Excavations in urban cores, in close proximity to existing structures, can significantly influence the structural loading. This study, based on a specific section of the foundation pit for the Yaoziqiu area road network project, constructs a mechanical analysis model to assess the impact of foundation pit construction on adjacent buildings. The research examines how various factors, including the distance between the building and the pit, pile length, retaining wall thickness, and the depth of the retaining wall’s embedment, affect the deformation response of the structures. The results indicate that when the building is 5 m away from the foundation pit, the maximum pile foundation settlement is 13.45 mm. When the distance is 30 m, the settlement value is 6.91 mm, with a decrease of 6.54 mm. The effect of foundation pit excavation on pile foundation settlement is significantly reduced when the pile length exceeds 15 m. When the thickness of the retaining wall increases from 0.5 m to 0.7 m, the maximum settlement of the building foundation is reduced by 1.34 mm, a decrease of 8.38%. When the thickness increases from 0.9 m to 1.1 m, the maximum settlement of the building foundation is reduced by 0.6 mm, a decrease of 4.17%. When the embedded depth of the retaining structure increases from 10 m to 15 m, the maximum settlement is reduced by only 1.05 mm. When the embedded depth is increased to 25 m, the change in the settlement value of the building foundation is within 0.2 mm. This study offers a detailed quantitative analysis of the factors influencing structural deformation, providing specific guidance for developing risk minimization strategies in planning excavations near existing structures.