A half-acre lot in San Francisco's "park-deficient" Rincon Hill neighborhood is being developed as a public open space, a San Francisco Parks Alliance official said Thursday.
The site at 333 Harrison St. has been dubbed Emerald Park, named for the Emerald Fund, the San Francisco-based real estate developer that owns the space and the apartment building there, Parks Alliance Executive Director Matthew O'Grady said.
The company has entered a private partnership with the Parks Alliance in which it will continue to own the space but will give up the rights to develop it and will commit to using it as a public park.
"They came up with a creative approach," O'Grady said.
The park is a boon for the rapidly growing area, which has few open spaces, according to O'Grady. Under the agreement, the park will be permanent, he said.
"This is forever," O'Grady said.
Most of the park has already been built, with a children's playground set to be installed in the next few weeks. It will officially open Labor Day weekend, according to O'Grady.
The company will take full responsibility for the park, including its maintenance and other associated costs, he said. The Parks Alliance will serve as a steward of the space and monitor it, O'Grady said.
The park is a gift to The City, with no cost to residents and no work required from any agencies to maintain the space, O'Grady said.
"This is a big win for San Francisco," he said.
The partnership was announced at the park Thursday, with the heads of the Emerald Fund joining Parks Alliance staff and Mayor Ed Lee.