Located at Fifth and Mission Streets, the 75,000-sf building is a national landmark that was constructed in 1869. The building was designed by Alfred B. Mullett, who, as Supervising Architect of the Treasury Department, oversaw the design and construction of more than 40 Federal buildings across America In the 1900's, the mint was the federal depository for precious metals, and produced millions of coins.

Although the Old Mint was one of the few buildings that survived the 1906 San Francisco earthquake, it suffered a lot of damage after the 1989 Loma Prieta quake. City officials estimate that the seismic work on the project alone would cost $18 million, and plan to either get federal funding or find a developer to help pay for some of it. In addition, the building will require extensive maintenance work to pull it out of its deteriorated state.

Before the final agreement is inked, a draft plan will be given to members of the public for review. If it is approved, the deal could close by spring. The General Services Administration, which owns the Old Mint, plans to donate the property to the city. A developer will then be chosen to determine the landmark's fate. Some possibilities include a city museum, shops and restaurants, an office complex, or a mixture of all of these.