Carpenter & Company developed the luxurious St. Regis Residences at the corner of Third and Mission Streets in San Francisco. The St.  Regis Residences include 102 luxury residential condominium units located on the upper 22 floors of the 42 story St. Regis tower. The St. Regis Residences, which opened in 2005, are adjacent to the San Francisco Museum of Modern Art and across the street from the Moscone Convention Center. The St. Regis project also includes a St. Regis hotel counting 270 guestrooms, extensive meeting facilities, a ballroom, two restaurants, a spa and a health club. The luxurious guestrooms all include flat screen TVs in the bedrooms and bathrooms, separate showers and tubs, twice-daily housekeeping, and butler service.

A portion of the St. Regis site is occupied by the historic Williams Building, which was built in 1907 and incurred extensive structural damage in a 1989 earthquake. Carpenter was widely praised for its close work with governmental regulators and architects that led to a plan to save the historic building and successfully incorporate it into the project.

Carpenter was selected as the developer of the St. Regis site by the San Francisco Redevelopment Agency. Nine teams, including the team led by Carpenter, submitted proposals for the site. Among the respondents were Raddison, Wyndham, Penninsula, Promus and Tishman International. Based on an independent review of the proposals prepared by KPMG Peat Marwick (which recommended Carpenter), Carpenter was designated as developer of the site.