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FHWA EDC5 Value Capture Peer Exchange| November 13, 2019Joshua Switzky

Planning and Value Capture

Embarcadero Freeway

Embarcadero Freeway

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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)

16

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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Mission St_~- ~ -<. ..

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Howard St1~ P*tN F f~ i tw ica 1 _ l75Hew-dl

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im

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~ ti

pew) ~ Coop Parcels

BLOCK# Redeve[apmence~ock

Camp~eted/Corsditioned Project,. .. . withinpisinct

~ r ~ ~ ~ Conditioned Project to bE

f~ ~ ~ ~ ~ Annexed into District

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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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