San Francisco's New Public Urban Park Considered Prime Real Estate
As recently reported in Forbes, San Francisco’s newest public urban park, Salesforce Park, which is on Mission Street, South of Market, is considered prime real estate.
The 5.4-acre rooftop park that is on top of San Francisco’s new regional transportation hub, Salesforce Transit Center, which connects eight Bay Area counties through eleven transit systems, is officially open.
Designed by international architecture firm Pelli Clarke Pelli Architects, the center project cost $2.26 billion, incorporating local, regional, state and federal funding.
Similar to New York’s Bryant Park, Salesforce Park is becoming a lively part of the community. Designed by PWP Landscape Architecture, Salesforce Park includes 13 gardens, a large lawn with older trees, moveable tables and chairs, children's play area, and an 800-seat amphitheater for concerts.
There is also a half-mile walking/jogging trail. A restaurant is even being planned for the park. Plenty of free events and programs for all ages and interests are available.
“I think looking at Salesforce Park as a real estate asset is the proper way of viewing it. It’s a public open space in a city that lacks park spaces for residents, workers and visitors,” notes Mark Zabaneh, executive director of the Transbay Joint Powers Authority.
Dan Biederman, president of Biederman Redevelopment Ventures, the company managing Salesforce Park, knows how to run successful urban public parks. In 1992, BRV did well with the redevelopment of the crime and drug-dealer-infested Bryant Park in New York’s midtown.
“As Bryant Park added value to the adjacent real estate, we expect to see the same from Salesforce Transit Center and Salesforce Park,” observes Biederman. “What we are doing here has not been done in San Francisco. All the programming we have in place now and in the future will make this a lively safe space the community wants to spend time at and draws people to live near there.”
According to the bryantpark.org website, “The park's upgrade has generated over $2 billion in incremental real estate value for its 33 abutting properties."
Currently, a 650-square-foot one-bedroom condominium overlooking Bryant Park is listed at nearly $1 million.
Real estate professionals in the Bay area expect Salesforce Park to increase the desirability of the local real estate and the community in several ways. Matt Lituchy, chief investment officer for Jay Paul Company, developer of the mixed-use 181 Fremont said, “As one of only two buildings that connect directly to Salesforce Park, we feel it is an important amenity for both our residents and office tenants and one that improves the quality of life for the entire neighborhood.”
Charles Clinton, CEO of EquityMultiple, a commercial real estate investment startup, lives in San Francisco.
“Significant developments, particularly those that drive attention and foot traffic, can provide significant value to the surrounding neighborhood and help drive up local real estate prices in the process,” Clinton explains. “The neighborhood surrounding Salesforce Park has already undergone an enormous wave of change and development. The park should help continue this trend and create a similar halo effect for surrounding real estate values to what we've seen with similar major projects in other cities,” Clinton adds.
Salesforce Park’s overall success depends on the park’s on-going programming, according to Biederman.
“You need active programming to make sure the park is always busy with both tourists and nearby residents. For those residents, we hope they make visiting the park a part of their daily routine.”
That’s the news needed to attract attention to the area and spur additional development.
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