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United States Department of Transportation United States Department of Transportation

Transbay Transit Center

Transbay Transit Center
Alternate Project Name
Caltrain Downtown Extension / Redevelopment Area
Project Type
Public Transit
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Transbay Joint Powers Authority (TJPA)
Project Description

TJPA was created in 2001 as a collaboration of Bay Area government and transportation agencies to design, build, operate, and maintain the new Transbay Transit Center, which will replace the existing Transbay Terminal that serves local, regional, and intercity bus transit. The Transbay Transit Center Project will replace the Transbay Terminal with a new multi-modal transportation center and centralize the region's transportation network by accommodating nine transportation systems under one roof. The project consists of three components:

  • Replacing the outdated Transbay Terminal with a modern transit hub
  • Extending the Caltrain rail line from its current terminus 1.3 miles and into the heart of the Financial District, including a provision for future high-speed rail (Caltrain Downtown Extension Program)
  • Redeveloping the area surrounding the Transbay Transit Center

The Transbay Transit Center Project will construct a landmark multi-modal transit facility in downtown San Francisco, connecting the city’s urban core with 11 local, regional, and statewide transit systems. According to TJPA, mobility improvements constructed in this project will generate an estimated $380 million in annual travel time savings. The project will create a vibrant urban community by catalyzing nearby development, while reserving green space for a 5.4 acre rooftop park. The project is expected to facilitate the development of approximately 6 million square feet of commercial space and 4,500 new homes, over 1,300 of which will be affordable to low- and moderate-income households. Improvements are forecasted to create 125,000 jobs and $87 billion in gross regional product through 2030.

Project Details
TIFIA Assistance
$171.00M
Primary Revenue Pledge
Real Estate Tax Increments
Project Cost
$1189.00M
Fiscal Year Closed
FY2010
Duration/Status
Temporary terminal construction started in December 2008. Demolition of original bus terminal is completed and the project began operating in August 2010. Phase 1 substantial completion occurred in late 2017.
Funding Sources
Note: $8.5M in bridge financing will be deducted following receipt of TIFIA funds.

Land Sales: $429.5M
TEA-21 Earmark: $8.8M
SAFETEA-LU Earmarks: $53.8M
TIFIA Loan: $171M
State Funding: $28.3M
Local Funding: $151.2M
Regional Funding $346.4M
Project Delivery/Contract Method
The San Francisco Redevelopment Agency (SFRA) in collaboration with the TJPA will develop the project through competitive bid by private developers under the SFRA's Redevelopment plan.
Project Participants
None
Project Advisers/Consultants
Pelli Clarke Pelli Architects/Hines - Transit Center design and development team

Webcor Obayashi, Joint Venture - Construction management

Orrick, Herrington & Sutcliffe - Bond counsel

To USDOT TIFIA JPO:

TIFIA Legal Advisor: Katten Muchin Rosenman LLP
TIFIA Financial Advisor: First Southwest Company
Project Lender
USDOT TIFIA
Credit Assistance Detail
Direct loan: $171 million.
Financial Status
The TIFIA loan closed in January 2009. Interest payments are expected to begin in 2019, and principal payments are expected to begin in 2025; final loan maturity is expected to be in 2052.
Innovations
This is the first TIFIA loan secured by value capture revenues from real estate taxes on surrounding transit oriented development.
The new transit center, with its sustainable and green building features, will make public transit a convenient option, thereby decreasing congestion and pollution.
Application Details
Applicant
Transbay Joint Powers Authority
LOI Fiscal Year Received
FY2004
LOI Received Date
Application Received Fiscal Year
FY2009
Application Received Date
Estimated Project Cost
$1189.00M
TIFIA Request
$171.00M
Instrument Type
Direct Loan