Batter Up in Bidding for Site Near San Fran Ballpark
- Feb 15, 2008
As of yesterday’s deadline, four proposals have been submitted to the Port of San Francisco for redevelopment of a prime parcel on the city’s waterfront, adjacent to AT&T Park, home of the San Francisco Giants. The 16-acre site, currently a parking lot for Giants fans, is located directly south of the stadium, , or right across “McCovey Cove,” which is just outside the right-field fence. The highest-profile entry is that from the Giants organization itself. According to the San Francisco Chronicle, they propose to redevelop the parcel with 875 homes, many of them in a 300-foot high-rise; 800,000 square feet of office space; a parking garage; a 5,000-seat music hall; a 5-acre park; a refurbished pier for trade shows and private events; and an entertainment district with restaurants, nightclubs and bowling. Estimated overall development costs are pegged at more than $1 billion. The development team also includes Cordish Co. and Farallon Capital Management. The Chronicle also reported that a team including Boston Properties, Kenwood Investments L.L.C. and Wilson Meany Sullivan had proposed a mixed-use project for the site. The project would include 1,700 housing units, as well as office space and art galleries, the latter at below-market rents. Both Kenwood and WMS are San Francisco–based private real estate development firms specializing on urban infill locations.The third proposal, according to the Chronicle, is from Build Inc., Cherokee Investment Partners and Urban Green Development, which want to build a green-technology business incubator, 1,600 homes and office space, as well as artist’s studios, an art exhibition center, parks and a wholesale market. The fourth proposal, according to the port agency, is from Federal Development L.L.C., Lehman Brothers, and Construction Management and Development Inc.The specifics of this proposal were not available at presstime. The development teams are scheduled to formally present their proposals to the Port Commission on Feb. 26 and then engage in a community workshop and Q&A on March 1. An eight-member advisory panel will review the proposals and make recommendations to the Port Commission for a short-list of developers, who will be invited to submit detailed development proposals and the accompanying financials.