Starboard TCN Worldwide Commercial Real Estate | September 29, 2015
There seems to be a clamor among the natives that all the construction in the City is creating monumental traffic gridlock, displacing people, and changing the face of our fair City (read – transformation).
Moscone Center, named for the murdered (in 1978) Mayor Moscone and built in 1981, was initially opposed by Moscone when he served on the Board of Supervisors in the 1960s. He felt it would "displace elderly and poor residents of the area." It has since transformed the surrounding neighborhoods.
In 1997, UC Regents approved Mission Bay as the site for UCSF's new campus, and with Mayor Willie Brown's help, Catellus Development Corporation was "encouraged" to donate 43 acres of property to UCSF Mission Bay. It transformed Mission Bay into a home to many of the most advanced research facilities in the world, not to mention new housing.
Then ATT Park opened in March 2000, and besides bringing three World Series championships to the City (read – economic benefits), it transformed all of King Street and multiple blocks to the north with new housing, retail and commercial buildings.
The City is going through a growth spurt, which it does now and then. The City's population stood at 803,000+ in 2010, having grown an average of 2,800 people a year from 2000.
Since 2000, the growth has been an average 4,000 people a year, but lately it has been growing at the rate of 10,000 people per year! San Francisco is the Bay Area's densest city and one of the densest in the country.
What's On Tap?
At least eight major developments are in the works, and each of them will have a dramatic, transformative impact on their respective neighborhoods and probably the City as a whole.
1. Transbay Terminal – Downtown
2. Warriors Arena – Mission Bay
3. Pier 70 – Dogpatch
4. 5 M – 5th and Mission Streets
5. CPMC – Van Ness/Russian Hill/Lower Pacific Heights
6. Sea Wall Lot 337 – Mission Bay
7. Treasure Island – You pick it
8. Shipyard – Bayview/Hunters Point
Yes, the City is changing, and the old refrain about displacing the elderly and poor is once again front and center. I share these concerns, and I wish I could contribute to the solution. Mayor Lee spoke at the recent Structures event hosted by the Business Times. I sense that he is not only empathetic to displacement, but has the vision, will, and political support to lessen the impact of these major developments.
Urbanization is happening all over the world. Cities are becoming denser, and San Francisco is no exception. In 2000, we may have been a quaint city of 775,000 souls. By 2030, we will likely be a robust 1,000,000.
Starboard TCN is posting this article on its website and blog with Malcolm E.A. Kaufman's approval.
Malcolm E.A. Kaufman is Founder of PulseFactors™ LLC. He refers you to his website, where you can see recent issues of Pulse of the Market© and learn more about him. He invites your comments, suggestions, and questions.
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