SF close to signing off plan for $40M Embarcadero waterfront plaza: Where's the money coming from?

SAN FRANCISCO (KGO) -- San Francisco city leaders are preparing to sign off on a concept for a new $40 million waterfront plaza along the Embarcadero, even as the city faces a $643 million budget deficit.

The project, more than a year in the making, would transform Embarcadero Plaza into a new city destination featuring open space and amenities. Plans include "a huge, beautiful lawn, a stage pavilion, walking paths and amenities like a dog park and an exercise area," said Robbie Silver, president and CEO of the Downtown San Francisco Partnership.

Silver described the current state of the plaza as underused.

When asked how he would characterize the site, Silver said, "Right now, it is arguably the most underutilized space in downtown and maybe even our city. There's not a lot of activity happening here. It's not accessible. And it's not attractive."

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Nearby, empty storefronts highlight broader challenges in the area. An estimated 30% of ground-floor units in the neighboring Embarcadero Center are vacant.

Silver said a public-private partnership will be key to revitalizing the five-acre site. He pointed to private support already underway, noting, "We are very thankful to have Bxp as a developer who, said, hey, we are going to pay for the design of this park, Rec and Park to adopt this as a project."

He added that a concept plan is expected to go before the Recreation and Parks Department on Thursday, and that "we've been able to raise, $2 million in private funding, to assist with the capital campaign."

The city is expected to cover nearly half of the $40 million construction cost. Officials say the funding comes from an existing voter-approved source.

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"It's coming from a 2024 voter approved bond. So, it doesn't raise taxes. It's not money that we can use for other uses. It's coming directly from the voters who said that they wanted to put money towards this sort of thing in downtown park," said Supervisor Danny Sauter.

Much of the work will focus on infrastructure improvements below ground, according to the city's Recreation and Parks Department.

"Sue Bierman Park is often really soggy and damp and it doesn't drain well. Part of the reason it doesn't drain well is that there are actually some footings from the old freeway underneath that park. The support structures of the freeway," said General Manager Sarah Madland. "So there is a variety of work around the infrastructure that will make the park foundation and look beautiful on top."

City officials project construction could begin at the end of 2026, followed by about a year of work to complete the transformation.