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“There was never a set schedule for Mission Bay, other than it was always anticipated to build out between 20 and 30 years. Mission Bay has been very successful and is anticipated to be completed on the earlier side of the range,” said Catherine Reilly, project manager for the Successor Agency to the San Francisco Redevelopment Agency.[contextly_sidebar id=”d9710d22207814c64ec7294675f3a4bf”]”We have currently under construction one affordable housing project, six market-rate housing, a public-safety building and the first phase of the UCSF hospital. There are also several additional projects that are starting design approval and should have permits in the next 12 months,” she said.
Bosa Development, a Mission Bay pioneer, is working on its third condominium project. The company sold its last condo at the 329-unit Madrone development in April; its 99-unit Radiance at Mission Bay sold out in 2009. In March, Bosa started work on a Mission Creek site and is poised to start construction on 267 condos.
Bemi Jauhal, Bosa sales and marketing director, said Mission Bay’s location minutes from Caltrain, the Peninsula and downtown San Francisco, plus sunny skies and water views, make it one of the most desirable city addresses. “We do have people that bought because they work at UCSF, but it’s not a huge number,” she said.
San Francisco-based BRE Properties Inc. paid $41.4 million in 2011 for 3.84 acres at 1200 4th St. and is building 360 apartments and 17,000 square feet of shop space. Total development costs are $630,000 a unit. Also in 2011, California College of the Arts expanded its Mission Bay campus by purchasing 2.5 acres for $8.4 million.
Alexandria Real Estate Equities Inc., a real estate investment trust that specializes in life-science tenants, spent $109.9 million on 210,000 square feet at 455 Mission Bay Blvd. South in 2011. As of June, the space is to house the headquarters of Rock Health, a startup accelerator.
Alexandria sold two Mission Bay parcels to Salesforce.com Inc. for $278.2 million in 2011 but the planned campus has not been built. At the same time, Alexandria also has acquired 409 Illinois St. and 499 Illinois St. for $293.3 million. In May, the company said it leased 97,700 of 499 Illinois, or 45 percent of the building, to an unnamed life-science company for 10 years.
Other tenants include the California Institute for Quantitative Biosciences (QB3), Bayer AG, Celgene Corp., Fibrogen Inc., Nektar Therapeutics Inc. and venture-capital firms such as Novo Ventures, OrbiMed Advisors, Third Rock Ventures, venBio and Versant Ventures.
Housing and mixed-use property developer Related California built Crescent Cove, an affordable apartment complex north of the channel, in 2007. Currently, the company is developing a mixed-use project with 200 apartments and 10,000 square feet of retail.
Because most of the 65 acres in the north of the project is almost filled, Mission Bay’s development will now be focused on the 238-acre southern end.
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Photography by Laura Kudritzki