Brookfield, Hearst JV Kicks Off $1B Project in San Francisco
The joint venture began work on 5M in the SoMa district, a mixed-use development set to include a residential component as well as office space and parks.
San Francisco. Image via Pixabay
Brookfield Properties and Hearst Corp. have broken ground on a $1 billion mixed-use project in San Francisco’s SoMa district, according to abc7news.com. KPF is the architect of the entire property and designed three major buildings of the upcoming development. SITELAB urban studio designed the whole master plan.
Located in a transit-oriented area between Fifth, Mission and Howard streets, 5M will spread across 4 acres. During phase one, the developers intend to build a 302-unit community with 91 affordable apartments, a 640,000-square-foot Class A office building and roughly 49,000 square feet of open space, parks and play areas, Connect California reports. Per Yardi Matrix data, a second residential building is slated to include 290 units, out of which 87 will be affordable. According to The San Francisco Chronicle, 5M will also eventually include a 400-unit condominium building on Fifth Street.
The multi-phased project includes the renovation of historic buildings. The Camelline and Dempster buildings are slated to be repurposed as signature site features, serving as office space for the Community Arts Stabilization Trust. Furthermore, Hearst—which owns The Chronicle—will also renovate the structure at 901 Mission St., where the newspaper has been located since 1924.
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