San Francisco Mayor Daniel Lurie speaks during a press conference at San Francisco City Hall on October 23, 2025 in San Francisco, California.
Justin Sullivan | Getty Images
San Francisco’s Downtown Development Authority, created in April by Mayor Daniel Lurie, announced Tuesday that it has received more than $60 million in early commitments from donors including: google And OpenAI will help revitalize city centers.
“I think people see this as a generational moment,” SFDDC CEO Shola Olatoyi said in an interview with CNBC. “San Francisco has captured the imagination of the world and this country as a global hub of innovation and industry. People who want to start a business here, raise a family here and visit here recognize the important work underway and want it to continue.”
Lurie announced in October that the group, a nonprofit public benefit corporation, had raised $50 million for its work, up from $40 million in its debut. During last year’s mayoral campaign, Lurie touted his fundraising ability, drawing on his past experience with the anti-poverty nonprofit Tipping Point Community and laying the groundwork for public-private partnerships to help revitalize San Francisco.
In addition to Google and OpenAI, SFDDC has raised funding from supporters including: visaThoma Bravo, Ripple, sales force, AmazonEmerson Collective, Sixth Street; gap. The funds will help support Lurie’s Heart of the City Initiative, which prioritizes street safety and cleanliness, small business support and more.
Olatoi said some of the funding will also be used to fill vacant spaces in prime retail spots such as along Powell Street and Stockton Avenue.
“We will provide grants directly to these companies and provide them with business support, marketing support and legal support,” Olatoyi said. “And then we actually get below market capital from some of our financing partners to actually rehabilitate these spaces, bring businesses in there, get people to spend money there, and generate economic activity for the city of San Francisco.”
Donations will also go towards the new Embarcadero Park, which is modeled after New York City’s Bryant Park. Lurie frequently cites Michael Bloomberg’s efforts as mayor of New York City as inspiration for his work, and DDC draws on models used in New York City as well as Detroit.
While many indicators show San Francisco has bounced back dramatically from the pandemic’s lull, the city has much work to do to prepare for an active 2026. The LX Super Bowl will be held in the area along with the Pro Bowl Game in February. In the summer, people flock to the Bay Area for the FIFA World Cup.
“Residents, families and small business owners all benefit when our downtowns thrive,” Lurie said in a statement. “By increasing security, cutting red tape and focusing on arts and culture, we are bringing people back to our cities.”
The first-term mayor scored a key political victory in October when he reversed President Donald Trump’s decision to deploy the National Guard to downtown San Francisco, saying Lurie was making “significant progress” on crime in the city. President Trump also said he was “swayed by it.” Nvidia CEO Jensen Huang sales force CEO Marc Benioff.
The city has been boosted in the last year by a surge in investment and activity related to artificial intelligence. According to CBRE venture funding data, 2025 is expected to surpass the record set in 2021, thanks to AI investments in San Francisco and Silicon Valley.
Additionally, crime rates are down 30% from 2024, event bookings and tourism are on the rise, and residential and commercial real estate is heating up.
“There’s no question that there’s a lot of attention on us. We’re very focused on leveraging our results and data to ensure we can meet our responsibilities,” Olatoye said.
Attention: President Trump calls for National Guard deployment to San Francisco
