April 21st, 2008
San Francisco Retail Update: Mission Bay’s 4th Street Redevelopment Described
The portion of Fourth Street just South of AT&T Park is slated to become a retail hub drawing comparisons to Chestnut and Fillmore Streets, according to an article by the San Francisco Business Times.
The redevelopment of Mission Bay thus far has included office, residential, and some retail. However, the area is still several years and many tenants away from becoming an attraction to visitors from other San Francisco neighborhoods. Eventually the plan is to have continuous flow of activity from the Dogpatch submarket on the Southern end up through Mission Bay, which connects well all the way to Market St. running between the Moscone Center buildings eventually ending at the Westfield/ Bloomingdale’s development.
There are several large blocks of vacant space available for either office tenants or Biotech tenants in and around the area where Mission Bay meets with Soma, most notably along streets such as Terry Francois and Townsend. The future of the land currently being used for Giants parking South of the ballpark is very much up in the air and will certainly have an effect on the value of surrounding properties when its developer and intended use flesh themselves out. The current ownership of the Giants is in the mix as a potential partner for this land, and of course the circus would prefer to stay if possible when the site eventually goes skyward.
A geographic triangular rebirth is being completed right now convenient to Fourth Street with China Basin continuing its growth towards office, Mission Bay well into it’s redevelopment, and Showplace Square repositioning away from furniture and jewelry sales to office use (see 650 Townsend and 888 Brannan). The next piece in the puzzle has already started with 370 Third and 680 Folsom both preparing major facelifts. These projects will play a role in connecting the Soma and South Financial District submarkets, and I will discuss more about these two properties in a future post.
The planned Fourth Street retail corridor should end up as a nice, central connection for these surrounding growth areas. Although not needed quite yet, it will in all likelyhood end up a great success several years from now.
If there are any questions I can answer, or if you would like a copy of our latest South of Market activity report, please feel free to get in touch with me at any time.
Thanks,
Tom Poser, Jones Lang LaSalle
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