- $76 Million in Community Benefits
- 50,000-Square-Feet of Parks, Rooftop Gardens, Play Areas and Open Space
- “The Next Generation of Mixed-Use Urban Projects”
- Authentic Urban Amenities for Office Tenants
San Francisco, Calif. (May 7, 2019) – Brookfield Properties announced today that they will break ground this summer on 5M, a four-acre, mixed-use project in downtown San Francisco. Overall, 5M will provide $76 million in public benefits to the SoMa neighborhood and the City of San Francisco. “We’re excited to break ground this summer and deliver on an incredible new addition to the SoMa community,” said Brookfield Properties Vice President Jason Bonnet. “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.”
Utilizing community feedback from hundreds of meetings, 5M incorporates new and inclusive ways to redevelop large-scale urban sites by bringing together diverse uses and programming. In a partnership with the Hearst Corporation, Brookfield is transforming empty parking lots and underutilized warehouses into a vibrant pedestrian experience with new public open spaces, housing, offices, retail and restored historic buildings. Bound by Mission, Fifth and Howard streets, the site is conveniently located adjacent to a concentration of public transit. The 640,000-square-foot Class A office building, 415 Natoma Street, is scheduled to break ground this summer. The building includes retail and ground floor uses, with an envisioned collection of retailers and restaurants. Construction also will start this summer on a 302-unit apartment building with 91 affordable units. The two buildings and expansive ground level open space will open in mid-2021.
Overall, 5M will create 702 residential units, including units designated for middle-income households, seniors and formerly homeless families. 5M is the city’s first private project to localize affordable housing on-site, within the same block and in the immediate neighborhood. 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 Street 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 Building and Dempster Building (a former printing house) will be repurposed as signature features on the site.
Extensive Community Benefits
“5M is the next generation of mixed-use urban projects,” said Bonnet. “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.”
5M will immediately provide $500,000 in public benefits to the community, including $150,000 to the San Francisco Arts Commission for improvements to the Dempster Building and $350,000 for improvements to the Old Mint Mall across Mission Street from the project. Moreover, 5M will fund the renovation of the historic Dempster Building, which will be dedicated to CAST (Community Arts Stabilization Trust) for arts, cultural and educational uses. Furthermore, 5M establishes an arts and non-profit endowment fund, including $600,000 to an arts facilities fund. 5M also provides a local capital fund for neighborhood youth organizations; programming for the Bessie Carmichael School; and funding for non-profit facilities, the Gene Friend Rec Center and the SOMA Pilipinas Filipino Cultural Heritage District.
“5M was created from collaboration with local arts and non-profit organizations to provide a thoughtful economic, social and cultural formula to support positive growth – local jobs across all industry sectors, a wide range of housing and social gathering places for everyone in the neighborhood,” added Bonnet. Brookfield believes that this ‘next generation’ of development practices and design benefits everyone, including Class A office tenants. “By integrating technologically advanced construction and digital platforms for office tenants with adjacent investments in parks and community programming, we see 5M as a collaborative win for everyone,” said Bonnet. “Office tenants understand that their employees and talent expect authentic urban amenities, which we will deliver by sustaining the robust community that already exists in SoMa.”Hearst is retaining full ownership of the existing Chronicle and Examiner buildings, which will continue to serve as the home of the San Francisco Chronicle newspaper operations. Hearst’s retained ownership rights include a planned, city-approved 400-unit condominium building on the Chronicle and Examiner property, as part of 5M.
For more information, visit www.5msf.com.About Brookfield Properties
Brookfield Properties is a fully-integrated, global real estate services company, providing industry-leading portfolio management capabilities across the real estate investment strategies of Brookfield Asset Management — a global alternative asset manager with over $350 billion in AUM. Brookfield Properties develops and manages premier real estate with a focus on maximizing the tenant experience in addition to the investment and operational performance of the asset. We also focus on integrating leading-edge real estate technologies which enables us to be at the forefront of innovation and sustainability – benefiting not only our tenants and business partners, but also the communities in which we operate. For more information about our approach to operating and developing best-in-class real estate, please visit brookfieldproperties.com.About Hearst
Hearst is a leading global, diversified media, information and services company with more than 360 businesses. Its major interests include ownership in cable television networks such as A&E, HISTORY, Lifetime and ESPN; global financial services leader Fitch Group; Hearst Health, a group of medical information and services businesses; transportation assets including CAMP Systems International, a major provider of software-as-a-service solutions for managing maintenance of jets and helicopters; 34 television stations such as WCVB-TV in Boston and KCRA-TV in Sacramento, Calif., which reach a combined 19 percent of U.S. viewers; newspapers such as the Houston Chronicle, San Francisco Chronicle and Times Union (Albany, NY), more than 300 magazines around the world including Cosmopolitan, ELLE, Men’s Health and Car and Driver; digital services businesses such as iCrossing and KUBRA; and investments in emerging digital entertainment companies such as Complex Networks.