In hot Bay Area market, Giants have new venture: 'Building a neighborhood'

SAN FRANCISCO - While several Major League Baseball teams are venturing into real estate projects adjacent to their ballparks, the San Francisco Giants are taking it a step further.

“We’re building a city neighborhood,’’ team president Larry Baer said.

The Giants have received voter approval for a 28-acre real estate development just south of McCovey Cove – behind right field – that will feature three 24-story buildings, 1,500 residential units, 2 million square feet of office space, plus shops and parks.

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Baer said the team looks at the real estate enterprise partly as a new source of revenue, but also as a way to protect its asset by having a major say in what kind of neighborhood surrounds AT&T Park, which the Giants built with private funding, albeit with significant tax breaks from the city.

“I would say this is less about getting the resources to compete with the New York Yankees or the Los Angeles Dodgers and more about us being prudent business people,’’ Baer said, “to be able to grow the Giants.’’

While the Atlanta Braves move out of Atlanta and the Texas Rangers seek a new ballpark in Arlington, the Giants are among several clubs in the process of turning their surrounding real estate into cash cows.

The St. Louis Cardinals opened the first phase of their Ballpark Village behind left field in March 2014. The Chicago Cubs have made significant progress on a $750 million renovation of Wrigley Field and the areas around it, including an office building, plaza and hotel.

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