With a total projected construction budget of $1.5 billion, the Giants’ massive Mission Rock development is proposed to be built in four phases. Construction on the first phase with buildings up to 320 feet in height is currently slated to commence in 2016:
Phase 1 of the Mission Rock development includes parcels A, B, and C along Third Street and a 2,297 space parking garage at the corner of Third and Mission Rock Streets (parcel D). Assuming a 2016 start, Phase 1 would be ready for occupancy in 2018.
Construction of Phase 2 which includes parcels G and K and the five-acre China Basin Park is currently slated to commence in 2017 and would be completed in 2019. Construction of Phase 3 which includes parcels E and F and Mission Rock Square would commence in 2018 and be completed in 2020.
The final phase of the Giants’ Mission Rock development includes parcels H, I and J is slated to commence construction in 2019 with delivery by 2022. The redevelopment of Pier 48 upon which Anchor Brewing is planning to build another brewery is also currently scheduled for the final phase of the Mission Rock project but could be accelerated. Anchor has already announced their intentions to begin construction by the end of 2014.
Speaking of Pier 48, according to the term sheet for development: “In light of the current projections of sea level rise, the maximum initial term [for Pier 48’s lease] would be 30 years.” An option to extend to 66 years will be included but will only be able to be exercised after the City and the Port have established policies and procedures to address the sea level rise.