Brookfield, Port Of San Francisco Want To Restart Pier 70 Project
New York developer Brookfield Properties and the Port of San Francisco want to get started once again on a construction project at the city's Pier 70 after a work stoppage earlier this year.
To that end, Brookfield and port officials are exploring potential changes to the development plans, according to the San Francisco Business Times.
Any changes aren't expected to be significant enough to warrant "material amendments to the project documents," Port of San Francisco Deputy Director of Real Estate and Development Rebecca Benassini told the Business Times.
Developers completed the first phase of the project, including infrastructure and roadwork, but progress stalled in April, with officials citing market conditions.
Roughly 3.5M SF of development is planned for the 28-acre site in the Potrero Point neighborhood. Of that, 2.3M SF are allocated for commercial space, along with over 2,000 homes. Build-out is projected to take 10 to 15 years. Brookfield entered into an agreement to redevelop the site in 2017. Construction began in 2018.
Some aspects of the economic climate have improved since the work stoppage, namely more foot traffic and business activity following the end of pandemic lockdowns and falling prices on necessities like lumber compared with the spring.
On the other hand, interest rates are up roughly 3.5% compared to March 2022, a supposed check on inflation that has so far resisted calming efforts.
"We are confident that we will see progress in the next year despite the challenging development environment, and we can always pivot to initiate a reappraisal if we feel that is the best path forward," Benassini said in an email to the Business Times.
