The developers profiting from building tall buildings in the Transbay District are now seeking to avoid paying their agreed share of the Downtown Extension to Transbay, the project to connect the Caltrain tracks to their buildings, and other infrastructure supporting the Transbay transit center that makes their properties much more valuable. The developers are represented by former mayor and power-lobbyist Willie Brown.
The new Transbay District is expected to add 27,000 workers in buildings including the 1000+ feet 61 story SalesForce tower, and nearly 4400 units of housing, a third of which will be permanently affordable.
San Francisco County Transit Authority forecasts the Downtown Extension will drive up to 3x increase in Caltrain ridership to/from the city. Downtown San Francisco already has more jobs near the Transbay transit center than the rest of the Caltrain line combined.
The original deal anticipated a property tax contribution of about $400 million, but because of the increase in the expected value of the area, the expected assessment has gone up to $1.4 billion – even as the developers returns are also skyrocketing.
If you don’t want to let the developers of the hook and leave a gaping hole in the budget for DTX and other infrastructure, please speak up now. If you can make San Francisco City Hall on Tuesday afternoon – please come at 3pm – the agenda item will be then. Or, please write the board of Supervisors – click here to send a letter, telling them to keep the deal and approve the financing district. Or give your supervisor a call.
For more on the story, see this Streetsblog article.