Board advances Mission Rock: supervisors approve zoning, financing and deal terms for 28-acre waterfront project

The San Francisco Board of Supervisors on Feb. 13, 2017 approved multiple ordinances and resolutions enabling the Mission Rock mixed-use development on Seawall Lot 337 and Pier 48, advancing zoning, financing and transaction steps needed to build housing, parks and offices on a 28-acre waterfront site.

The Board's actions include creation of the Mission Rock Special Use District in the Planning Code, approval of a development agreement and a disposition-and-development agreement with the Port of San Francisco, and establishment of a project area within the Port's Infrastructure Financing District (IFD) to capture property-tax increment to fund public infrastructure. Supervisors adopted the principal items and related resolutions by unanimous votes at this meeting or via committee actions; many ordinance readings were taken on their first reading as allowed by the Board.

Port deputy director Mike Martin framed the project as the follow-up to Senate Bill 815, which changed trust restrictions and created an opportunity to build housing and generate revenues for port maintenance and shoreline resilience. "We at the Port feel very optimistic about this project on several levels," Martin said, noting the proposal converts an underused surface parking area into housing, open space and revenues to support seismic and seawall needs.

Project sponsors from the San Francisco Giants said Mission…