SF New Developments

Exert from the Government Environmental Impact Report for 72 Townsend:

“Rincon Point-South Beach is a 115-acre redevelopment project composed of two non-contiguous geographic areas along San Francisco’s northeastern waterfront. Much of the area was formerly characterized by dilapidated warehouses, open cargo storage yards, abandoned or underutilized buildings, several piers in unsound condition and an extensive network of underutilized street rights-of-way. Since 1981, the area has been transformed into a new mixed-use development. It is located south of the Ferry Building and adjacent to both the Financial District and the City’s waterfront.

The purpose of the project is the conversion of this once blighted area into a new mixed-use waterfront neighborhood incorporating rehabilitation and new development. Implementation of the project began in 1981. It has been funded by a combination of Community Development Block Grants, tax-exempt revenue bonds and property tax increments. To date, 2,556 residential units have been constructed with 26% of the units set aside for low- and moderate-income households, over 1 million square feet of commercial space has been constructed, including Rincon Center and Gap Inc. headquarters office building, and the 700-berth South Beach Harbor is fully occupied. Additional publicly oriented facilities include Pacific Bell Park and Rincon Park at the foot of Folsom Street and the Embarcadero. Completion of the Rincon Point-South Beach project is anticipated to occur by 2006. To date, there has been a private investment of over $1 billion to the area.”

Read the full report here>>