SF mayor's downtown revival project has reeled in $60 million from Google, OpenAI and others

San Francisco's Downtown Development Corporation (SFDDC), initiated by Mayor Daniel Lurie in April, announced on Tuesday that it has successfully garnered over $60 million in preliminary commitments from major donors, including tech heavyweights Google and OpenAI. "This is seen as a pivotal moment for the city," remarked Shola Olatoye, CEO of the SFDDC, during a CNBC interview. "San Francisco continues to inspire as a global epicenter of innovation and enterprise. Those wishing to establish businesses, raise families, or even visit our city recognize the vital initiatives we are undertaking and are eager to support them." In October, Lurie revealed that the nonprofit organization had increased its fundraising total to $50 million, up from an initial $40 million since its formation. During his mayoral campaign last year, Lurie emphasized his fundraising capabilities, leveraging his experience with the nonprofit Tipping Point Community to establish public-private partnerships aimed at revitalizing San Francisco. Alongside Google and OpenAI, financial backing has also streamed in from prominent companies such as Visa, Thoma Bravo, Ripple, Salesforce, Amazon, Emerson Collective, Sixth Street, and Gap. These funds will be instrumental in supporting Lurie's Heart of the City initiative, which focuses on enhancing street safety, cleanliness, and small business assistance. Olatoye mentioned that part of the raised funds will be allocated to rejuvenate vacant retail spaces on high-profile streets like Powell and Stockton. "We plan to offer direct grants to these businesses for operational, marketing, and legal support," she explained. "Additionally, we will provide below-market capital through our lending partners to renovate these spaces, encouraging businesses to open and stimulate economic activity in San Francisco." The initiative also includes plans for a new Embarcadero Park, modeled after New York City's Bryant Park, reflecting Lurie's admiration for the urban strategies employed by former New York Mayor Michael Bloomberg. Despite notable recovery indicators since the pandemic, San Francisco faces significant tasks ahead of major events like Super Bowl LX and the FIFA World Cup in 2026. Lurie emphasized the interconnectedness of a thriving downtown and the well-being of residents, families, and small business owners. "By enhancing public safety, reducing bureaucratic obstacles, and promoting our vibrant arts and culture, we are inviting people back to our city streets," he stated. In a recent political milestone, President Donald Trump acknowledged Lurie's progress in combating urban crime and reversed his decision to send the National Guard to San Francisco, influenced by executives like Nvidia's Jensen Huang and Salesforce's Marc Benioff. The city has experienced a notable uptick in AI-related investment over the past year, with projections suggesting that venture funding in 2025 could surpass previous records, largely due to AI initiatives in the region. With crime rates decreasing by 30% compared to 2024 and a resurgence in tourism and real estate activity, Olatoye concluded, "There is an undeniable spotlight on us, and we are committed to achieving measurable outcomes while holding ourselves accountable through data."