By 2035, San Francisco Will Be Transformed By Billion-Dollar Megaprojects
Even though it seems very far from now, San Francisco real estate will continue thriving. The reason: More than 20 billion-dollar megaprojects are ready to be deployed.
Even though it seems very far from now, San Francisco will be transformed by 2035. The reason: more than 20 billion-dollars in megaprojects will continue to roll out. These projects will definitely take California’s tech hub to another level. Of course the questions is: Will anybody be able to afford living there?
According to sales data analyzed by brokerage Paragon Real Estate Group, San Francisco’s median home price reached a new record of $1.5 million in May. The city is now over six times the average U.S. home price of $245,000. This make it the most expensive major city in the U.S. for both home prices and rents.
San Francisco Shipyard and Candlestick Redevelopment | $8 billion
This project started in 1999, when Lennar Urban was appointed by the city as the main developer. The San Francisco Shipyard and Candlestick are two projects located in different waterfront areas in south of downtown San Francisco. It aims to transform housing development projects with a 12,100 housing units. In addition, 4.3 million square feet of office space and 350 acres of public space will be included.
Treasure Island Redevelopment | $6 billion
Skidmore, Owings & Merrill LLP (SOM) is leading this project. They are one of the largest and most influential architecture, interior design, engineering, and urban planning firms in the world. The company has created a bold new vision for this project located in the heart of the San Francisco Bay. It consists of three compact neighborhoods organized around a town center and ferry terminal — a layout intended to encourage walking, bicycling, and using mass transit.
According to SOM, approximately 300 acres of the island will be set aside for open space, and all new landscaping will utilize native species. As an interesting fact, the development is designed to exceed California’s Building Efficiency Standards (Title 24) by 20 percent. According to SOM, the scheme represents San Francisco’s best opportunity to accommodate population growth with a minimal ecological footprint.
Parkmerced | $1.35 billion
This megaproject is located in the southwestern San Francisco and is expected to be completed by 2035. It includes 230,000 square feet of retail, 80,000 square feet of office space, and 60,000 square feet of public space as well. In addition, more than 5,679 new housing units will be spread across 152 acres. The first phase is projected to end by 2022 and includes five residential complexes – a total 1,000 housing units.
Transbay Redevelopment Area | More Than $2.4 billion
The Transbay Redevelopment Area project is conducted by the Office of Community Investment and Infrastructure (OCII) together with public-private partnerships with the City, Transbay Joint Powers Authority (TJPA), State and developers—including nonprofit affordable housing developers. Their goal is to transform the City’s transbay area housing demand by providing 10,000 affordable housing units by 2020. This high-density neighborhood features the Transbay Transit Center surrounded by residences, offices, retail and parks.
This redevelopment is expected to surpass the $4.5 billion investment. It began in 2005, when the city started raising several building height limits to make way for the project. Developers envision 2,500 new homes, 3 million square feet of office and commercial space, and 100,000 square feet of retail across at least three towers.
The 5M Development | $1 billion
The 5M development will cover four acres between 5th, Mission, and Howard streets in downtown San Francisco. This three-tower development (ranging from 200 feet to 470 feet tall) consists of 688 residential units which includes 241 affordable housing units. In addition, the project offers 807,600 square feet of new and renovated office space. It also has 50,000 square feet of new public open space, and 35,000 square feet of retail and other ground-floor uses.
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