Brookfield Properties to Develop 5M, a Four-Acre Mixed-Use Development in San Francisco
SAN FRANCISCO — Brookfield Properties plans to break ground this summer on 5M, a four-acre mixed-use project in downtown San Francisco.
In partnership with Hearst Corp., Brookfield is transforming empty parking lots and underutilized warehouses into a mix of residential, office and retail space, as well as restoring historic buildings and public open spaces.
Scheduled to break ground this summer, 415 Natoma St. will feature 640,000 square feet of Class A office space, plus ground-floor space for retailers and restaurants. Additionally, Brookfield will break ground on a 302-unit apartment building with 91 affordable units. The two buildings and ground-level open space is slated to open in mid-2021.
Upon completion of the full project, 5M will features 702 residential units, including units designated for middle-income households, seniors and formerly homeless families. Also included in the plan are more than 50,000 square feet of parks, rooftop gardens, play areas and open space programmed to include community arts and cultural events. The historic Chronicle Building will be renovated and the historic Camelline Building and Dempster Building, a former printing house, will be repurposed as signature features on the site.
Hearst will retain full ownership of the existing Chronicle and Examiner buildings, which will continue to serve as the home of the San Francisco Chronicle newspaper operations. Additionally, the company retained ownership rights to a planned, city-approved, 400-unit condominium building on the Chronicle and Examiner property.
Overall, the project will provide $76 million in public benefits to the SoMa neighborhood and the City of San Francisco. Additionally, 5M will immediately provide $500,000 in public benefits to the community, including $150,000 to the San Francisco Arts Commission for improvements to the Dempster Building and $350,000 for improvements to the Old Mint Mall across Mission Street from the project.