Forest City landed $67.5 million in construction financing for the estimated $108-million project in November, 18 months after it signed the related development agreement with the Presidio Trust. The demolition, which began in December, will take four months to complete. Completion of the renovation and new construction is slated for late 2010. Forest City hopes to achieve LEED-Gold certification for the project from the US Green Building Council.

Located near 15th Avenue and Lake Street, the hospital operated until 1981. Since that time, until recently, it has been used mostly as a canvass for graffiti artists, according to the Trust. The historic core of the hospital, which dates to the 1930s, totals about 250,000 square feet. The demolition of the 1950s additions totals about half that much space. Neither Forest City nor the Presidio Trust could be reached Friday for additional detail, such as the square footage of any new additions to the hospital and the townhomes that will be added to the site.

The Presidio was transferred to the National Park Service and made part of the Golden Gate National Recreation Area in 1994. The 1,500-acre site contains the infrastructure of a small community as well as expansive open space, including a 300-acre historic forest, and spectacular views. It comprises nearly six million square feet of buildings, including 469 historic structures.

The Presidio Trust was established in 1996 to make the Presidio economically self-sufficient by 2013. If it cannot achieve the goal, it may ultimately have to be liquidated.

Efforts to gain a new life for the hospital, the park's largest historic building, began in 2003. The public planning process ended in spring 2007 when Forest City Residential was selected for its plan to convert the hospital structure to rental housing. Wachovia, RBS Citizens NA and the National Electrical Benefit Fund also are involved in the project by way of debt and equity contributions.

Instant Insights /

Demolition Underway for $108M Presidio Project

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