Giants’ and Tishman Speyer’s Mission Rock megaproject could break ground by November

The San Francisco Giants are zeroing in on a groundbreaking date for the team's massive, mixed-use Mission Rock project.

The Giants organization could break ground in October or November on a development that ultimately will include some 1,400 rental units, up to 1.4 million square feet of office space, 250,000 square feet for retail and "local manufacturing," the rehabilitation of Pier 48 and eight acres of park and open space, a Giants executive said. The site is across Mission Creek from Oracle Park.

"We will break ground on Mission Rock toward the end of the year," Roscoe Mapps, director of government relations for the Giants told the Mission Bay Citizen Advisory Committee last week.

A Giants spokesperson wasn't available to provide more information about the project's timeline.

Still, a groundbreaking that is only months away, rather than years, is another major step forward for 28-acre Mission Rock, especially since 40 percent of the rental units are earmarked as "affordable" for low- and moderate-income families. The Giants last year signed New York-based condo and office developer Tishman Speyer as a joint venture partner for the project, which includes the Port of San Francisco and the city as public partners.

The Port of San Francisco in 2010 selected the Giants' real estate arm as the master developer of the Third Street site.

In 2015, the Giants secured the project with an overwhelmingly approved ballot measure that increased the potential height of Mission Rock buildings to up to 240 feet.

Meanwhile, the Golden State Warriors' development a few blocks south on Third Street is set to finish by Aug. 1. That $1 billion-plus, privately financed project currently consists of the Chase Center arena, where the Warriors will begin play this fall, two office buildings totaling 580,000 square feet that are leased to Uber Technologies Inc., retail and park space. However, the Warriors have proposed changing 24,000 square feet earmarked for retail and restaurants on the northeast corner of the 11-acre site into a 142-room hotel and up to 25 condos in addition to the retail and restaurant space.

The hotel-condo-retail building, which could open in 2023, would need to go through the entitlement process. That potentially could be contentious as the expanded building now would reach Mission Bay's 160-foot height limit.

Source: San Francisco Business Times