San Francisco university sells 170-year-old campus; 700-foot tower proposed

Golden Gate University has sold its longtime downtown San Francisco campus for $31.6 million as the university moves out of the seven-storey property amid years of financial difficulties. The site at 546 Mission St. is now owned by Lincoln Property Company, which is proposing a new skyscraper on the property.The sale was completed on Friday and confirmed by a university official to the San Francisco Chronicle. Lincoln had previously provided Golden Gate University with a $21.9 million loan to help the university retire its existing debt on the campus. The loan was paid off as part of the sale, according to the university.The property covers about 236,000 square feet and currently has a seven-storey building. Lincoln Property Company and its New York-based partner, McCourt Partners, have proposed demolishing the existing structure and replacing it with a tower designed by Skidmore, Owings & Merrill.