Mission Rock, Seawall lot 337 and Pier 48 (Planning, Design or Conception) – San Francisco – 94107
Mission Rock, Seawall lot 337 and Pier 48 (Planning, Design or Conception) – San Francisco – 94107
Mission Rock Seawall 337 and Pier 48 Development Project Overview
Join BICB and Fran Weld with the San Francisco Giants for an overview of the Mission Rock Seawall 337 and Pier 48 development. Located just south of AT&T Park, Mission Rock will be San Francisco’s newest waterfront neighborhood. The 24 acre project site will be devoted to mixed-use development and public open space, including Mission Rock Square and China Basin Park.
Construction of Mission Rock will take place over four phases and generate 4,800 jobs during the project build out. At completion, Mission Rock will support more than 7,000 permanent jobs.
Expect to walk away from this BICB Event with a clear understanding of this historic project; including the design development process, the community impact, and what’s next at Mission Rock.
Fran Weld, Director of Real Estate for the San Francisco Giants, joined the San Francisco Giants Mission Rock team in 2011. She holds a B.S. in Physics from the Massachusetts Institute of Technology, and a M.B.A. with a concentration in Public Management from Stanford’s Graduate School of Business.
Mission Rock, Seawall lot 337 and Pier 48
Project Overview
3.6 million square feet mixed-use
development
Over 8 acres parks & open space
Restored Pier 48 with Anchor Brewing
Infrastructure: Phased delivery, privately
funded; then publicly-owned and paid for
with unique public financing tools
Port Revenues: Increased land value and
higher revenues through base rent and
ongoing participation
Project Risks: Shared risks and
downside protection
Land Use Program Summary
Create a new mixed-use neighborhood,
linking Mission Bay to the urban fabric of
the City and the working waterfront.
Employ flexible zoning to take
advantage of market conditions
while ensuring a vital mix of
uses and users.
Jobs and Equal Opportunity
• Jobs: Approximately 10,100 construction and 11,100
permanent jobs.
• Local Focus: Developer and Port have met with the
Contract Monitoring Division to discuss Project goals.
2/16/12 Third Party Side Agreement from CMD
A framework for implementing an equal opportunity
program for LBE’s.
Overall LBE goal of 20%
Intermediate goal of 10% during entitlement phase
The Project’s Equal Opportunity Program will be
memorialized in the DDA
• Outreach: Developer is engaged in ongoing outreach to
organized labor and community advocates.
Exclusive Negotiation Agreement
Phase 1 Extension: From 3/15/13 to 8/15/13 to accommodate
the Board’s scheduling procedures; Two six months extension
options upon payment of a $50,000 extension fee.
Oversight of Developer Financial and Professional
Capacity: Ongoing Port oversight of predevelopment
expenditures and any changes in Developer technical staff
capacity.
Expansion of Site: Parcel P20, an approximately 20 foot wide
strip along the southern edge of SWL 337, between Terry
Francois Boulevard and 3rd Street.
Channel Plaza, an approximately 0.58 acre marginal wharf
area to the east of Terry Francois Boulevard between Pier 48
and Pier 50.
A Unique Opportunity
Sound Due Diligence:
Since 2007, the Port, the City, our regulatory agencies and numerous
stakeholders have diligently shepherded and shaped this opportunity.
Superior Location:
An opportunity to extend the fabric of the City, add vitality to Mission Bay
and provide revenue to the Port and its working waterfront with integrity of
design, construction and management appropriate for this highly visible,
valuable location.
Public Benefits:
With up to 1,500 new residences, new parks and expanded open space,
11,100 new jobs, vibrant retail and an appropriate amount of off street
parking, the Project complements the nearly fulfilled vision for Mission Bay,
expands public access to the waterfront and preserves valuable berths for
continued maritime activity.
Next Steps
Board of Supervisors: Consideration of Term Sheet
and Fiscal Feasibility April 2013
Entitlements: Initiate project entitlement phase
including CEQA, site re-zoning, State Lands Public
Trust Consistency Study and BCDC Seaport Plan
amendment
Transaction Documents: Port staff with guidance
from the Port Commission will negotiate the
the following documents for Port Commission
approval after Project entitlements:
• Master Lease
• Disposition and Development Agreement
• Form of Parcel Lease
Mission Rock Gets Ready to Play Ball
Taking a cue from their ball club, the SF Giants’ real estate team is seeing a hard winter’s work pay off with the renewed momentum of the Mission Rock megaproject that it’s developing on Port-owned land in the ballpark’s backyard. Now that the Port has endorsed their latest project updates and Term Sheet, the Giants are waiting on Board approval to move into EIR for the 3.6 million square foot, $1.6 billion mixed use development, which encompasses Pier 48 and Seawall Lot 337. We’ve been tracking this project for, oh, 6 years now, but couldn’t help getting excited all over again when the team landed the ultimate Anchor tenant for Pier 48, designed to appeal to the kind of hardcore locavore only this town can mass produce (yes, that’s Anchor Steam Brewing Company). Taking a breath before the two year entitlements process, which kicks off in May, the Giants’ Director of Real Estate, Fran Weld, took some time to talk shop with a group of well-heeled building industry folks from the BICB at SPUR this week, while we listened in.
More Piers, Not Quite So Much Cup
Via The Snitch at SF Weekly, a PDF document with very basic data and the broad outlines of Ports’ plans to make do without the America’s Cup Event Authority investment, with a resolution ready for the Supes by March 27. Seems it would take an estimated $7M-$8M investment to restore Piers 30/32 for use as a parking lot, plus some temporary use by the ACEA during the race (above.) A basic parking lot would net about $1M a year. Outfitting it for low-fi mega-yacht/cruise ship/military berthing would probably mean another $4M to $5M (our estimate) both to upgrade to Homeland Security standards and put in power for ships to not run their diesel engines 24/7. Overall, Ports estimates it’s on currently the hook for another $10.9M for essential improvements, mostly involving the new cruise terminal at Pier 27 plus some other bits. Severing Piers 30/32 from Seawall Lot 330 across the Embarcadero (now a parking lot) could make a development deal for condos there much more attractive, especially since we have this vague recollection of height restrictions of between 5-14 stories there.
Seawall Lot To Stay a Parking Lot (For Now)
Seawall Lot 337 – current parking lot for AT&T Park and future home to…something – will remain a parking lot for the next five years, if a renewal lease is approved by the Board of Supervisors this afternoon. The space is currently leased to China Basin Ballpark Company, LLC, and they use the lot for commuter, baseball game, and special event parking. While all the hullabaloo over the site’s future development continues to simmer (apartments and retail? artist space? Warriors stadium? oh my!), Port staff and CBBC have quietly negotiated terms for a five-year interim lease for special events and parking. It’s not all for the sake of biding time though – the lease includes a high-season (ie. baseball season) base rent from April through October of $355,000 per month.
The Beer Will be Flowing at Mission Rock
The Giants-owned Mission Rock development project has signed its first tenant: Anchor Brewing is planning to open a production facility at what is now Pier 48. The new 212,000 sq. ft. facility will serve as a production and distribution center, but will also house a restaurant and museum focused on the brewery’s 117 year history in San Francisco. Anchor’s existing plant in Potrero Hill will remain, but the company will now be able to crank out quadruple the amount of beer. According to the Chronicle, Anchor is the city’s largest manufacturer, and construction of the new facility will add 200 jobs.
Mission Rock is the proposed development project that will occupy Seawall Lot 337 and Pier 48 in the Mission Bay neighborhood. These lots are owned by the SF Port Authority, so they didn’t go through the neighborhood planning process that guided the rest of the neighborhood’s development.
Here’s as quick summary of what will eventually be at Mission Rock:
3.6 million square feet mixed-use development
Over 8 acres parks & open space
Restored Pier 48 with Anchor Brewing
Infrastructure: Phased delivery, privately funded; then publicly-owned and paid for with unique public financing tools
The Mission Rock development is positioning itself as both pedestrian friendly and transit friendly, with Caltrain, Muni metro, Muni bus, and ferry lines within a 10 minute walk from the Mission Rock neighborhood.
China Basin Park will be the showcase park for Mission Rock, located at the north end of the project site, along the Mission channel. In addition to China Basin Park, there is a proposed “neighborhood square” green space, and the site will also connect to the blue greenway trail system along the waterfront in the neighborhood.
The Mission Rock development got the latest go-ahead from the Port Authority back in March, and the Board of Supervisors found the project to be fiscally feasible and endorsed the term sheet earlier this month.
The project will continue to move forward through the entitlements phase, including the creation of the draft EIR and other required reports. Current project estimates forecast building construction for Phase 1 to begin in 2016 and end in 2018, with development of the last phase (Phase 4) to begin in 2018 and end in 2021.
