The City’s $4 billion Mission Bay redevelopment project is still in its infancy but has seen arecent growth spurt, according to city officials.
While the area is “still largely undeveloped,” buildup for the new San Francisco neighborhood is getting off the ground, San Francisco Redevelopment Agency official Kelley Kahn recently said.
The development area covers 303 acres of land south of Townsend Street and north of Mariposa Street, between the Bay and Interstate 280. The Board of Supervisors approved the project plans in 1998.
“The big story of the year is how much the biotech has taken off in Mission Bay,” Kahn said. “There was just not much happening for years, and then in the last 18 months, we’ve had two buildings built and opened and there’s a robust pipeline.”
The mixed, commercial-and-residential development along Townsend, Berry and King streets has moved the fastest.
“Pretty much every parcel in Mission Bay North is spoken for,” Kahn said.
Over a period of 20 to 30 years, development plans for Mission Bay include 6,000 new housing units, 6 million square feet of office and life-science and technology commercial space, shops and restaurants, parks and open space, a hotel, a new school, a library, and fire and police stations.
South of the Mission Bay Channel, at the literal center of the development, is a 2.7 million-square-foot University of California, San Francisco, campus. The campus — which includes student housing, research space, and a community center, is located on 43 acres of land donated by The City. UCSF has also purchased adjacent lots in order to build an 865,000-square-foot hospital.
The planned residential buildings in the development area — including for-sale condominiums and apartments — will be located on either side of the Mission Bay Channel.
Of the 6,000 units planned, 14 percent will be available to “very low-income” households, those who make no more than 50 percent of what’s known as the Area Median Income. Another 5 percent are intended for low-income households with 70 percent of the AMI, and 8 percent to moderate households that make 110 percent of the AMI.
According to Kahn, of the 6 million square feet of office and science commercial space available for development, 600,000 square feet have already been built, another 1 million is under construction and another 700,000 square feet are in the planning stages.
More than $400 million in public infrastructure will be constructed in Mission Bay, to be financed through special assessments and increased property taxes generated by the development.
Mission Bay development, by the numbers:
31,000: permanent new jobs promised
11,000: new residents
6,000: housing units
1,700: housing units affordable for moderate to very-low-income households
6 million: square feet of office and life science and technology commercial space
2.65 million: square footage of new UCSF research campus
865,000: square footage of new UCSF hospital
500,000: square footage of retail space
41: acres of public open space
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