Potrero Hill is one the sunniest neighborhoods in San Francisco and the center of some of the city’s most intense urban development and renewal. After selling for $111 million in 2012 to Equity One, leasing has already begun for a completely reimagined commercial heart planned for Potrero Center.
Equity One describes the new planned 227,000 square foot center, called Potrero Park (2300 16th St…the entire block on 16th between Potrero and Bryant Streets), as one of the most dynamic mixed use developments in the country, thanks to the area existing in its own zoning district. The project touts strong population demographics, excellent visibility from three major thoroughfares, and tons of free parking including convenient environmentally friendly electric car charging stations.
The Potrero Center redevelopment is one of many projects planned or underway in Potrero Hill. Equity Residential, after years of delays, is now leasing apartments in its 453-unit complex at 1010 16th St, which is nearing completion.
Both projects represent the development boom across Mission Bay’s Potrero Hill and Dogpatch neighborhoods. As reported in the San Francisco Business Times, the city estimates 2,300 to 3,900 potential new units through 2025 as part of the Eastern Neighborhoods rezoning. What does this mean for buyers and sellers considering Potrero Hill and areas surrounding this development? That is a loaded question, filled with possible pros/cons, ups/downs, and depends largely on each individual scenario for each individual property, so it’s best not to go into too much detail here. If you’re considering buying or selling real estate within 1/4 mile of this property, give us a shout and we’d be happy to discuss your individual needs.
Until then, we hope you enjoyed the renderings, and look forward to that plot of land getting a serious makeover as much as we do.
[photo/rendering source Equity One]