- Next Generation of Mixed-Use Urban Projects
- $76 Million in Community Benefits
- Housing at All Levels of Affordability
- Parks, Rooftop Gardens, Play Areas and Open Space
- Rehabilitation and Reuse of Historic Buildings for Arts Purposes
San Francisco, Calif. (June 20, 2019) – San Francisco Mayor London Breed and members of Brookfield Properties, Hearst and neighborhood organizations today marked the start of construction on the transformative 5M mixed-use development in San Francisco’s SoMa district at a community celebration with artists, local food and music.
In a partnership with Hearst, Brookfield is transforming four acres of empty parking lots and underutilized buildings into a vibrant pedestrian experience with new housing, public open spaces, offices, retail and restored historic buildings. Bound by Mission, Fifth and Howard streets, the site is located in the center of the City adjacent to a concentration of public transit.
“The affordable housing and community benefits of the 5M project will make SoMa and our entire City an even better place for our families, seniors, and young people,” said Mayor Breed. “We cannot continue to wait years for projects with much needed housing like 5M to move forward. We will continue working tirelessly to bring affordable housing, cultural programming, and open spaces for families and kids to all our neighborhoods so that all San Franciscans enjoy the benefits of a vibrant and close-knit community.”
Initial Construction Focuses on Housing, Parks and Office
Overall, 5M will create approximately 856 total new residential units onsite and in the neighborhood. The first phase of construction involves a 302-unit apartment building with 91 affordable units, a 640,000-square-foot Class A office building, called 415 Natoma Street, and 26,000-square-feet of the total 49,000 square-feet of parks, play areas and open space. The 415 Natoma office building will include an activated lobby with an arcade of retail and food & beverage options to welcome the public visiting the adjacent parks. The historic Camelline building and Dempster building (a former printing house) will be repurposed as signature features on the site. The new and rehabilitated historic buildings and park, play areas and open spaces will open in mid-to-late 2021. The project is expected to generate 1,200 construction jobs and 4,100 on-site at buildout.
“5M is the next generation of mixed-use urban projects,” said Brookfield Properties Vice President Jason Bonnet. “The genesis of 5M was fostered from true collaborations with local arts, non-profit organizations and our SoMa neighbors to provide a thoughtful economic, social and cultural formula supporting positive growth. That includes local jobs across all industry sectors, and a wide range of housing and social gathering places for everyone.”
The overall housing program was created with the support and leadership of former Supervisor Jane Kim. A total of 245 affordable residential units for middle-income households, seniors and formerly homeless families are being created.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.
In subsequent phases, Hearst has the rights to renovate the historic Chronicle building, including a public rooftop park. Hearst’s retained ownership rights also include a planned, City-approved 400-unit condominium building on the Chronicle and Examiner property, as part of 5M. Hearst is retaining full ownership of the existing Chronicle and Examiner buildings, which will continue to serve as the home of the Chronicle newspaper operations.
Comprehensive Community Benefits
For the last decade, Brookfield Properties has worked with local small businesses and community organizations to identify and refine $76 million public benefits to be funded by Brookfield and Hearst. 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.
“The arts drive strong, vibrant and diverse communities, making the need for solutions to preserve permanent space for community arts and culture organizations essential,” said CAST Executive Director Moy Eng. “5M’s investment in the arts and culture sector through creative placekeeping, smart urban planning and community programming is an example of how the City can retain a thriving arts ecosystem and sustain the distinct character of the neighborhood.”
In addition to substantial funding for affordable housing, transit and pedestrian safety improvements, 5M has already provided $500,000 in public benefits, including $150,000 to the San Francisco Arts Commission and $350,000 for improvements to the Old Mint Mall across Mission Street from the project. 5M establishes an arts and non-profit endowment fund, including $600,000 to an arts facilities fund. It 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 $800,000 for the SOMA Pilipinas Filipino Cultural Heritage District.
“Hearst and the Chronicle have been part of the SoMa neighborhood for over 130 years, and we look forward to remaining as an owner and tenant at 5M and a member of the neighborhood,” said Hearst Vice President and General Manager of Western Properties Stephen T. Hearst. “Hearst is proud of our role in crafting the 5M community benefits to support arts and cultural programs with the donation of the Dempster building to CAST, preserving the historic Chronicle building, and donating a Mission Street parking lot to the City for a future senior housing development project.”
Additional Designs Unveiled
Brookfield unveiled additional designs that show how 5M’s parks and open spaces, housing, offices and historic buildings create a natural transition from downtown to the lower rise structures of SoMa to create a neighborhood gathering place.
5M’s Mary Court park will provide much-needed public open spaces to the SoMa neighborhood, and serve as a hub of activity with programming for the arts, music, educational programs and cultural celebrations. A children’s playspace, ample seating, performance area and a dog run address community needs. The 434 Minna Street residential building is located along a pedestrianized Mary Street with local retailers that will serve as an extension to neighboring Mint Plaza. The building also has dual residential entries to connect Mission Street and Mary Court. The 415 Natoma office building includes a publicly accessible “urban living room” activated by wall-less retail that opens to adjacent streets and Mary Court to promote lively street level interaction.
Master planning for the site was done in partnership with SITELAB Urban Studio. !melk and Cliff Lowe Associates are designing the open spaces. Kohn Pederson Fox and House & Robertson Architects are the architects for 415 Natoma office building. The 434 Minna Street residential building is designed by architectural firm Ankrom Moisan. Architectural Resources Group is leading the rehabilitation of the historic Dempster building.
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.
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. To learn more about Hearst, visit our 2018 Annual Review, “What Connects Us.”