic booster
- Olga Miranda, President of SEIU Local 87
- Rebecca Foster, CEO of the SF Housing Accelerator Fund
Downtown San Francisco once accounted for nearly 70% of jobs, but it is still struggling to recover from the COVID-19 pandemic – foot traffic is down and, last year, office vacancy was still at a jaw-dropping 36.5%. The city's near-$1 billion budget deficit has been linked partly to these issues, prompting initiatives to rejuvenate the area. The Downtown Development Corp. is modeled after New York's Lower Manhattan Development Corp., which was established to aid recovery after the September 11 attacks.
Note that the DDC is different from another group, called Partnership for San Francisco, whose members include OpenAI’s Sam Altman, Alphabet’s Ruth Porat, and philanthropist Laurene Powell Jobs.
The GrowSF Take
The Downtown Development Corp. is a great, proactive step toward revitalizing downtown. Leveraging private funds and fostering collaboration between business, labor, and philanthropic leaders, is a proven recipe for success.