The Port of San Francisco announced that escrow has closed on the first phase of the International Cruise and Bryant Street Pier Project and construction has begun. This $400 million mixed-use project features a state-of-the-art cruise terminal facility on Piers 30-32.

The Bryant Street Pier Project is being constructed in three phases and involves a condominium tower on a portion of the block adjacent to Piers 30-32 (corner of Bryant and Beale Streets), an international cruise terminal, office and retail commercial development on Piers 30-32, and a new waterfront park known as the Brannan Street Wharf Park on the site of the former Pier 34 and Pier 36.

The first phase of the project consists of luxury residential condominiums on a half-acre lot transferred from the Port to the developer, San Francisco Cruise Terminal LLC (SFCT). Immediately after the escrow closed on March 2nd, the developer began construction of a 136-unit condominium tower, which will be known as the Watermark. Sixteen of these units will be earmarked as below-market rate units and construction is expected to be completed by the end of 2005. Proceeds from the sale of the land as well as the individual condo units will be applied toward the cost of developing the James R. Herman International Cruise Terminal and mixed-use development at Piers 30-32 and the Brannan Street Wharf Park, directly south of Piers 30-32.

The second phase will be construction of the Brannan Street Wharf Park. Nine million dollars from the land sale of the half-acre residential lot will be applied to the $15 million park construction cost. Construction is expected in late 2005 or early 2006.

The third phase of the Bryant Street Pier Project involves construction of the James R. Herman International Cruise Terminal and Mixed-Use Project on Piers 30-32. The international cruise terminal is scheduled to start construction upon completion of the Phase I, after initiation of condominium sales. The cruise terminal, neighborhood retail and office space construction is expected to start in 2006.

“In anticipation of these significant and dramatic changes to our waterfront, the Port will continue to aggressively market San Francisco as a cruise destination,” said Doug Wong, Port Executive Director. “We have been successfully increasing the number of cruise ship calls, and we are on pace to set a record for the number of cruise ships calls in 2004. Development of a new state-of-the-art cruise terminal will only add to our success and generate significant revenues and jobs for the City,” he said.

The San Francisco Port Commission selected the San Francisco Cruise Terminal, LLC in January 2000 to develop Piers 30-32 into an international cruise terminal and mixed-use project, otherwise named the Bryant Street Piers Project.

The 100,000 square foot terminal includes two berths for ships of nearly 850 feet and 1,000 feet in length. Such large berths can accommodate an expected increase in the number of cruise ships visiting San Francisco. The project also will accommodate office space as well destination-oriented and neighborhood-serving retail.

The project also includes a 22-story condominium complex at the corner of Bryant and Beale Streets across the Embarcadero from Piers 30-32; approximately 370,000 gross square feet of office space; 220,000 gross square feet of retail space; and 300,000 gross square feet of public open space that includes public plazas, waterfront walkways, and terraces.