The Mission Rock Partners, a joint venture between Tishman Speyer, the San Francisco Giants and The Port of San Francisco, has opened The Canyon, a 283-unit mixed-use community in San Francisco, the first building to be completed as part of the 28-acre Mission Rock mixed-use development.
Designed by architectural firm MVRDV, the 23-story tower encompasses studio, one-, two- and three-bedroom floorplans, ranging from 411 to 1,262 square feet, according to Yardi Matrix data. Of the total, 102 units are designated as affordable, reserved for middle-income households. The building also includes 58,000 square feet of office space and ground-floor retail.
Apartments feature smart thermostats, in-unit washers and dryers and keyless smart locks, as well as private balconies for select layouts. Resident amenities include a fitness center, clubhouse and spa, together with 2,300 parking spaces.
Located at 1023 Third St., the building is roughly 2 miles from downtown San Francisco, having numerous retail, dining and entertainment options nearby. UCSF Medical Center at Mission Bay is approximately 1 mile south.
Part of a San Francisco mixed-use project
The Mission Rock development will replace a surface parking lot with a mixed-use waterfront neighborhood. The project includes the rehabilitation of the Historic Pier 48 as well.
At full build-out, Mission Rock will encompass 1,200 residential units, 40 percent of which to be affordable for various income thresholds. It will also incorporate 1.4 million square feet of office and lab space and 200,000 square feet of retail space, as well as 8 acres of public parks and open areas.
The partners recently broke ground on Parcel F, the second residential development of the project, and also completed construction on the first office component, a 13-story building which will serve as Visa’s Global and North American headquarters. The neighborhood’s first phase is slated for completion in 2024.
Tishman Speyer’s Senior Managing Director Carl Shannon stated in prepared remarks that the neighborhood’s affordable component is being developed in the absence of any explicit public subsidy. The firm has been engaging in other ventures as well, in California and elsewhere, recently partnering with Basis Investment Group for the construction of a 617-unit mixed-income community in Santa Monica.
