A recent article in the San Francisco Chronicle highlighted the groundbreaking of the first building of the Potrero Power Station Mixed-Use project – an ambitious adaptive reuse of a 29-acre industrial site on the City’s central waterfront. The site was the former location of a power plant and a sugar factory. The first residential building to be constructed is located at 1212 Maryland Street and will include a mix of studios and 1 BRs for a total of 105 units of workforce housing, defined as 80% of AMI.
As proposed, the Power Station will include 2,315 residential units, 1.6 million square feet of R&D / laboratory /office space, a 200-room waterfront hotel, and 100,000 square feet of retail uses. Additionally, the project will offer over 30,000 square feet of community facilities, 130,000 square feet of “maker / arts” space, and approximately 7 acres of open space.
To help fund infrastructure for the entire project, the City approved a resolution to establish EIFD No. 1 “Power Station EIFD” on March 21, 2023. EIFDs (Enhanced Infrastructure Financing Districts) are a property tax increment financing tool to fund public facilities and eligible projects of community significance. The formation of this EIFD at the Power Station site allows the development team to bridge a roughly $200 million financing gap for the project’s infrastructure costs.
KMA’s Debbie Kern is preparing the projection of property tax increment to be generated and dedicated to the project. The projections and the Infrastructure Finance Plan “IFP” for the EIFD will be considered by the Board of Supervisors later this year.
The redevelopment of the Power Station will be the prototype for a new citywide infrastructure initiative designed to jump-start stalled housing projects that have the potential to significantly enhance the City’s housing supply.
Mayor Breed’s spokesperson was quoted “We need to keep removing barriers to housing in any way we can. This project is a great sign for San Francisco’s economic vitality and a win for environmental justice, turning an old power plant into a great new neighborhood filled with housing, commercial space and more.”