The S.F. Examiner is reporting that Millennium Partners have submitted their plan for developing the old Drive-in site. Locals will recall this as being the 301 Airport site that had so much controversy about access, traffic, windsurfing disruption, etc.
An application to develop the 16-acre site was submitted to the city’s Planning Department this month, Planning Manager Maureen Brooks said.
The plans submitted by Millennium Partners— a developer of luxury hotels and condominiums — include more than 700,000 square feet of floor space and a realignment of Airport Boulevard.
Brooks said this is the first application for the property in more than a decade.
Plans, though, are not concrete, Brooks said. Similar to all city projects, the proposed development will go through review, an environmental process and public comment period before construction can begin.
The plan also calls for straightening out the 90 degree turn in Airport Blvd. near the Roger Sherman.
According to a real estate site called Rofo
There's roughly 6,000,000 square feet of office space with a rough overall vacancy rate of 12%. The average asking rates for Class A office space is $4.50(fs) and Class B office space is $3.50(fs) per square foot per month.
The financing plan should be interesting and less reliant on City funds.
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