Since its initial approval in 1998, the Mission Bay redevelopment has completely transformed what was once an underutilized corner of the city. Thousands of housing units – market-rate condos, rentals and affordable housing – have risen from the empty lots, and office, commercial spaces and a state-of-the-art hospital and research center now call the neighborhood home.
In many ways, the redevelopment is indicative of San Francisco’s recent boom in construction, swift new condo sales, and rapid growth in housing prices. Here’s proof: The median sales price for homes in Mission Bay was nearly $1 million in the first quarter of 2015, up more than 20 percent compared to the same time last year read the full info here. That’s spectacular year-over-year growth, and it’s been noticed elsewhere in San Francisco. Plus, new developments are selling out faster than ever. Arden by Bosa a 267-unit project sold out in months when it hit the market in 2014, which followed on the heels of the record sales at Madrone, another neighborhood Bosa development.
But now, the pace of transformation is slowing, and the largest projects are complete or nearing completion. It’s been nearly two decades, but Mission Bay is no longer a redevelopment area. It’s one of the hottest neighborhood’s in the city.
A Look at Mission Bay’s New Skyline
The maddening pace of development has made it a challenge to keep up with all the developments in the neighborhood. Which projects are complete? Are there any notable projects under construction? Today, the neighborhood looks nothing like it did just a few short years ago. Here’s a look at the most recognizable additions to the neighborhood’s skyline:
- Arden by Bosa: Arden sits on the shore of Mission Creek, and it’s an upscale, market-rate luxury development. The building features tons of luxury amenities, including outdoor grilling patios, a pool, and two designer hotel-inspired lobbies.
- Mission Bay Branch Library: The Mission Bay branch of the San Francisco Public Library system was the first new addition in more than 40 years. The library is part of a mixed-use building, which features affordable housing for seniors.
- UCSF Mission Bay Campus: UCSF greatly expanded their footprint in the city with its Mission Bay campus. Featuring a 200+ bed, state-of-the-art hospital and adjacent research center, the campus is one factor that’s continuing to drive up housing prices. The hospital will open sometime this year.
That’s just a small sampling of finished construction projects in the neighborhood. Other additions include the headquarters of Gap/Old Navy, Nektar Pharmaceuticals new campus, a Ferry Building-esque market hall, and of course, the notable Mission Creek-affronting Blue Greenway Trail. Plus, the neighborhood now features hundreds of new luxury and affordable rentals, including the recently finished Azure building.
2015 and Beyond: Notable Mission Bay Projects to Watch
So what’s next for Mission Bay? Most of the parcels slated for residential units have been developed. Now, there are only a few more parcels that aren’t complete or under construction, and the majority of residential units that will come online in 2015 and 2016 will be rentals or affordable units. Yet, there are some notable projects that are coming that will solidify the neighborhood’s appeal for years to come, bring another round of condo sales, and establish new Mission Bay retail hubs.
- Golden State Warriors Stadium: Originally planned as the site for the headquarters of Salesforce.com, the software firm sold the site to the Golden State Warriors in 2014. Now, the Warriors are planning a massive development on the site, including an 18,000-seat arena. According to recently released designs, the new campus will feature more than 100,000 square feet of retail space, as well as public plazas, greenspace and a Bay viewing deck. Officials have said they’re pushing to open the 2018-19 season in the new arena.
- Mission Rock Development: Currently a parking lot used for Giants games at AT&T Park, Mission Rock will add more than 600 units of housing, hundreds of thousands of square feet of office space and other commercial space to the neighborhood’s bay shoreline. In the meantime, the Giant’s-owned location will host a pop-up venue called The Yard, which will feature food and beverage vendors during Giants games.
- Mission Bay Block 1: One of the choicest lots in Mission Bay, this block is currently preparing for construction. The site will feature up to 350 condos, plus 11,000 square feet of retail space and a 250-room hotel. Block 1 sits directly across Mission Creek from AT&T Park. Construction on the hotel is set to begin in late 2015, and the condos will likely start rising soon after.
- MB360: Last year, Mission Bay made headlines for a massive five-alarm fire. The building that burned was part of a massive apartment complex called MB360, which will feature 360 luxury units. Construction has resumed, and the apartments are slated to open in 2016.
The next five years will see even more of a transformation in Mission Bay. But Mission Bay is just one example of southeastern San Francisco’s rapid rise. In addition to developments at Hunter’s Pointe, Candlestick, the Dogpatch and Potrero Hill, this corner of the city is one of the most exciting areas of real estate development in San Francisco, and maybe even, on the West Coast.