$300M Centennial Towers Development Under Way

SOUTH SAN FRANCISCO-Site work is under way for Centennial Towers, a two-phase, 660,000-sf office development here led by Myers Development Co. The total development cost of the two-building development is approximately $300 million, a source at Myers tells GlobeSt.com. Stockbridge Real Estate Partners of San Francisco is putting up the equity for the project.

The development site fronts Highway 101 between Downtown San Francisco and San Francisco International Airport. The 12-story South Tower will be built first and have 301,000 sf for office use, 11,000 sf of retail space, a 200-seat performing arts center and a 100-person childcare facility. The 21-story North Tower will have 338,000 sf net rentable for office use and 12,000 sf of retail space.

Completion of the first tower is scheduled for the end of 2008. No time frame was provided for the North Tower, which will take approximately 21 months to complete. The project also includes a 2,000-slip parking structure that will be constructed behind the office buildings and 50 surface parking spots.