Chelsea Piers developed a similar project on the Hudson River six years ago. Its plan for San Francisco is to convert the buildings on the site into 532,000 sf of sports and recreation facilities, a new home for the San Francisco Bay Club and restaurant, retail and commercial areas with 250,000 sf of open space.
Virginia-based Mills Corp wants to raze some of the 486,000 sf of buildings now used as warehouses and build a 141,900 sf YMCA. Chelsea Piers plans to convert the warehouses into high-end sports and recreation facilities along with restaurant, retail and commercial areas and 250,000 sf of open space.
The projects carry price tags of between $120 million to $200 million. No matter who wins the chance to develop the area, the Port Commission could be the real winner. Chelsea would pay rent of $16.2 million or Mills would pay $15 million for more than 10 years.
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