The end of the Caltrain line in San Francisco might look a whole lot different if Prologis gets its way.
The real estate firm submitted an application Tuesday to the Planning Department for a redevelopment project that would remake a 20-acre site between 4th and 7th Streets, currently used as a Caltrain railyard and station.
The proposal by Prologis — best known for renting warehouses to Amazon — is anchored by a 850-foot tall, mixed-use tower at the site of the current train station, which would remain operational during construction and will eventually be incorporated into the base of the new building.
Prologis said that the project, dubbed “SF Railyards,” may total up to 8 million square feet at the end of buildout, which could span 15 to 20 years. Half the project would be for commercial use, including office, retail, and potentially a hotel. The remainder would include up to 2,500 housing units.
“This application reflects Prologis’ long-term conviction in San Francisco, and we are ready to move this transformational investment forward,” Genevieve Cadwalader, vice president for Prologis, said in a statement.
Prologis will lead the master planning and vertical development of the Railyards project, while Caltrain will manage the upgrades to the rail infrastructure. The transportation agency said it does not anticipate fare increases as a result of the project and that service continuity would be its priority during construction.
“The SF Railyards project application comes at a pivotal moment for transit in the Bay Area,” Caltrain Executive Director Michelle Bouchard said in a statement. “We believe this project reflects the kind of investment in transit and placemaking our region needs.”
Prologis said it anticipates raising public and private capital to fund the project.
Source: Prologis
Source: Prologis
The Railyards proposal arrives at the same time the Transbay Joint Powers Authority is trying to extend Caltrain service from 4th and King Streets to the Salesforce Transit Center downtown. That project, called “The Portal,” is a separate development (opens in new tab) and would not interfere with the construction of the first phase of Prologis’ Railyards proposal, the company said.
Prologis’ proposal will undergo an environmental review, and negotiations between the developer and the city on the final development agreement will commence. If the plan gets approved, Caltrain would begin upgrading its rail infrastructure at the site before Prologis starts constructing its tower.
Afterward, the company wouldn’t build out the rest of the project, which would involve constructing buildings of varying heights and public spaces around the tower, until The Portal downtown is complete.
The redeveloped site would be opened up to include a walkable promenade on Townsend Street, a public plaza on 5th Street, and a public park on 6th Street.
Full project buildout is contingent on identifying and building an offsite location for rail storage, the company said.
Source: Prologis
“The team behind this project has a bold vision for the neighborhood, and I appreciate their dedication to our city’s comeback,” Mayor Daniel Lurie added in a statement.
Prologis was one of the real estate industry’s biggest winners from the pandemic as demand for warehouse and distribution sites exploded. As of last year, the San Francisco-based company, which operates in 20 countries, reported more than $230 billion in assets under management. Its biggest customers include Amazon, Home Depot, FedEx, and DHL.