Thousand of jobs could be created and more than $20 billion over 20 years could be injected into The City’s economy by redeveloping the former Hunters Point Naval Shipyard, according to a city report released on the eve of a critical vote.
The mammoth plan to re-create the former military property — which will add 10,500 new homes and 885,000 square feet of retail space to The City — has been wending its way through the approval process. Today, the Board of Supervisors is scheduled to weigh in on several appeals to the project’s environmental impact report. If supervisors find the appeals valid, the project could be set back.
San Francisco would gain about 2,100 jobs a year during the 20-year project, according to the report by the city controller’s Office of Economic Analysis. The numbers hinge on whether a new stadium for the 49ers is constructed or whether the land is used for an office and laboratory center for science and technology companies.
The full project would add about $11 billion to The City’s property tax base. The vast majority of tax money will go back into developing the neighborhood, with $4.8 million a year going into city coffers for the first 45 years of the project’s life.
But Saul Bloom of Arc Ecology, which has been contracted by The City to research and share environmental information about the project, warned that the job and economic impact numbers were not in fact as impressive as they could be. The report said during construction, the project is only expected to create an average of 2,100 direct and indirect jobs per year. He said only about 30 percent of the annual jobs created are likely to go to members of the community.
Concerns about the project were raised Monday during a hearing of the board’s Land Use and Economic Development Committee. Five amendments to the project proposed by board President David Chiu were approved.
Some of the contributions that will be made with the approval of the Hunters Point redevelopment:
11,300 Jobs created by businesses in stadium plan
12,200 Jobs created by businesses without stadium
$25,000 to $185,000 Pay range of jobs created
$74,000 Average salary in San Francisco
50 percent Jobs in project that will pay less than average San Francisco salary
Source: City Controller’s Office