CLEVELAND, Nov. 16, 2017 /PRNewswire/ -- Forest City Realty Trust, Inc. (NYSE: FCEA) today announced that legislation clearing the way for work to begin on the first phase of its 28-acre Pier 70 mixed-use project in San Francisco, was signed into law by San Francisco Mayor Edwin M. Lee, capping a decade of extensive planning, community outreach, civic engagement and collaboration.
Part of a larger historic shipyard on the city's Central Waterfront and adjacent to the Dogpatch neighborhood, the project will include both new construction and adaptive reuse of historic structures. At full buildout, it will include between 1,100 and 2,150 residential units (of which 30 percent will be affordable), up to 1.75 million square feet of commercial space, and 450,000 square feet of retail, arts and light industrial/maker space, as well as parks, transportation and infrastructure improvements and significant public benefits. The project will open access to a part of San Francisco's waterfront that has been underutilized and largely inaccessible for more than a century.
"We're thrilled to have reached this milestone and excited to begin work on this great project," said David J. LaRue, Forest City president and chief executive officer. "We're grateful for the support of Mayor Lee, the Board of Supervisors, the Port of San Francisco, the Office of Economic and Workforce Development, our other community partners and the people of San Francisco for making this important project possible. We are confident that we can leverage Forest City's unique place-making skills, honed at projects such as Stapleton in Denver, The Yards in Washington, D.C., and University Park at MIT in Cambridge, among others, to deliver "the power of place" for the benefit of the citizens of this great city."
"Extensive collaboration with the community and city over many years has resulted in an exceptional project that addresses issues important to the neighborhood and city," said Kevin Ratner, president of Forest City West. "We are adding much-needed housing, generating thousands of jobs, creating new parks, and providing space to sustain arts, culture and local manufacturing in San Francisco. Because of our community process, the development will meld the history, culture and community of Dogpatch to create a great new waterfront neighborhood."
As part of a public-private partnership, Forest City and its civic partners have undertaken extensive engagement and outreach efforts, hosting workshops, open houses, markets, tours, presentations and family events that have engaged an estimated 75,000 people to date. Forest City expects to begin obtaining permits for the first phase of construction this month. The full buildout of the project is anticipated to take 10 to 15 years.
Forest City has had a presence in San Francisco for three decades, and developed, owns and manages numerous properties in the Bay area, including the Presidio Landmark, Bayside Village, 2175 Market Street, and The Uptown apartment communities, and redeveloped and co-owns the Westfield San Francisco Centre retail mall.
About Forest City
Forest City Realty Trust, Inc. is a NYSE-listed national real estate company with $8.1 billion in consolidated assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net.
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SOURCE Forest City Realty Trust, Inc.