With the grand plans for a complete redevelopment of San Francisco’s Japan Center Mall and Peace Plaza waylaid by the economy back in 2008, a Japantown Organizing Committee has been exploring the possibility of forming a Community Land Trust (CLT) to acquire the property from 3D Investments and team with a development partner to renovate the mall, making it “more user-friendly, landscaped with plantings characteristic of Japanese gardens and [incorporating] Japanese style lighting and signage.”
Assuming 3D would be willing to sell for $22,500,000 having paid $19,700,000 for the parcels in 2006, and assuming the ability to secure financing, the CLT would likely need to attract philanthropic funding/grants of between $5.1 million to $7.1 million, and raise average exisiting rents by up to 50 percent, in order to make the project “pencil.”
On Thursday, Planning is scheduled to present the latest recommendations for moving forward with the redevelopment of Japantown to the Planning Commission, the plan for which plugged-in people can get a sneak peek (click any of the images to enlarge).
∙ The 4 Design Concepts For The Future Of San Francisco’s Japantown [SocketSite]
∙ Japantown’s Better Neighborhood Plan Update: Draft Acknowledged [SocketSite]
∙ Japantown Community Planning Process and Initial Recommendations [sfplanning.org]