The Mission Bay area development have started way back in 1998 and it is still a work in progress.
To cite from the Mission Bay Redevelopment's website:
"The maximum development program for Mission Bay includes:
â€¢ 6,000 housing units, with 1,700 (28%) affordable to moderate, low, and very low-income households. Redevelopment Agency sponsored non-profit developers will build 1,445 of the affordable units on 16 acres of land contributed by the master developer. The remaining 255 affordable units will be included in privately developed projects,
â€¢ 4.4 million sq. ft. of office/life science/biotechnology commercial space,
â€¢ A new UCSF research campus containing 2.65 million sq. ft. of building space on 43 acres of land donated by the master developer and the City,
â€¢ A state-of-the art UCSF hospital complex serving children, women, cancer patients
â€¢ 500,000 sq. ft. of city and neighborhood-serving retail space,
â€¢ A 500-room hotel,
â€¢ 41 acres of new public open space, including parks along Mission Creek and along the bay, plus 8 acres of open space within the UCSF campus,
â€¢ A new 500-student public school, a new public library and new fire and police stations and other community facilities."
The plans are always changing, a good example being the Workforce decision not to build its campus, therefore adjustments needed to be made.
There is a lot more to be done here and true to be told, it depends a lot on the private investors and what will attract them to the area. Despite the sluggish economic growth, San Francisco is still better off than most metro areas and there is a lot of hope for 2013.
The releasing of the new UCSF hospital complex should attract a lot more related health care services and pharma/biotech companies that will fill those momentary empty offices.
Furthermore, the Urban Land Institute recently released report placed San Francisco as the number 1 real estate market in the nation in 2013.
Alina Aeby-Broker Associate
Pacific Union International