Phase 1 – Hunters Point Shipyard, 94134 – Residential (Approved) – 6/16

Phase 1 – Hunters Point Shipyard, 94134 – Residential (Approved) – 6/16


New Homes in San Francisco – Residential (Approved) – 6/16

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Project Owner/Sponsor:   HPS Development Co., LP

Name of Project:  Phase 1 – Hunters Point Shipyard

Project Manager:  Jack Robertson  (Residential)
Brian Olin   (Land Development)

Local Map

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Project Description:  The Shipyard is comprised of two areas defined as
Phase  1  and  Phase  2/Candlestick  Point.    Phase  1 consists  of  approximately  1,400  homes,  9,000
square  feet  of  retail  commercial  space,  and  25+ acres of open space and parks.   Infrastructure has
been installed in the Hilltop portion of Phase 1 and residential building will  commence within the next
six months.  The first  2  blocks, totaling  88  homes, have been designed and permitted for construction.
The  homes  will range  from  condominium  flats to individual townhomes.    Parks will  vary from small
pocket parks to larger recreational areas.  A limited amount of neighborhood serving commercial space
will be developed in Phase 1 as a precursor to a full‐service  “village  center”  that  will  be  developed  in
Phase 2.

Together, these sites comprise over 700 acres of waterfront land along San Francisco’s southeastern shores. The development project is designed to provide over 10,500 residential units—a significant portion of which will be offered at below-market rates—over 300 acres of new waterfront parks, including a new “Crissy Field of the South”, approximately 700,000 square feet of destination retail and entertainment space and over 2.5 million square feet of commercial space oriented around a “green” science and technology campus, targeting emerging technologies. The project is also being designed to accommodate a world-class football stadium for the San Francisco 49ers.

The first phase of the Shipyard’s development is already underway (Shipyard Phase 1). Up to 1,600 homes and 25 acres of open space will be built on Shipyard “Parcel A.” Lennar/BVHP, the City’s development partner for Shipyard Phase 1, will begin construction on the first homes in early 2009. The balance of the Shipyard development (Parcels A-3 through E) will be built in association with Candlestick Point as one development project. In May 2007, the Board of Supervisors and the Mayor approved a resolution endorsing a “Conceptual Framework” for the two sites. Building upon the Conceptual Framework, in June 2008 San Francisco voters overwhelmingly approved the “Bayview Jobs, Parks and Housing Initiative” (Proposition G), which outlined the goals and principles upon which the City may move forward with redevelopment of the integrated area.
COMMUNITY BENEFITS

In addition to the jobs, parks, affordable housing and other public benefits described above, the Project will provide a number of additional community benefits, including the following:
· $3,5000,000 for an education scholarship fund for local residents;

· $10,000,000 for an education improvement fund to improve or construct new educational facilities in the area;

· $2,000,000 for community health facilities, including potentially a pediatric wellness center;

· 4.8 acres of improved land for additional community facilities as determined by a local community development process;

· 65,000 square feet of built space for additional community facilities, including an indoor African marketplace and library reading rooms;

· New and renovated space for the Shipyard’s artists at affordable rates and improved land for a possible Arts Center;

· Infrastructure for the United Nations Global Compact Sustainability Center at Building 813 of the Shipyard; and

· The funding of a community benefits fund (the “Legacy Fund”) through the payment of 0.5% of the initial sales price of all completed market rate homes– estimated to generate $26 million over the life of the Project – as well as 50% of profits above the specified threshold, if any.

These additional benefits are described further in the Project’s Community Benefits Program, which was developed in partnership with the community through the PAC and the CAC.

URBAN DESIGN

The Shipyard and Candlestick will rejuvenate and integrate with the existing Bayview / Hunters Point neighborhood to create a vibrant mixed-use district that provides a major focal point to the shoreline area of southeast San Francisco. Development will be compact, provide a mix of land uses and be oriented to the transit stops along the new bus rapid transit (BRT) line which will serve the area with frequent transit service. There will be market-rate and affordable homes, community services, regional and neighborhood commercial retail, research and development space (R&D), a hotel, a performance arena, and an expansive waterfront park system that extends along the entire shoreline of Candlestick and the Shipyard. In addition, the southern portion of the Shipyard may be developed as a new football stadium for the San Francisco 49ers or as additional housing and research and development space.

The program for the two sites includes 10,500 residential homes, 250,000 sq ft of neighborhood retail, 635,000 sq ft of regional retail, 2.65 million sq ft of office and R&D space, a new NFL football stadium if applicable, a hotel, performance venue, artists’ studios, community facilities, and a 336 acre open space network.

Identifiable neighborhood districts will be created that will each have distinctive characteristics. These neighborhoods will be woven together and to Bayview / Hunters Point by an open space network, pedestrian pathways and landscaped streets that connect to the existing Bayview / Hunters Point street grid. Thus, convenient access will be provided between the new neighborhoods, Bayview / Hunters Point and the waterfront park system. All development will be based on the principles of sustainable building.

The overall vision places a high value on the public realm as this is the primary area where people experience the city and neighborhood. It is through the public realm elements – streets, sidewalks, building façades, adjacent small spaces, parks – that the neighborhoods derive much of their unique sense of place.

TRANSPORTATION

The land use plan incorporates a dense, compact development pattern centered around mixed-use transit nodes. The project aims to create a community with all of the services necessary to achieve self-sufficiency, and serve as a model of sustainable development and transportation. The Transportation Plan’s elements prioritize walking, bicycling, and transit travel, making these attractive and practical transportation options. The mixed-use neighborhoods proposed by the Development Plan will include office, retail, recreation, and entertainment centers designed to meet residents’ and employee needs, and reduce the demand for off-site trips. Travel within the project will be facilitated by a network of pedestrian and bicycle routes, secure bike parking, traffic-calmed streets, and urban design that makes walking and bicycling comfortable and convenient. Incorporating innovative practices and sustainable development principles, the Plan seeks to provide residents, employees, and visitors of the two neighborhoods with high-quality transportation infrastructure and services.

HOUSING

Much of the land in the Project site has been effectively abandoned for so long, the Project and its many public benefits can be delivered without displacing residents or major commercial or community centers. 31.86%, or 3,345 out of approximately 10,500 housing units, will be offered on site at below market rates. The below market housing requirements of the Project will far exceed what is required under California Redevelopment Law and the City’s affordable inclusionary housing laws. Collectively, the Project will contribute nearly $500,000,000 to the creation of Agency affordable, public housing replacement and below market housing.

Under the Project Documents, the Developer will meet these requirements by:

1. Rebuilding Alice Griffith Public Housing units on a one-for-one basis within new, mixed-income buildings and phasing the construction to ensure that eligible residents may move to their newly upgraded units from their existing homes without displacement off-site;

2. Providing fully improved buildable pads, with the entire requisite infrastructure, to the Agency at no cost for its 100% affordable stand- alone developments, which will target households earning a maximum of 50% of Area Median Income (“AMI”);

3. Providing approximately $97,160,000 to help fund the vertical construction of the Agency’s stand-alone affordable housing;

4. Requiring the inclusion of affordable housing units within market rate housing projects and targeting households earning between 80% and 120% of AMI;

5. Constructing “Workforce” housing units for those San Franciscans that may not qualify for more traditional types of “affordable” housing but still cannot afford to buy a home in the City that target households earning between 140% and 160% of AMI; and

6. Paying an additional $28,665,000 into a Community First Housing Fund to assist qualifying residents in the purchase of housing units through opportunities such as down payment assistance programs

PROJECT SUMMARY

Total Budget: $165 million
EB-5 Capital: $96 million
Developer Equity: $68.7 million
Project Overview: Development of 297 Condos/Houses/Townhomes in Phase I area with infrastructural development of part of Phase II.
Minimum Investment : $500,000
total Investors: 192
Loan Term: 5 years
Interest Rate: 0.5 % Annum

Bayview-Hunters Point or The Bayview, is a neighborhood in the southeastern corner of San Francisco, California, United States. The decommissioned Hunters Point Naval Shipyard is located within its boundaries and Candlestick Park is on the southern edge.
Redevelopment projects for the neighborhood became the dominant issue of the 1990s and 2000s. Efforts include the Bayview Redevelopment Plan for Area B, which includes approximately 1300 acres of existing residential, commercial and industrial lands. This plan identifies seven economic activity nodes within the area. The former Navy Shipyard waterfront property is also the target of redevelopment to include residential, commercial, and recreational areas.
The Bayview-Hunters Point district is located in the southeastern part of San Francisco, strung along the main artery of Third Street from India Basin to Candlestick Point. The boundaries are Cesar Chavez Boulevard to the north, U.S. Highway 101 (Bayshore Freeway) to the west, Bayview Hill to the south, and the San Francisco Bay to the east. Neighborhoods within the district include Hunters Point, India Basin, Bayview, Silver Terrace, Bret Harte, Islais Creek Estuary and South Basin. The entire southern half of the neighborhood is the Candlestick Point State Recreation Area as well as the Candlestick Park Stadium.

Landmarks and Attractions

The Bayview Opera House (previously South San Francisco Opera House), was constructed in 1888 and designated a California landmark on December 8, 1968. It was nominated for the National Registry in 2010
Four buildings in the district are listed in the California Registry of Historic Places. The Bayview Opera House (previously South San Francisco Opera House), located at 4705 Third St., was constructed in 1888 and designated a California landmark on December 8, 1968. It was nominated for the National Registry in 2010,[44] and won the Governor’s Award for Historic Preservation in 2011.[45] Quinn House, located at 1562 McKinnon Avenue, was built in 1875 and designated 6 July 1974.[46] The Albion Brewery was built in 1870 and opened as the Albion Ale And Porter Brewing Company. Located at 881 Innes Avenue, it was designated April 5, 1974.[47] Sylvester House at 1556 Revere was built in 1870 and designated on April 5, 1974.[48] Bayview is home to two large parks: Bayview Park, located on Key Ave. just west of the San Francisco 49’ers stadium, offers sweeping views of the city; and The Candlestick Point Recreation Area, located just east of the stadium, is a popular attraction for kayakers and windsurfers. Heron’s Head Park, located in the northern part of the neighborhood, is home to a recently resurgent population of clapper rails[49] and the EPA Award-Winning[50] Heron’s Head Eco Center.
Speakeasy Brewery, located at 1195 Evans Street, offers tours and beer and hosts live music at their “Final Friday" events.[51] Restaurants such as Chef Eskender Aseged’s Radio Africa Kitchen,[52] Old Skool Cafe,[53] Limón Rotisserie,[54] and Brown Sugar Kitchen,[55] slated to move into the area by late 2011/early 2012, join an existing group of established restaurants up and down the Third St. corridor, including Sam Jordan’s, Frisco Fried,[56] and Las Isletas, to name but a few.
The San Francisco Wholesale Produce Market,[57] located on Jerrold Ave., has been at the center of food distribution in San Francisco since long before moving to its Bayview location in 1964.
The Hunters Point Shipyard is home to the country’s largest artist colony, “The Point".
The Quesada Garden,[59] located on Quesada Avenue and 3rd Street in the heart of the neighborhood, is a landmark community open space on a public right-of-way. It is connected to a showcase community food producing garden (Bridgeview Community Teaching and Learning Garden) by two large murals produced with the community by artists Deidre DeFranceaux, Santie Huckaby, Malik Seneferu, and Heidi Hardin. Together, these projects have turned one of the most dangerous and blighted corridors in San Francisco into the safe route through the neighborhood, and have created a destination point for residents and visitors. Karl Paige and Annette Young Smith, retired residents, started planting on an urban median strip in 2002, and were quickly joined by neighbors to complete what is now a 650-foot by 20-foot focal point for flowers, food, art and community building. Thirteen mature Canary Island date palm trees on the block are on the San Francisco Registry of Historic Trees.

Redevelopment

The Anna E. Waden Library, currently undergoing major renovations and improvements, is located at Third Street and Revere, where the Neighborhood History Preservation Project is housed.
Hunters Point Shipyard is a redevelopment project by Lennar Corporation on the 702 acres at Candlestick Point and the San Francisco Naval Shipyard.[61] The plan calls for 10,500 residential units, a new stadium to replace Candlestick Park, 3,700,000 square feet (340,000 m2) of commercial and retail space,an 8,000- to 10,000-square-foot (930 m2) arena; artists’ village and 336 acres of waterfront park and recreational area.[62] The developers said the project would contribute up to 12,000 permanent jobs and 13,000 induced jobs.
The approval process required developers to address concerns of area residents and San Francisco government officials. Criticism of the project focused on the large-scale toxic clean-up of the industrial superfund site, environmental impact of waterfront construction, displacement of an impoverished neighborhood populace and a required build-up to solve transportation needs.
In July 2010, Lennar Corporation received initial approval of an Environmental Impact Report from San Francisco supervisors. In September 2011, the court denied the transfer of property to Lennar Corporation prior to clean-up of contamination.

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