Folsom Street Off-Ramp Closure To Make Way For Development
SAN FRANCISCO (KPIX 5) -- Thousands of drivers heading from the Bay Bridge to Downtown San Francisco use the Folsom Street off-ramp each day. But the ramp will close for the next few months, not only to make it safer, but to make way for construction.
It is one of the last prime blocks in the city, right in the heart of the downtown. The only problem is that the off ramp cuts right through it. But, thanks to the City and County of San Francisco, that problem is about to end.
"It's going to go from curve to straight," said Eric Young of the San Francisco County Transportation Authority.
(credit: San Francisco County Transportation Authority)
"The first thing it will do will help bring about a number of safety improvements in the area," Young said.
Indeed, the $3.5 million takedown price includes new bike lanes, crosswalks and traffic controls. But there is more to this deal than better managing rush-hour traffic.
"This block right now, Block 8, is essentially cut with this roadway," Young said. "So you're taking that roadway and pushing it over there, so you have an uninterrupted lot."
A lot located smack dab in the middle of the high rise housing boom.
"It's the strongest market in the United States," said Oz Erickson of Emerald Development. "It will be big money, huge money."
In fact, the city has already sold the land to a commercial and non-profit partnership for $72 million, with the idea of building 650 apartments. Affordable housing will consist of 177 units, the rest will be available for whatever they can get.
"We passed New York in terms of rents this year so we have the highest rental market in the United States," Erickson said.
