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Project Profiles

Transbay Transit Center

Location

San Francisco, California

Project Sponsor / Borrower

Transbay Joint Powers Authority (TJPA)

Program Areas

Project DeliveryProject FinanceTIFIAProject Finance

Fiscal Year Approved

Fiscal Year 2010

Mode

Intermodal

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. Its Board of Directors is composed of representatives from the City and County of San Francisco, including the San Francisco Municipal Railway (MUNI), the Office of the Mayor and the Board of Supervisors; the Alameda-Contra Costa Transit District (AC Transit); and the Peninsula Corridor Joint Powers Board-Caltrain, composed of the City and County of San Francisco, the San Mateo County Transit District, and the Santa Clara Valley Transportation Authority.

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  • Replacing the outdated Transbay Terminal with a modern transit hub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 with 2,600 new homes (35% affordable), parks, and a retail main street

The project is being developed in two phases. Phase 1 includes the Transit Center building and the below-grade rail levels. Phase 2 includes the Caltrain Downtown Extension Program.

A Temporary Terminal serves existing bus passengers - AC Transit, WestCAT, MUNI, Golden Gate Transit, SamTrans, and Greyhound - while the new transit center is under construction.

Cost

Total program cost: $4,185 million

Total Cost for Phase 1: $1,899 million

Funding Sources

Phase 1 only. Funding for Phase 2 is still being secured.

Local:

  • San Francisco Proposition K sales tax: $139.3 million
  • San Mateo County Measure A sales tax: $4.5 million
  • AC Transit Capital Contribution: $39.1 million
  • Lease & Interest Income: $3.8 million
  • Transferrable Development Rights: $4 million
  • Mello Roos CFD: $206.5 million
  • Other Local: $0.8 million

Regional:

  • RTIP: $10.1 million
  • Regional Measure 1 (RM-1) Bay Area toll bridge revenue: $54.4 million
  • Regional Measure 2 (RM-2) Bay Area toll bridge revenue: $143 million
  • AB 1171 (Bay Area toll bridge seismic retrofitting legislation): $150 million

State:

  • Land Sales: $510.1 million

Federal:

  • TEA-21 Earmark: $8.7 million
  • SAFETEA-LU Earmarks: $53.5 million
  • TIFIA Loan: $171 million
  • FRA Rail Relocation: $2.6 million
  • ARRA High Speed Intercity Passenger Rail: $400 million
  • One Bay Area Grant: $6 million

Note: individual funding sources, when totaled, amount to $1,907 million due to $8.5 million in bridge financing that will be deducted following receipt of TIFIA funds.

Project Delivery / Contract Method

The San Francisco Redevelopment Agency (SFRA) in collaboration with the Transbay Joint Powers Authority will develop the project through competitive bid by private developers under the SFRA's Redevelopment plan.

Private Partner

None

Project Advisors / 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

Lenders

USDOT TIFIA

Duration / Status

Temporary terminal construction started in December 2008
Demolition of original bus terminal is completed and the project is operating at the temporary site as of August 2010
Phase 1 substantial completion is expected in October 2017.

Phase 2 substantial completion in 2018

TIFIA Credit Assistance

Credit agreement signed on January 25, 2010

The TIFIA loan is secured by a senior lien on Project Revenues, which include dedicated tax increment revenues from land sold and developed in the state-owned parcels surrounding the Transit Center, and a commitment of passenger facilities charges from the Transit Center's initial primary tenant, AC Transit.

Financial Status / Financial Performance

TIFIA loan closed on January 25, 2010

Sources for repayment of the TIFIA loan include tax increment from state-owned parcels (98% of revenues) and passenger facility charges (PFCs) from AC Transit (2% of revenues).

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.

Related Links / Articles

Transbay Transit Center Website

Temporary Terminal Website

Phase 1 Financial Summary

San Francisco Redevelopment Agency Transbay Project page

Contacts

Maria Ayerdi-Kaplan
Executive Director
201 Mission Street, Suite 1960
San Francisco, CA 94105
(415) 597-4620
(415) 597-4615
MAyerdi-Kaplan@TransbayCenter.org

Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
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