After successfully completing the pre-development of its Vistacion Valley site, one of the largest, fully-entitled mixed use residential development sites in the San Francisco Bay Area, UPC is seeking to recapitalize the next stage of the $950 million redevelopment project and is currently soliciting new equity investment through an offering being managed by JLL’s San Francisco Bay Area Capital Markets team.
The Visitacion Valley development in San Francisco is a fully-entitled project in one of the hottest residential markets in the country. Formerly the home of the Schlage Lock Company, the 19.61 acre site sits in close proximity to San Francisco’s southern waterfront. It has direct access to Caltrain, MUNI and US Highway 101 putting it within minutes of downtown San Francisco and San Francisco International Airport. The site is surrounded by existing as well as to-be-built amenities, including a 500,000 square foot retail and entertainment development planned for nearby Candlestick Point. It is anticipated to attract strong interest from a wide range of investors, both domestic and international.
The next stage of the development will entail phased construction of up to 1,679 transit-oriented residential units (85 percent market rate), up to 46,700 square feet of retail space, including a grocery store and 2.2 acres of public open space under terms of the existing development agreement, which is in effect until 2029.
The binding covenants outlined in the Development Agreement run with the land and will remain intact with UPC and its successors. The guidelines and requirements set forth in the Development Agreement and other agreements will remain, effectively establishing an irrevocable contract between the City of San Francisco, community and any private partnership that wishes to support UPC’s development of the site.
UPC has several large projects at varying stages of development underway in the immediate vicinity including Brisbane Baylands (a major mixed-use proposal for one of the largest undeveloped sites in the Bay Area), Executive Park at Candlestick Point (the $800 million project that will include 1,100 residential units and a neighborhood retail center), Top Vision III and Sierra Point at Brisbane Marina.
