Mission Bay
The Mission Bay Project, a public/private partnership with the San Francisco Office of Community Investment and Infrastructure, involves the transformation of a 303 acre former rail yard into a vibrant, high-density, transit-oriented community.
ENTITLEMENTS
Partner in the public process
• Sat side-by-side with the former Redevelopment Agency in seeking public buy-in and development of shared goals
• Work continually with Agency, CAC and community groups to
address new challenges as they arise
Collaborator in planning and design
• Brought together community stakeholders to set vision
and guidelines
• Continue to work hand-in-hand with the Agency to reinforce
standards and apply lessons learned
Processor of permits
• Oversaw preparation of immense number of supporting documents
• Secured permits from wide variety of local, state and federal agencies
Coordinator of approval processes
• Developed plan for sequencing of approvals to address prerequisites
• Parallel tracked approvals when feasible to compress schedule
BOTTOM LINE: A fully approved project whose entitlements have stood the test of time and allowed development to proceed continually for over a decade.
Advisor on Public Financing
• Worked side-by-side with Agency’s finance director to time
and size CFD and tax increment bonding appropriately
• Educated underwriters on merits and stability of project to
minimize public interest costs / maximize bond proceeds
FINANCING
Securer of private capital
• Delivered a steady private capital partner capable of enduring
market cycles
• Managed partner’s capital wisely to leverage other resources
and keep project viable
Allocator of Available Resources
• Managed the phasing of capital deployment to leverage limited
resources
• Concentrated targeted investment in the infrastructure most likely
to spur additional private investment
Advocate in the Pursuit of Outside Sources
• Successfully promoted Mission Bay as a priority project for
outside funding
• Collaborated with Agency and City staff to secure environmental
remediation funds, pursue infrastructure and affordable housing
grants,and stimulus funds
BOTTOM LINE: Leveraged over $400 million of direct investment in approvals and infrastructure into over $4.5 billion of private investment and vertical development, heading towards $9+ billion.
DEVELOPMENT
Builder of infrastructure + buildings
• Built over $400 million of new streets, utilities and parks
• Built three of the first buildings to establish demand and catalyze
activity
Deal Maker with Third Party Builders and Users
• Landed an “anchor” tenant in the form of UCSF’s campus and
subsequent medical center
• Completed two dozen land sales to over a dozen different
developers and users
Implementer of Public Benefits
• Constructed over 15 acres of new parks and open space
• Driven private investment to levels that generate significant tax
increment to finance public infrastructure and affordable housing
Employer providing Jobs and Training
• Development activities generated thousands of construction and
permanent jobs.
• Made tangible changes to contracting processes to raise LBE
participation levels to nearly 40%
BOTTOM LINE: Project 50%+ built; land 90%+ sold to builders and end users; over a dozen private entities investing their own resources; hundreds of new affordable housing units; thousands of new residents; and over 15 acres of open space — all with more to come.