A desolate piece of waterfront property near AT&T Park would be developed into housing, retail, office space and parks, but it faces many challenges before becoming reality.
The Giants, who have exclusive development rights to the area, expect to have a final vision for Seawall Lot 337 on The City’s northeasternmost corner ready by September. That development plan will have to balance the developers’ own financial needs with the interests of residents in the fastest growing area of San Francisco.
The Giants are working with The Cordish Cos. to finance the first stage of the development, but more money will have to come in to finance a project estimated to cost as much as $2 billion.
The development contains 1 million square feet of office space, 875 residential units, 185,000 square feet of convention space, 8 acres of open space and 2,600 parking spaces.
The first phase is likely to include housing and office space development.
There are currently 18 different site plans that designers are playing around with, Bair said. The final plan will be a hybrid of all those plans.
“We are, however, looking at the project with a new lens, to some degree,” Bair told the Port Commission earlier this month. “It’s a new world. There’s more constrained financing. Different project components need to be bankable, need to be built in pieces that the financial markets can embrace.”
The Port of San Francisco is expected to take in at least $6 million from the Giants’ development and have been pushing the project forward. Port officials are also pushing the Giants to build a new basketball arena in the area, something Port Commissioner F.X. Crowley brought up to the team earlier this month.
“I think we can get an arena, an anchor tenant, as we’ve talked about in the past with the Giants organization,” Crowley said.
The Giants have agreed to look into the construction of a basketball arena if a plan is financially feasible, Bair said. He would not speculate on the chances of such an arena being built.
A public unveiling of the new design is scheduled for Sept. 15. It then will need to be approved by Board of Supervisors.