With San Francisco home prices skyrocketing, and rent prices at an all-time high, it's time to get out of dodge. Or is it? Rather than fleeing to the burbs, a new waterfront development could be your (relatively) affordable housing option of choice." Downtown skyline and Bay views for under $700,000? Sign us up.

The San Francisco Shipyard project has been in the works for ten years as part of the city-approved Bayview-Hunters Point Redevelopment Plan, but this Saturday, sales for the first units—comprised of 88 modern townhomes and condos ranging from the mid $400,000s to $700,000s—kicks off, offering a flood of new inventory to a parched housing market. “We are confident that this initiative will breathe fresh life and energy into the largely vacant tract of land along the southeastern waterfront while helping to meet the extraordinarily high demand for modern new homes in San Francisco,” says Sheryl McKibben, vice president of sales & marketing at Lennar Urban, who’s leading the development.

The exterior of the Olympia townhomes and nearby park.

The multi-billion dollar project promises a self-sustaining community in SF’s Bayview neighborhood with nine miles of shoreline, 25 acres of manicured parks and trails, and plans for a variety of distinct neighborhoods over the next few months and years.

An exterior view of the Olympia townhomes.

The aptly nautical named Olympia townhomes and Merchant condominiums will have a modern design ethos, featuring natural materials and contemporary clean lines for a distinctly urban feel, plus amenities and features that you’ll rarely find elsewhere in the city—think adjacent pocket parks, spectacular city views, private (rooftop) decks and patios, walk-in closets, car charging stations, and the holy grail of SF property—parking. Standard interior finishes will include hardwood floors and custom cabinetry, stone countertops, tile bathroom flooring, and Bosch kitchen appliances; and the community is pre-certified LEED-ND Gold from the U.S. Green Building Council.

“This is one of San Francisco’s best kept secrets,” says McKibben. “I can’t wait for our visitors to step on-site and take in these incredible waterfront views.”

A courtyard at the Merchant condos.

Ultimately, the larger scale of the project will turn 758 acres of former military base into an urban center, including 780,000 square feet of retail, 150,000 square feet of office space, a 2000 to 3000 seat entertainment venue, community facilities, 12,000 new homes, and 100-plus acres of open space parks.

The city view from a Merchant condo roofdeck.

Bayview is undergoing somewhat of a renaissance, with a new culinary scene cropping up (see Trouble Coffee, All Good Pizza, Radio Africa & Kitchen), a burgeoning pop-up scene, and cultural attractions like the newly revamped Opera House and Pier 92 art project. A flood of new residents could be just the push this neighborhood needs to be the next hot scene.   

Starting on Saturday, June 7, 2014, the Welcome Center will be open on weekends from 11 a.m. – 6 p.m. and weekdays by appointment only after 3:30 p.m. The Downtown Sales Center will be open seven days a week from 11 a.m. – 6 p.m.; shuttle service will depart downtown at 3:30 p.m. for tours of The San Francisco Shipyard on select Tuesdays and Thursdays. Potential buyers who wish to schedule an appointment can e-mail info@thesfshipyard.com or call 415-383-5500.