{"id":1004558135,"date":"2021-11-22T09:15:50","date_gmt":"2021-11-22T17:15:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004558135"},"modified":"2022-12-09T00:22:02","modified_gmt":"2022-12-09T08:22:02","slug":"top-projects-that-will-reshape-the-san-francisco-bay-area","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-projects-that-will-reshape-the-san-francisco-bay-area\/","title":{"rendered":"Top Projects That Will Reshape the San Francisco Bay Area"},"content":{"rendered":"

Check out our other articles in the series to discover the top projects reshaping Tampa<\/a>, Los Angeles<\/a>, Austin, <\/a>Phoenix<\/a> and Queens<\/a>.<\/em><\/p>\n

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The San Francisco Bay Area has established itself as a place for innovation and creativity, giving birth to major businesses and tech companies. Although the most recent downturn has put some pressure on the local economy<\/a>, the region is bound to thrive in the long turn thanks to its well-established culture and proximity to major higher-education institutions such as Stanford University, the University of San Francisco and San Jose State University.<\/p>\n

Developers continue to push forward with plans to remodel the region through major mixed-use projects that are taking shape on former parking lots, shipyards, Navy bases and alleyways. Once completed, these projects will add millions of square feet of commercial space and thousands of apartment homes to the area’s stock.<\/p>\n

The list below includes some prominent commercial real estate developments and infrastructure projects that have the potential to change the future of the San Francisco Bay Area.<\/p>\n

1. Pier 70<\/h2>\n
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Pier 70. Image courtesy of Brookfield Properties<\/p><\/div>\n

Spanning 28 acres, Pier 70 is set to breathe new life into the historic shipyard along San Francisco\u2019s Central Waterfront near the Dogpatch neighborhood. Developed through a public-private partnership between the Port of San Francisco and Brookfield Properties, the project will provide access to an area of the city that\u2019s never been available to the public before due to its industrial past.<\/p>\n

Plans for the $3 billion redevelopment of the historic site call for the construction of nearly 2,150 residential units, around 1.7 million square feet of office space, up to 240,000 square feet of retail, arts and light industrial space, and 9 acres of new parks and open space. Plans also include the rehabilitation of three historic structures, as well as new infrastructure, a pedestrian-oriented street network and sea level rise protections.<\/p>\n

The City of San Francisco Board of Supervisors approved the project in 2017 and broke ground in May 2018, making it the fastest large development in San Francisco to go from entitlement to construction in the city\u2019s history, according to Brookfield Properties.<\/p>\n

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Pier 70. Image courtesy of Brookfield Properties<\/p><\/div>\n

The first phase of the project is slated for completion next year and will include seven restored or new structures, 3.4 acres of the total of 9 acres of parks and open space as well as new infrastructure and street grid. This phase also includes the rehabilitation of Historic Building 12, a structure constructed in 1941 to support ship building efforts during World War II. The restored building will encompass office, retail and event space.<\/p>\n

\u201cThere is this incredibly rich and unique context of the site that brings together Dogpatch\u2019s past, present and future with its maritime industrial history, creative culture and innovative thinking. It will be a new place to reflect, recreate and relax that simultaneously offers the best of urban life and a respite from it,\u201d Kelly Pretzer, vice president of development at Brookfield Properties, told Commercial Property Executive.<\/em><\/p>\n

Pier 70 was also set to include the West Coast\u2019s largest mass timber building, but due to market conditions and material costs, Brookfield Properties pivoted to building a structure suitable for life science purposes.<\/a> The company plans to break ground on this development early next year, with the megaproject expected to be delivered in phases between 2022 and 2028.<\/p>\n

2. Power Station<\/h2>\n

Right next to Pier 70, another megaproject is taking shape within San Francisco\u2019s Central Waterfront. Power Station is being built on the 29-acre site that used to house the Potrero Power Station, which supplied a substantial portion of the city\u2019s energy. However, as a coal-powered facility, it was also a considerable source of pollution, ceasing operation in 2011. Associate Capital acquired the Potrero Power Station in 2017. The project was approved in early 2020 and broke ground this spring.<\/p>\n

\u201cPower Station is the first megaproject to emerge from San Francisco\u2019s extensive public planning process and break ground since the pandemic began,\u201d PJ Johnston, project spokesperson, told CPE.<\/em><\/p>\n\n\n