I haven’t honestly given much thought to the Transbay Terminal project that’s been talked about over the past few years. However, last week the Transbay Joint Powers Authority (TJPA) presented the latest details of the project at my company’s Market Watch meeting, and I was pretty impressed.
The project consists of three elements: replacing the outdated Transbay Terminal at First and Mission with a new center; extending Caltrain underground from its current terminal at Fourth and King to the new Center—with accommodations for high-speed rail—and creating a new neighborhood with homes, offices, a 5.4-acre park and shops that will surround the new Center.
Construction of the new Center is scheduled to kick off in 2010 and be completed in 2015. The Caltrain Downtown Rail Extension is slated to begin in 2012, with a 2018 completion date.
Costs for the project are around $4 billion, and will be funded through local, regional, state and federal sources.
The Transbay Redevelopment Plan, adopted by the city in June 2005, includes building 2,600 new homes (with 35% affordable), three million square feet of new office space, and 100,000 square feet of retail. Folsom Street will feature widened sidewalks, views of The Bay, cafes and markets.
I’m thinking this project will have big benefits for the area (though there has been some conflict around the high-speed rail and Caltrain details).