On Wednesday, Mayor Ed Lee, the San Francisco Giants and the Port of San Francisco unveiled a proposal for Mission Rock, a 27-acre community development plan for the land neighboring AT&T Park.
The plan targets the huge parking lot that borders the stadium (Seawall Lot 337 and Pier 48), and aims to convert the space into a waterfront park, luxury apartments, community space and a plaza of local restaurants and retail shops.
(SCROLL DOWN FOR PHOTOS)
"Mission Rock will be one of the largest urban mixed use projects in America and will become an enormous economic boost for our city," said Lee in a release. "It will create thousands of construction and permanent jobs and hundreds of millions of dollars in tax revenues while creating much-needed housing and open space for a growing neighborhood and office space for companies starting or expanding in San Francisco."
The news is especially exciting for those who were disappointed by Salesforce's recent decision to halt plans on its 14-acre Mission Bay headquarters, which would have significantly invigorated the neighborhood.
According to the plans released Wednesday, Mission Rock will include an expansive outdoor park space with a boardwalk, small cafes and an open space that will accommodate 5,000 people for festivals, events and outdoor movie nights. The inner campus will include waterfront residences, an outdoor "living room" and local shops and restaurants.
In an interview with the San Francisco Chronicle, Giants CEO Larry Baer stressed the importance of local ownership at Mission Rock.
"We're looking for San Francisco originals," said Baer to the Chronicle. "Not chains."
In the plan, Lee estimated that the project would create 4,800 construction jobs, as well as 7,200 permanent tech, service and creative jobs. Lee also projected that the space would contribute $900 million in property taxes to the city, and $1.2 billion in revenue for businesses located at Mission Rock.
The plan also aims to pull in substantial sums for the Giants -- income that is much needed, according to Baer.
"We've been very open about the fact that for the Giants, we need to create revenue," said Baer to the Chronicle. "We've got a fixed number of seats and players aren't getting any cheaper, as you saw yesterday," he said -- a nod to Matt Cain's $127 million contract extension.
"This property is of great strategic importance to the Giants," said Baer in a release. "And its successful development will enhance and diversify the economic position of the team, creating new revenue streams that will help us compete at the highest level."
Check out renderings of Mission Rock in the slideshow below:
The Morning Email helps you start your workday with everything you need to know: breaking news, entertainment and a dash of fun. Learn more