Tech heavyweights Google and OpenAI are leading a $60 million funding blitz to resurrect San Francisco's downtown core. The investment surge, channeled through Mayor Daniel Lurie's Downtown Development Corporation, marks a 50% jump from the $40 million raised at launch and signals Silicon Valley's commitment to fixing the city that made it famous.
San Francisco's tech elite are putting serious money behind Mayor Daniel Lurie's promise to bring downtown back from the dead. The city's Downtown Development Corporation just hit $60 million in early commitments, with Google and OpenAI leading a who's who of Silicon Valley donors betting on the city's revival.
The funding milestone represents a dramatic 50% jump from the $40 million the nonprofit raised at its April launch. But it's not just the AI darlings writing checks - Salesforce, Amazon, Visa, and even fashion retailer Gap have all bought into Lurie's vision.
"I think people view this as a generational moment," Shola Olatoye, CEO of the development corporation, told CNBC. "San Francisco has captured the world's imagination as a global hub of innovation and industry."
The timing couldn't be more critical. San Francisco faces a make-or-break 2026 with Super Bowl LX hitting the Bay Area in February, followed by FIFA World Cup matches in summer. The city's downtown still bears pandemic scars despite a broader recovery driven by the AI boom.
Lurie's team plans to deploy the cash strategically. Direct grants will flow to small businesses along key retail corridors like Powell and Stockton Streets, while below-market loans will help entrepreneurs fix up vacant storefronts. The corporation is also funding a new Embarcadero Park modeled after New York's Bryant Park - a nod to Lurie's admitted inspiration from former NYC Mayor Michael Bloomberg.
The mayor's fundraising prowess stems from his previous life running Tipping Point Community, an anti-poverty nonprofit where he honed the art of extracting large checks from tech billionaires. That experience proved crucial when President Trump threatened National Guard deployment in San Francisco earlier this year, only to reverse course after Nvidia CEO Jensen Huang and Salesforce CEO Marc Benioff reportedly lobbied on Lurie's behalf.
The political victory highlighted how intertwined San Francisco's fate has become with its tech industry. CBRE data shows 2025 venture funding is on track to surpass the record 2021 levels, driven largely by AI investments pouring into the city and Silicon Valley. That surge has lifted everything from commercial real estate to tourism bookings.
