Clothes retailer Gap Inc. has won approval from the San Francisco Bay Conservation and Development Commission to build the Rincon Park project at the foot of Folsom Street on the Embarcadero.

Gap has agreed to pay at least $2 million for the project as part of the deal for their nearby 15-story headquarters. The commission’s approval was essential because it has jurisdiction over more than half of the 85,800-sf project.

Developer Nice Ventures will build an allotted 12,000 sf of restaurants, while Wilson/Cornerstone Properties will build the rest. Wilson/Cornerstone is also currently building the new Gap headquarters.

The commission has issued Gap a permit mandating that construction begin by Oct. 1, 2001, and end no later than a year from that date.

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