Thursday, September 20, 2007

Mission Bay

The Mission Bay is one of San Francisco newest neighborhoods. In 1998 the San Francisco Board of Supervisors established that this area between the bay and highway 280 would be a redevelopment area. The area is 303 acres in total, and the redevelopment plan includes everything a San Francisco neighborhoods needs. When all is said and done there will be 6,000 housing units, 25% of which will be affordable to moderate and low income families. A UCSF research campus is being built on 43 acres of land. The plan also allows for commercial and retail space, a public school, a police and fire station, a library, the light rail, and 49 acres of open public space including parks along the bay. Many of you have already been watching this neighborhood develop over the years, and some of you may already be living there.

The San Francisco Multiple Listing Service shows that there are presently 50 properties available in the Mission Bay neighborhood, most of which are at only in these five developments:

The Beacon is a full block bounded by King, Townsend, 3rd, and 4th Streets. It was built in 2004 and includes condominiums of various sizes, a gym, swimming pool, Safeway, Borders Books, and other commercial spaces. There are currently 25 units on the market ranging in price from the low $500,000s to $1.5 Million. These will be resale as opposed to new construction sales.

Arterra is designed be San Francisco's first LEED certified residential high rise building. This building is still under construction but they are accepting reservations and deposits. They are currently reserved at over 50% before even completing a model unit. These condos range in price from $600K to $900K and are located at 300 Berry.

Park Terrace is Mission Bay's newest waterfront community overlooking Mission Creek. These units start in the low $600,000s and go up to just over $1 Million.

235 Berry is a new development by Signature Properties. Construction has been completed and they are about 80% sold. Those that are currently listed range in price from the mid $800,000s to 1.2 Million. They have water and city views.

Radiance is a luxurious complex due for completion in the spring of 2008. It is surrounded by parks and has both water and city views. They are almost 50% sold now; prices range from the mid $600,000s all the way to $2.3 Million! The building includes a landscaped rooftop courtyard with a fire pit, a fitness center, a club lounge with a gourmet kitchen, separate storage rooms, and parking. If you are looking for modern and luxurious, there is definitely something here for you.
Construction for the Mission Bay redevelopment plan is expected to take place over the next 20 to 30 years. It will create an estimated 31,000 permanent jobs in addition to the construction jobs and will cost approximately $4 billion.

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