A new, 220-room hotel could spring up in South of Market right in the middle of San Francisco’s convention hub.
There currently sits an approximately 30-foot-tall building on Fourth Street between Howard and Folsom streets that houses Olivet Theological University. But under a proposal that is scheduled for approval Thursday at the Planning Commission, that low-slung building would be razed to make room for an 11-story, 220-room hotel, according to documents.
Plans for the approximately 120-foot tower include a slightly more than 4,000-square-foot space on the ground floor for commercial use such as a restaurant, documents show.
The new hotel would sit just down the street from the Moscone Center, the largest convention site in San Francisco, which holds between 50 and 60 events annually, according to the San Francisco Travel Association.
The new hotel, which would be located near the Central Subway’s future Moscone Center stop at Fourth and Folsom streets, also would help fill the need for more hotel rooms in San Francisco, according to the planning documents.
The City has one of the highest rates of occupancy for hotel rooms, according to statistics from PKF Consulting. In December, the rate was 72.4 percent, which was up from 67.3 percent in December 2011. For all of 2012, the average was 82.6 percent, PKF Consulting said.
The planning documents also state that the expansion of the Moscone Center, which will add 200,000 square feet of exhibition space, will increase demand for hotel rooms in the vicinity.
One feature that stands out about the hotel building is that it has no on-site parking. According to planning documents, the design will encourage guests and workers to use public transportation.