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SAN FRANCISCO-After languishing since the early 1980′s, a plan to develop 1.3 million sf of mixed-use space seems like it may finally see the light of day. FuturePlex LLC recently acquired the 58–acre site near 3Com Park and has begun construction, which is expected to last for another two years.

The announcement comes only days after San Francisco voters approved Proposition L, a slow-growth measure to restrict new building to the Downtown core, and uphold yearly construction limits set with the passage of Proposition M in 1986. The FuturePlex Project, however, is exempt from these limits, thanks to the Board of Supervisors extending an exemption already in place for the site, which was scheduled to expire at the end of 1999.

Plans for the $200-million project include 720,000 sf of office space, 50,000 sf of retail space and a parking lot. FuturePlex purchased the site from Los Altos-based Sand Hill Advisors.

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