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FHWA EDC5 Value Capture Peer Exchange| November 13, 2019Joshua Switzky
Planning and Value Capture
Embarcadero Freeway
Embarcadero Freeway
31
C lic k to in s e rt a title
• Click to insert text Transbay Transit Center
Transbay Terminal
Transbay Terminal
Major Regional Transit Investment: Transit Center and DTX
Transbay Transit Center Project
40 ft
55 ft
120
ft
70 ft
35 ft
PARK LEVEL
BUS DECK LEVEL
TRAIN PLATFORM LEVEL
GROUND LEVEL
LOWER CONCOURSE LEVEL
MISSION SQUARE
RETAIL RETAIL
CHSR PLATFORM
CHSR PLATFORM CALTRAIN
PLATFORM
PUBLIC CONCOURSE & WAITING AREA
GRAND HALL
BUILDING SECTION
Transit Center
Rooftop Park
Targeted Growth Around Primary Regional Transit Hub
NEW M
ONTG
OMER
Y STR
EET
MARKET STREET
MISSION STREET
HOWARD STREET
FOLSOM STREET
HARRISON STREET
BRYANT STREET
3RD S
TREET
2ND S
TREET
1ST S
TREET
FREM
ONT S
TREET
BEALE
STRE
ET
MAIN
STREET
SPEA
R STR
EET
STEUA
RT ST
REET
THE EM
BARCAD
ERO
THE EM
BARCAD
ERO
I-80 BAY BRIDGE
South Downtown Design + Activation Plan Boundary
South Downtown Design + Activation Plan Boundary
T R A N S B A Y T R A N S I T C E N T E R
OCII ZONE2
TRANSIT CENTER DISTRICT PLAN
TRANSIT CENTER & CITY PARK
OCII ZONE1
east cut CBD
RINCON HILL AREA PLAN+
RINCON HILL STREETSCAPE PLAN
Yerba Buena Redevelopment Plan (1966)
Rincon Point/South Beach
Redevelopment Plan (1981)
Van Ness Plan (1985)
Rincon Hill Plan (1985/2005)
Mission Bay 1998
Transbay Redevelopment
Plan (2005)/ Transit Center District Plan (2012)
Market & Octavia (2008)
SoMa Plan (1990)/East
SoMa (2008)/Western SoMa (2013)
8 Downtown Plan: Housing
Development Model
Transbay Project Area 24
Zone 1 Area Program
• Over 3,400 new residential units (including over 1,300 affordable units)
• 750,000 s.f. of new office development
• 80,000 s.f. of new retail space
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Funding Generated by Development (incl. Zone 2)
• Land sales =
$650 million
• Redevelopment tax increment = $675 million
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Residential Development Program 29
Block 8: Tower portion
• Tower Height: 55 stories • Market rate units: 396
(116 condos + 280 rentals) • Inclusionary units (bottom 7
stories): 70 • Inclusionary units are
developer subsidized (50% AMI)
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Block 8: Podium + Townhomes
• 100% Affordable podiums + townhomes
• 6-8 stories • 80 units • 50% AMI • OCII Subsidized with
$200,000 per unit
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Block 8: Typical Project Terms
• Site size: 50,000 sf • 3 RFP Respondents • $500,000 Initial
Deposit • $2M Deposit at DDA
approval • Land Price: $71M
paid after entitlement approvals
• Retail SF: 18,000
Residential Unit Schedule
Unit Type Units Percent of Total
Market Rate-Tower 396 73%
Inclusionary-Tower (Bottom 7 stories)
70 13%
Affordable in Adjacent Podiums (6-8 stories)
80 15%
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Block 8: Typical Project Terms Cont. 19
$2M Reimbursement for Street Improvements Tax increment paid based on construction
completion schedule OCII right of repurchase of land if developer
doesn’t meet construction start schedule 14 months from RFP to project approval 2 years from RFP to construction start
Zone 1 Projects to date
• 4,300 new housing units (7,000+ including Rincon Hill)
• 6.5 million s.f. of
new office development
• 1,000+ hotel rooms
• 200,000 s.f. of new retail space
Overall Development Program
Total estimated net new public revenue:
$991 million
• Impact Fees: $184 million
• Mello Roos CFD: $807 million
• net bonding capacity • incl. Zone 1 • 82.6% to TJPA
Denser, taller projects are more valuable and have greater feasibility to pay
Open Space Fees: $2.74 - $7.68/sf
Streets & Transit
Fees: $2.25 - $33.50/sf CFD Taxes: $3.18 - $7.36/sf
Revenue Sources
Market St~: .... ~ .r.~.. . ~ ..... ...~ ..~.., ..~. ..... . ~. . ~. ..~. ...~ . ~ . ,~. . ~... ~ . ~..~ ..~ ..1
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entery 350 Misvori
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Mission St_~- ~ -<. ..
Salestace Tower- ~.~ ~~,
■Minna St
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~~ smxo.~a~a" ~ ~~ 'A1Fr~°̀aF BLOCKS zsexea~a• ~1' hts~f ~ ; i ~,k ■
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300Fdsom 25~ ken+ait M9 Fremo~ ~ p~(~(K Z
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L.F~IsomSt...... ~. ~~. .....s~.tK~~ ~sCotKs. ~. ~. ~...~. ~. ~. ~. ~. J
~ ~ Transbay Project Area
~ + .art t~ Trans#t Center District Pkan /lt+ea
im
° .~5~~
Harrison St \~\~k .~ \
~~~
~ ti
pew) ~ Coop Parcels
BLOCK# Redeve[apmence~ock
Camp~eted/Corsditioned Project,. .. . withinpisinct
~ r ~ ~ ~ Conditioned Project to bE
f~ ~ ~ ~ ~ Annexed into District
1
I ~ '~j,i Asseswr'sBlockNumber
~ o ?sG 5~tt
~̂ ~~ ~ Scale rn feett ~ ~ I
--_._~. -- .~.v„ -~: r,~n„W ~.~cn .. pia ~ -~~nrt ~~a~~,~rr~~ea
City Park 5.4 acTransbay Park 1.1 acNatoma Street Plaza 1.3 ac2nd/Howard Plaza 0.6 acMission Square 0.5 acShaw Plaza 0.1 acLiving Streets 0.6 acOscar Park 1.4 acEssex Street 0.25 ac
Open Space
Transbay Park – 2020
Under Ramp Park
Overhead Ramps
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Under Ramp Park
Illustrative Plan
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Folsom Street – 2020
• Intended to fundmaintenance andoperations
• Est. $110 over 25years
• Upfront $10m payment, annual payments of$3.3m+, escalating 3% annually starting year 4
• Annual fee increases when train service begins
Naming Rights
THANK YOU
www.sfplanning.org
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