Groups led by Bay Area billionaires are funding half the cost of the Embarcadero Plaza redesign, which likely doesn\u2019t ease critics\u2019 concerns that the revamp will lose sight of the plaza’s longheld tradition \u2014 to serve as a gathering spot for civic and artistic expression.<\/p>\n
The Chronicle revealed<\/a> Monday that two prominent billionaire-led civic groups are funding about half the cost of the estimated $40 million redesign of the Embarcadero Plaza and Sue Bierman Park. Venture capitalist Michael Moritz\u2019s philanthropic foundation, Crankstart,<\/a> is reportedly contributing $10 million, and the Downtown Development Corp (DDC) has pledged to acquire additional donors to match the other $10 million.<\/p>\n Formed last summer, the DDC is a business-backed civic group aligned with the mayor\u2019s downtown revitalization agenda<\/a> that’s supported by major tech, real estate, and philanthropic donors including OpenAI, Salesforce, and Emerson Collective.<\/p>\n As SFist reported<\/a> last month, plans for the project, which have not been finalized, have been in the works for two years. The 50-year-old brick plaza is set to be torn out, and the Vaillancourt Fountain was being removed<\/a> earlier this month.<\/p>\n The current plans for the redesign feature a large main lawn on the Market Street side of the park, surrounded by areas for performances, food trucks, and outdoor dining. Next to the existing playground at Sue Bierman Park<\/a>, there will be a second lawn space, a fitness area, and a designated dog-play area for nearby residents.<\/p>\n As the Chronicle reports, $18 million in public funds will also go toward the project, which is expected to start construction next year, through the city’s 2024 Healthy, Safe, and Vibrant bond. Additionally, the Downtown SF Partnership community benefit district will also be contributing $2 million in private funding, and $2.5 million in design services will be donated by BXP<\/a>, which owns the Embarcadero Center office complex and its various public spaces. <\/p>\n The Recreation and Park Commission is reportedly considering adding the DDC to an existing partnership between the city\u2019s Office of Economic and Workforce Development, BXP, and the Downtown SF Partnership, which would require final approval from the Board of Supervisors. <\/p>\n \u201cThe DDC and our partners are working to transition downtown into a 24\/7 destination that works for everyone where people want to live, gather, and experience this city day and night,\u201d said the organization’s CEO, Shola Olatoye. <\/p>\n SF Mayor Daniel Lurie vocalized support for the partnership\u2019s efforts to push the project forward, adding that \u201cwe need all hands on deck and leadership from all sectors.\u201d As the Chronicle reports, Moritz and Crankstart have contributed tens of millions of dollars to a range of groups that support Lurie\u2019s agenda. <\/p>\n \u201cEmbarcadero Plaza and Sue Bierman Park belong to every San Franciscan, and we\u2019re thrilled to help power their reinvention for generations to come,\u201d said Crankstart CEO Missy Narula, per the Chronicle.<\/p>\n While many residents who\u2019ve attended community meetings about the project have reportedly liked the redesign, some fear the new park will lack the original intent for which Embarcadero Plaza was designed \u2014 as a center for civic and artistic expression. <\/p>\n As previously reported, the new park will likely feature public art to be added at a later date, but as one Redditor points out<\/a>, the new design would have much more appeal if it were centered around one bold, iconic large-scale art piece that was part of the design from the start. <\/p>\n