Embarcadero Plaza Revamp Will Largely Be Funded By Local Billionaires

"Venture capitalist Michael Moritz's philanthropic foundation, Crankstart, is reportedly contributing $10 million, and the Downtown Development Corp (DDC) has pledged to acquire additional donors to match the other $10 million. Formed last summer, the DDC is a business-backed civic group aligned with the mayor's downtown revitalization agenda that's supported by major tech, real estate, and philanthropic donors including OpenAI, Salesforce, and Emerson Collective."

"The current plans for the redesign feature a large main lawn on the Market Street side of the park, surrounded by areas for performances, food trucks, and outdoor dining. Next to the existing playground at Sue Bierman Park, there will be a second lawn space, a fitness area, and a designated dog-play area for nearby residents."

"As the Chronicle reports, $18 million in public funds will also go toward the project, which is expected to start construction next year, through the city's 2024 Healthy, Safe, and Vibrant bond. Additionally, the Downtown SF Partnership community benefit district will also be contributing $2 million in private funding, and $2.5 million in design services will be donated by BXP, which owns the Embarcadero Center office complex and its various public spaces."

"The 50-year-old brick plaza is set to be torn out, and the Vaillancourt Fountain was being removed earlier this month. As SFist reported last month, plans for the project, which have not been finalized, have been in the works for two years."

Venture capitalist Michael Moritz’s philanthropic foundation, Crankstart, is reportedly contributing $10 million toward an estimated $40 million redesign of Embarcadero Plaza and Sue Bierman Park. The Downtown Development Corp (DDC) is expected to help raise an additional $10 million from other donors. The DDC, formed last summer, is a business-backed civic group aligned with the mayor’s downtown revitalization agenda and supported by major tech, real estate, and philanthropic donors. Plans have been in development for two years and are not finalized. The 50-year-old brick plaza is expected to be torn out, and the Vaillancourt Fountain was removed earlier this month. Proposed features include lawns, performance areas, food trucks, outdoor dining, a fitness area, and a dog-play area. Public funding includes $18 million from the city’s 2024 Healthy, Safe, and Vibrant bond, plus $2 million from the Downtown SF Partnership community benefit district and $2.5 million in donated design services from BXP.

Read at sfist.com