San Francisco mayor reaches agreement with Golden State Warriors for new arena
Many San Francisco residents appreciate the vast array of performing arts and sports venues in the Bay Area, and the region will soon be adding another arena in a few years. San Francisco Mayor Edwin M. Lee and the Golden State Warriors recently agreed to build a new performing arts and entertainment venue, and people who pursue some of the homes for sale in San Francisco in the city could be significantly impacted. Local residents will be able to enjoy this arena that will be constructed on the San Francisco waterfront.
In May 2012, the Warriors originally announced that they planned to build a 17,000-seat sports and entertainment venue in the city. This arena will be located along the San Francisco waterfront at Piers 30-32 on San Francisco Bay, between the Ferry Building and AT&T Park.
The new arena's impact on San Francisco residents
Lee said that the new venue could help the city lower its unemployment rate by providing new jobs to local residents.
The Bay City News notes that San Francisco's jobless rate was 6.8 percent in October 2012, well below the state's average of 10.1 percent. Lee stated that the arena's construction will create 4,300 direct jobs citywide, including 2,623 construction and 1,757 permanent positions.
"Creating and maintaining jobs in San Francisco benefits residents and local businesses; who in turn fuel our economy and keep our city moving in the right direction," Lee said. "In addition to their commitment to invest private funds to build a world class state-of-the-art venue, the Golden State Warriors have worked with labor and the community to create an unprecedented opportunity for our local workforce."
San Francisco residents will make up roughly 25 percent of the venue's overall workforce and 50 percent of apprentice-level positions will be local hires. The construction project will also incorporate the "Helmets to Hardhats" program to provide construction jobs to returning veterans.
The one-time construction of the arena will add $1.5 billion into the city's workforce and economy. After the venue is completed, city officials noted that they estimate it will add $500 million in annual investments to the workforce on an ongoing basis.
Local citizens can look for the new arena to be completed in several years. Warriors administrators are targeting the venue to open for the start of the 2017-2018 NBA season.