SAN FRANCISCO, Calif. (KRON) – In San Francisco, renovation work has begun on the city’s iconic Transamerica Pyramid. The work kicked off Tuesday with a groundbreaking ceremony.  

The Transamerica Pyramid was built in 1972. There was a lot of opposition to it back then, but it has become an iconic part of San Francisco. 

It was sold in 2020 for $650 million, and it’s about to get a big renovation. Over the next year, the 50-year-old pyramid will get a massive, $400 million redevelopment.

The renovations will include adding green space and open-space improvements around the base of the tower as well as a complete renovation of the interior of the building and renovations to several buildings that are part of the Transamerica Pyramid complex.  

The new owners, Shvo Real Estate, are hoping to create an attractive destination site. San Francisco Mayor London Breed sees this as an important part of rejuvenating downtown San Francisco, which has struggled since the start of the coronavirus pandemic.

Mayor Breed said in a statement Tuesday, “This is not just about this iconic building, which is photographed and seen all over the world. This is about creating an open and community space where people can congregate. Where folks can dine and enjoy this neighborhood of San Francisco.”

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The renovation has already begun, and work is expected to take about a year to complete. The Complex covers an entire city block and includes three buildings totaling approximately 750,000 square feet.