The economic revitalization of the Third Street commercial corridor has been a high priority and the hard work has been paying off
San Francisco, CA (Vocus) October 27, 2010
Wednesday, October 27th, 2010 - 11am-1pm
5800 Third Street, San Francisco, 94124
San Francisco, CA: Supervisor Sophie Maxwell and former Mayor Willie Brown will celebrate the Bayview’s arrival at Carroll Station, San Francisco’s newest neighborhood that is coming to life from over $200 million of public and private investment. More than 1,000 new residents will be calling Carroll Station home over the coming year, and even more unique than the 1,000 new residents moving into the Bayview is that they will be greeted by major commercial investments even before they arrive.
Fresh & Easy Neighborhood Market has purchased 15,000 ft. of commercial space at Carroll Station and will use the location to launch its Northern California expansion and bring the Bayview its first major grocery store in over 50 years. Martin and Antonio Castillo, owners of the enormously successful restaurant Limon in the Mission district, are joining in to purchase 2,500 sq. ft. of their own to bring destination dining to the neighborhood. Mimi Silbert, founder of Delancey Street, is complimenting her 300,000 square foot Business Training Complex at Carroll Station by opening a second Crossroads Café modeled after her success in South Beach.
For a neighborhood that has been overlooked by commercial investment for decades, Carroll Station represents the arrival of the new Bayview – a vision that mayors Gavin Newsom and Willie Brown, along with Supervisor Sophie Maxwell, have been working towards for over 10 years. Central to this transformation are their efforts for the new Third Street Light Rail, providing direct access to UCSF, SoMa, and downtown San Francisco. “The economic revitalization of the Third Street commercial corridor has been a high priority and the hard work has been paying off,” said Mayor Gavin Newsom. “With the opening of a full-service grocer, Limon Rotisserie and other new businesses on Third Street, we are creating an anchor destination that will serve the many families of the Bayview community and neighborhood.”
The Carroll Station community is a story of perseverance. As the economy collapsed in 2008, 5800 Third Street was nothing more than a hole in the ground with millions of dollars of liens against the property. Rather than walk away from the neighborhood, Goldman Sachs, the equity partner through its Urban Investment Group, and Citi Community Capital, the construction lender, committed to finish what they started. The firms engaged Rick Holliday, a developer with over 20 years of success working through complicated real estate developments in the Bay Area, to breathe new life into the stalled project.
And while the Carroll Station community is a major milestone for the entire Bayview neighborhood, it also represents a renewed opportunity for working families to own homes in San Francisco. After years of writing off homeownership in San Francisco as a possibility, local police officers, nurses, and city employees have been some of the first to call Carroll Station home. And with larger homes that rival single family houses, owning a home and having a family in San Francisco is in reach again for hundreds of working families.
The Carroll Station community includes Fresh & Easy Neighborhood Market, Limon Rotisserie, Crossroads Café, 5800 Third Street, Armstrong Place Townhomes and Senior Housing, Delancey Street, Martin Luther King Jr. Pool, Bay View Park.