As the Bay Area continues to grow as one of the world’s most robust business centers and home to the nation’s most competitive technology sector, San Francisco is poised to make its next big mark on the world stage, and the Transbay Transity Center is one of the City's most important investments to assure long term success in an increasingly global economy. Creating a landmark multi-modal transit hub and a vibrant walkable neighborhood that features parks, public plazas, and retail, the Transbay Transit Center will foster activity, energy and vibrancy to downtown San Francisco while driving significant value premiums on surrounding properties. Improved transit access and additional public spaces and neighborhood amenities provided by the Transbay Project are projected to add $3.9 billion to the value of private property located within ¾ of a mile of the Transit Center. Additionally, redevelopment of public property once occupied by the former Transbay Terminal and abandoned freeway ramps is projected to stimulate over $4 billion in new development. A substantial portion of this new development is already in progress, including the 1.3 million square foot Transbay Transit Tower and more than 1,200 mixed-income residential units.
Research shows that knowledge service businesses thrive best in a compact, transit-rich environment. Better transit connectivity will help expand the regional labor market and make it easier for workers to reach jobs. Moreover, the use of transit instead of cars will foster increased physical activity, promote healthy living, and reduce air pollution and greenhouse gas emissions by removing thousands of vehicles from our streets and highways. Regionally, the Bay Area will benefit from the creation of approximately 8,300 construction job years, 27,000 permanent jobs, and up to $87 billion in gross regional product through 2030.
In November, Seifel completed the publication Transbay Transit Center: Key Investment in San Francisco’s Future as a World Class City as part of our economic benefit analysis work for the Transbay Joint Powers Authority (TJPA). A combined effort on the part of Seifel, the TJPA, and other San Francisco offices, Transbay Transit Center highlights the numerous economic benefits that the Transbay Project will bring to San Francisco and the Bay Area region.
Transbay Transit Center: Key Investment in San Francisco’s Future as a World Class City is available to download here.