Life Sciences Specialist King Street Announces Plans For Pier 70 Project
Another East Coast developer is taking a swing at the 28-acre Pier 70 site where a development project has been stalled for about a year. The project in the city’s Dogpatch neighborhood could ultimately contain thousands of residences and a wide swath of commercial property.
Boston-based life sciences developer King Street Properties will partner with Brookfield Properties on the $3.5B project, the San Francisco Business Times reported. Brookfield and officials from the Port of San Francisco started revisiting plans for the former industrial site last fall.
King Street on Wednesday announced its plan to build a six-story, 300K SF speculative project on a section of Pier 70 known as Parcel A, aimed at life sciences tenants.
"You've seen Parcel A presented once as an office project, and that was before market conditions changed. And next it was a life science-capable project prior to King Street's involvement and becoming an affiliate of Brookfield," King Street West Region Lead Sonja Taneja told the Business Times.
King Street will manage the development of Parcel A, Taneja said.
Pier 70 has long been a redevelopment target, with Brookfield first coming onboard in 2017 and kicking off construction in 2018. The first phase of what is expected to ultimately be a 3.5M SF development was completed, but work stalled in April 2022.
Bringing more life sciences space to San Francisco in the wake of the remote-work trend that has freed up 30% of the city’s offices is a goal of Mayor London Breed, who said in a speech earlier this month that she wants to remove some code barriers to office-to-lab conversions.
