San Francisco city officials have celebrated the start of construction of $1 billion project in the city’s South of Market area (SOMA).
The 5M mixed-use development near Mary and Mission streets, also includes 640,000 sq. ft. space for offices. There will also be parks, rooftop gardens and childerens’ play areas on the four acre site, the San Francisco Examiner has reported.
A partnership between Hearst Corporation and Brookfield Properties is developing the site, for a project originally approved in 2015.
“There were a lot of delays, but delays don’t mean denials. This project is going to be done,” Mayor London Breed said during the groundbreaking celebration. “This is not the kind of project that should be delayed. This is the kind of project that we need in communities all over San Francisco.
“Because we know that we have challenges with affordable housing. And we know that sometimes when we have the financial resources to get things done; our bureaucracy sometimes gets in the way. We need to change that. Because the people who need this housing the most, they’re counting on us to make better decisions, they’re counting on us to get these projects done,” she said.
The project will start with construction of a 302-unit apartment building, and 640,000 sq. ft. office building at 415 Natoma St. Two historic buildings at the site, the Dempster building and the Camelline building, will also be repurposed for the project, Brookfield Properties officials said.
This work is expected to be completed as early as mid 2021, but a projected completion date for the second phase hasn’t been set.
City officials said the development will provide w\provide $76 million in community benefits to the neighbourhood.