Built on City-owned land that previously was the one-block long Daggett Street, Equity Residential dedicated $2.5 million to develop the new public park and will preserve and maintain the park in perpetuity as a gift to the City.
San Francisco, CA – April 19, 2017 – San Francisco Mayor Ed Lee, Supervisor Malia Cohen, community members and Equity Residential cut the ceremonial ribbon today in celebration of the opening of the city’s newest public space, Daggett Plaza, announced Jim Kelly, First Vice President Development for Equity Residential. Equity Residential committed $2.5 million to convert the former one-block long Daggett Street, into a one-acre public park. According to Mayor Ed Lee, “In order to provide new open spaces to match our growth, significant funding beyond existing City resources is necessary to develop and maintain new amenities that continue to support livability in San Francisco. When we can work with strong, committed partners like Equity Residential, we can capture these substantial opportunities that benefit our City.” The new plaza, designed by CMG Landscape Architects, remains 100% owned by the City but will be maintained permanently by Equity Residential.
The new Daggett Plaza is open to the public and features a large lawn area for general recreation, architectural features that double as play and sitting areas, ADA compliant accessibility, a new public art installation, drought-resistant trees and landscaping, and a fenced-in dog park. “Daggett Plaza is the result of many years of advocacy and collaboration by residents and the community,” said Supervisor Cohen. “This completion of this open space is long overdue and is a critical part of the City’s commitment of providing community infrastructure needs to support local growth in the southeastern neighborhoods.”
While planning for Potrero 1010, Equity Residential entered into an agreement with the City to build the new open space on the publically-owned land for a waiver of a portion of the development’s impact fees. The $4.9 million cost that Equity Residential dedicated to build the open space is significantly higher than the open space impact fee waiver, so the additional construction costs of $2.5 million and the firm’s commitment to the maintenance of the new park, are gifts to the City. “At Equity Residential, we have a long standing commitment to providing ample open and public spaces at our apartment communities. We enthusiastically embraced the conversion of Daggett Street into a public plaza and committed to bringing this much-needed open space to our residents and the surrounding neighborhood,” stated Kelly.
The city also dedicated $2.4 million in open space impact fees for Daggett Plaza and acquired the land with a $1.6 million grant from the State of California.
Designed by David Baker Architects and constructed by James E. Roberts-Obayashi Corp., Potrero 1010 features 453 contemporary apartment homes, 20% of which are permanently affordable, 6,000 square feet of PDR space, and 20,000 square feet of neighborhood serving retail within two architecturally distinctive structures that are separated by Daggett Park. With 95.6% of its apartments currently leased, and its entire 6,000 square foot PDR space leased to California College of the Arts, plus The Boba Guys’ bubble milk tea outlet in full swing with more exciting retail announcements expected shortly, Potrero 1010 is firmly entrenched in the fabric of San Francisco’s Design District.
About Equity Residential
Equity Residential is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today’s affluent renters want to live, work and play. Equity Residential owns or has investments in 302 properties consisting of 77,458 apartment units, primarily in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California. For more information on Equity Residential, please visit our website at www.equityapartments.com.