5M Megaproject Up for Approval on Thursday
The massive project known as 5M will face both the Planning Commission and Recreation and Parks Department for approval Thursday. Located at 5th and Mission streets, this is arguably the largest development project up for approval this year.
Landowner Hearst Corp and developer Forest City have been working with the city for seven years to shape the project. It’s spread across four downtown acres and slated to include apartments, condominiums, office and retail.
The project will reshape SoMa and is expected to have huge public benefits. The developer plans up to 700 residential units and 600k SF of office space. All told, the project could yield $73.5M in free money to the city. Today’s hearing is set for 11am. [SFBT]