SAN FRANCISCO — The area at 5th and Mission streets, that includes the San Francisco Chronicle building, will be transformed into two new apartment towers, parks, and include art and renovated historic buildings.
The $1-billion 5M project includes 702 residential units on site and helps fund another 154 affordable units elsewhere.
San Francisco Mayor London Breed said the city is giving $76 million in community benefits which includes hundreds of units for formerly homeless individuals and seniors, transit improvements and funding for arts and community groups.
"You can't please everybody and you don't stop a project just because somebody wants to stop it," said Breed. "You think about the big picture, the best solution for the city."
The South of Market Community Action Network opposed the project, fearing it would accelerate gentrification.
The project was tied up in court until March, when the Court of Appeals ruled in favor of the developers.
"Eleven years is too long to move a project like this that benefits so many. We can't wait to see the open space. Its going to be green. It's going to be beautiful, and I'm sure people are going to enjoy it on a daily basis," said Stephen Hearst, vice president and general manager of the Hearst Corporation, who worked for 15 yeas in the Chronicle building.
Hearst is a partner on the project which is being developed by Brookfield, a Canadian real-estate company.
The project is expected to be finished in late 2021.
