The Future of SOMA and Transbay Transit Center Recap
May 16th, 2017 / San Francisco
In an effort to relieve the growing traffic congestion between San Francisco and the southern Bay Area region, the highly anticipated Transbay Terminal development is projected to become the city’s largest transportation hub, prompting big changes for not only the region but the State of California.
Located in the city’s SoMa district, the billion-dollar development anticipates transporting 7,000 to 8,000 bus travelers at the opening of the Transbay Center in late 2017. In the years following, sources say the hub is estimated to grow to accommodate 20,000 commuters, primarily the local Bay Area workforce. As various interest groups await its grand reveal, the road to completion has had its hurdles, according to the speakers of last month’s Future of SoMA and Transbay. Polaris Pacific’s Paul Zeger joined fellow San Francisco Bay Area housing experts at a recent Bisnow event to discuss the biggest challenges facing the massive undertaking.
Following challenges around construction and labor during Phase 1, the Transbay Joint Powers Authority approaches Phase 2 of the Transbay Terminal Project with funding and revenue issues. In an effort to keep San Francisco in high demand for potential employers, the Transbay Terminal must continue its progress and avoid unanticipated roadblocks. As a way to bring in the remaining $647M in funding, teams are launching a combined effort to explore new local and state funding options as a way to ensure a promising 2018.