It is almost hard to imagine that in just under 10 years, a San Francisco parking lot will become the site for what the city’s Mayor, Ed Lee, calls, “one of the largest urban mixed use projects in American”. The San Francisco Giants and respected real-estate developers, The Cordish Company, are presenting San Francisco with “Mission Rock”. On April 4th, Mayor Ed Lee, San Francisco Port officials and San Francisco Giants CEO Larry Baer met with city supervisors and news media outlets to announce the city’s plan to create the new 27-acre development project.
Project planners believe that Mission Rock is a positive transformation from the current Seawall Lot 337 and Pier 48. The unveiled 27-acre Mission Rock space will be home to3-5 luxury residential buildings (about 650-1,000 units), 125,000 square feet of up-and-coming eateries, offices and retail stores, a waterfront park, a vast parking structure for AT&T park visitors and over 8 acres of open space for the public to enjoy.
Although the project awaits additional inspections and environment impact reports, developers and supporters believe that Mission Rock presents an opportunity for the city to diversify its property portfolios. Mission Rock will boost San Francisco’s economy by providing new job for construction, service and tech workers. And as San Francisco struggles to find the shrinking availability of land—to provide the supply of housing for the growing influx of potential homeowners and renters—the development will help fill the gap for future homebuyers by offering additional residential spaces.
Mission Rock is anticipated to start in 2015 and finish by 2021. After the four-staged construction phases are complete, San Francisco will likely become an even more desirable city to visit and live.
To learn more about this exciting new development and how it may impact your SF property, contact Vi Pavlicevich at 408.540.4069 or firstname.lastname@example.org. Vi is an expert in San Francisco Real Estate including Mission Bay, SOMA, Potrero Hill, Financial District and South Beach.
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