By Mike Kirner, Senior Marketing Associate, NorCal
The largest urban development on the West Coast launched its commercial offering of nearly five million square feet on Thursday, May 18th at a high-energy, nationwide gathering of commercial real estate professionals in San Francisco.
The Shipyard, a multibillion-dollar waterfront community along San Francisco’s southeastern shoreline, was unveiled by its exclusive leasing agent Cushman & Wakefield at the event in anticipation of its place as the next exciting hub for companies seeking office space scale in San Francisco.
Cushman & Wakefield Executive Managing Directors and Managing Principals, J.D. Lumpkin in San Francisco, and Mike Moran in the Peninsula and Silicon Valley, co-led the event, along with executives from master developer FivePoint, including CEO, Emile Haddad.
Mr. Moran said The San Francisco Shipyard isn’t just a ‘project’, it’s a tremendous opportunity to re-invent one of the largest communities right here in San Francisco.
“The San Francisco Shipyard provides that rare opportunity for today’s world class tenants to deliver a matching environment to their employees and investors,” Mr. Moran said.
“Much as the center of gravity for San Francisco shifted south when the Giants moved into town, the center of gravity for San Francisco will shift south again as The San Francisco Shipyard community comes on-line,” Mr. Moran said. “We are open for business and can address office, R&D, Life Science and other creative uses on-site. The sheer scale of this opportunity is magnetic.”
The SF Shipyard anchors a wider plan that incorporates the iconic Candlestick Park site into adjoining communities with a unique range of features including an expansive 760-acre site; a combined 12,000 homes, with a selection of affordable and market-rate apartments, town homes and condominiums; over 1M square feet of retail; and more than 350 acres of waterfront parks, trails and restored shoreline.
For prospective tenants, getting on board soon is important, according to Mr. Lumpkin. And that includes major tenants who want to create innovative office environments as well as fill many of the surrounding homes.
“The early adopters will have a significant advantage in terms of what they are able to achieve here. The unique entitlements at The Shipyard will allow companies to create their own working environment with certainty and grow in phases at a scale that is simply not possible anywhere else in San Francisco,” Mr. Lumpkin said.
Highlights for The Shipyard community include:
• Scale – The SF Shipyard is the Bay Area’s largest, single commercial development under single ownership.
• Housing – The Shipyard, combined with its neighboring FivePoint development Candlestick Point, will bring in more than 12,000 new homes. A commercial tenant will have early visibility and opportunity in considering their employees housing. With Bay Area housing in short supply, this is a housing solution that is unique to The Shipyard. Employees at businesses in the Shipyard can have the convenience of living nearby, a work-housing connection that thousands can walk or bike to work.
• Transit – Transit and site access are major priorities for The Shipyard. The options are comprehensive, with future ferry service, shuttles to BART and CalTrain, light rail access, and enhanced bus service. Dedicated cycling paths, care-share and ride-share drop-off places are part of the mix, including parking for those who choose to drive to work.
Audience attendees agreed, and Cushman & Wakefield’s Mr. Lumpkin outlined the vision: leading-edge enterprises, thousands of new residents, bustling neighborhood shops and restaurants and community space that will be the new life of The Shipyard.
“FivePoint Holdings is seeking not just a tenant,” Mr. Lumpkin said, “but invested tenants who believe in the incredible vision for this community and city.”