X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-Millenium Partners is negotiating with the San Francisco Redevelopment Agency to build a $35-million underground garage that will add 463 parking spaces to San Francisco’s downtown area. The main purpose of the garage is to provide parking for the Four Seasons hotel and condominium project that has recently opened.

Located on Mission Street, near the Jewish Museum and Mexican Museum, the garage would be built under a new public facility, Jessie Square.

Millenium Partners is proposing to contribute $12 million to the city and local projects, such as Jessie Plaza and the Mexican and Jewish Museums, for a 50-year ground lease for the garage. Under the proposal, Millenium will also gain 156,000 sf of transferable development rights that the company will apply to its recently acquired land near the Transbay Bus Terminal.

Millenium is the developer of the Four Seasons hotel and the Metreon, so it will gain by having the garage nearby for additional parking. The garage will benefit the city as well by being available to the general public, which may ease downtown parking problems and benefit nearby museums.

If the plan is approved, construction is scheduled to begin by the end of this year, with a projected 2003 opening.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.