Brookfield Properties will develop a mixed use 5M in San Francisco
Brookfield Propeties plans to a mixed use in San Francisco. The company will break will break ground this summer on 5M that is a 4 acre mixed use project in San Francisco.
The development will provide $76 million in public benefits to the SOMA neighborhood and the city.
Jason Bonnet, Brookfield Properties vice president, said, “5M and its substantial public benefits will have a positive impact on the immediate neighborhood, as well as the city, with new parks, jobs, housing and opportunities for local businesses.”
5M incorporates new ways to redevelop large scale urban sites by using diverse programming. In a partnership with the Hearst Corporation, Brookfield is transforming empty parking lots and underutilized warehouses into a pedestrian experience with public open spaces, housing, offices, retail and restored historic buildings. Bound by Mission, Fifth and Howard streets, the site is located adjacent to a public transit concentration.
The 640,000 square foot class A office building, 415 Natoma St., is scheduled to break ground this summer. The office building includes retail and ground floor uses, with an envisioned collection of retailers and restaurants.
Besides, construction will start this summer on a 302-unit apartment building with 91 affordable units. The two buildings and ground level open space will open in mid-2021.
5M will create 702 residential units, including units designated for middle-income households, seniors and formerly homeless families. In addition to the 91 on-site affordable middle-income units, 83 units of senior housing are being built on the same block. Another 71 units of family housing, including 19 units for formerly homeless families, are being funded a few blocks from 5M at 168 Eddy St. as part of a project by the Tenderloin Neighborhood Development Corp.
More than 50,000 square feet of parks, rooftop gardens, play areas and open space programmed to include community arts and cultural events are part of the 5M plan. The historic Chronicle Building will be renovated, and the historic Camelline and Dempster buildings will be repurposed as signature features on the site.
Bonnet said, “The scale and hyperlocal focus of public benefits are unprecedented in its emphasis on arts, culture and youth programs. For the last decade, Brookfield Properties has worked with local small businesses and community organizations to identify and refine public benefits. 5M is rooted in long term commitments to on site programming and affordability.”
Fulya Altunyay/ [email protected]