Rookie investors pour $75 million into Union Square revival
A new partnership led by Max Raskin and Ian Jacobs has invested $75 million to revamp San Francisco’s Union Square, attracting major retailers back to the area.
Uris Acquisitions, a nascent real-estate firm headed by Max Raskin and Ian Jacobs, has deployed $75 million over the past 15 months to purchase and refurbish five buildings around San Francisco’s Union Square, with two more deals pending. The investors view the downtown district, once plagued by vacant storefronts and open-air drug activity, as poised for a comeback under Mayor Daniel Lurie’s administration, which has focused on crime reduction and easing building-permit processes.
Their capital infusion has attracted a wave of high-profile tenants, including Uniqlo, Zara, Nintendo, The RealReal, Aritzia, Pop Mart, AT&T, and Kith, while Nordstrom and Bloomingdale’s are reportedly scouting space. Mayor Lurie emphasizes that safety and basic services are essential for revitalization, a stance reinforced by a recent visit from JPMorgan CEO Jamie Dimon, after which the bank pledged $200 million for a waterfront housing project and announced a new corporate hub in the city. Despite ongoing challenges with homelessness and crime, the partnership between the private investors and municipal leadership signals a concerted effort to restore Union Square’s commercial vitality.
Why it matters
The investment could transform a struggling downtown area, boosting jobs and city revenues while testing public-private collaboration.
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