Carpenter & Company developed the five-star St. Regis Hotel and Residences at the corner of Third and Mission Streets in San Francisco. The St. Regis, which opened in 2005, is adjacent to the San Francisco Museum of Modern Art and across the street from the Moscone Convention Center. The St. Regis Hotel includes 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.

The St. Regis Hotel occupies the first 20 floors of a 42-story tower developed by Carpenter that also contains 102 residential condominium units and a 20,000 square-foot museum.

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.