The plazas, lawns and new streets drawn into the two large Prado Group projects on California Street will be paid for out of property taxes on the new homes. The money only starts once people live in those homes. That is the financing San Francisco approved this year, and it controls the order in which things open. Someone weighing Jordan Park this fall will see renderings of California Square and Euclid Green. Those spaces arrive as fast as the housing goes up, and as of early October 2026, neither site had confirmed a groundbreaking.

The projects sit "on either side of the Laurel Village Shopping Center," in the words of the city's Office of Economic and Workforce Development at a January 14, 2026 Budget and Finance Committee hearing. That puts both of them along the stretch of California Street that Jordan Park and Laurel Heights share. Before you price in what they will add, it helps to know what is actually being built, who pays for it, and when.

Two sites, one developer, one tax district

To the east is 3333 California Street, the former UCSF Laurel Heights campus, now marketed as Presidio Highlands. The city's January 2026 resolution describes about 744 homes, including about 124 affordable senior units. It also lists about 38,094 square feet of retail and restaurant space along California Street, a childcare space of about 13,933 square feet, and 2.87 acres of publicly accessible open space with plazas, lawns and pathways. SF Planning's project page says the existing office building won't stay as it is. Parts of it would be split into two residential buildings with a walkway between them, and up to three floors could be added. The project's masterplan names public spaces that include California Square, Mayfair Walk and Euclid Green.

To the west is 3700 California Street, the former hospital campus between Maple and Cherry streets. The plan there is to demolish five of the six hospital buildings, convert part of the Marshal Hale building at 3698 California to residential and institutional use, and keep the nine-unit building at 401 Cherry Street. City documents count the homes differently. The resolution lists about 492 dwelling units, including 15 single-family homes, plus about 74 assisted living and memory care units. At the January hearing, OEWD described the project as 530 total units with a senior living component. The developer's project site lists 15 townhomes.

Neither project is new to the neighborhood. The 3333 California plan was approved in 2019. The Laurel Heights Improvement Association filed a CEQA lawsuit against it in January 2020 over concerns that included the historic former Fireman's Fund building, traffic and competition for existing retail, as the San Francisco Chronicle reported at the time. The development agreement was recorded on September 11, 2020, and amended in 2024 and 2025. What changed in 2026 was the money. A plan that had sat entitled for six years finally got a way to pay for its public pieces.

Where the money comes from

On January 27, 2026, the Board of Supervisors voted 11 to 0 to approve the financing plan for Enhanced Infrastructure Financing District No. 3, which covers both sites. The city's Public Financing Authority formally created the district in Resolution No. 2026-05 on February 12, 2026.

Here is how it works. Once the new buildings exist and are assessed, they will produce property tax that the vacant office and hospital buildings do not. Part of the city's share of that new revenue goes back into the district to repay the developer for infrastructure it has already built. At the committee hearing, the Budget and Legislative Analyst said the plan sends "about 58% of the city's share of incremental property taxes" to the district over 45 years. The improvements are estimated at $351 million, and the projected city payout over time is $477 million. The financing plan sets the precise rate at 58.252419% of the City share.

At the same hearing, OEWD's Lee Lutenski explained why the reimbursement can't come early:

"Developers can only seek reimbursement for costs that they've actually expended and that we've validated using revenues that they have actually created with new housing."

That sentence is the timing story. The district only collects from new value inside its own boundary, which is the project sites. Nothing gets repaid until housing is standing and on the tax roll. Each project area runs for its own 45-year term, counted from its own start date. The city also added a deadline, which OEWD laid out for the committee. A first new building has to receive a certificate of occupancy within ten years of the district forming, or the Board can dissolve the district.

What $351 million actually buys

Here is how the financing plan's cost table breaks down by facility.

Parks and open space get the smallest line, $12 million out of $351 million. Affordable housing is the biggest commitment across the two sites. After that, most of the budget goes to work underground or behind fencing: demolition, abatement, site work and utilities. The visible public pieces come last in that sequence because they depend on everything before them. Every "2026" in the timing column is an estimate written into the plan, not a date anyone has hit yet.

Where the calendar actually stands

The schedule has already moved once, and the latest documents show paperwork, not construction.

1. Winter 2025. The Presidio Heights Association of Neighbors newsletter said 3333 California was targeting a 2027 construction start, and 3700 California was targeting 2026.
2. January 14, 2026. The San Francisco Chronicle reported that Prado expected to start construction in late 2026 on the first three buildings at 3333 California. Phase one is 152 homes, with California Street retail and new public open space. No opening date was given for either.
3. June 21, 2026. SF YIMBY reported permit filings for three more buildings at 3333 California. By the building counts it lists, they total about 200 homes. The Real Deal gave the request as 220 apartments and said no timeline was disclosed.
4. September 28, 2026. Two new-construction applications for 250 apartments in total were filed with the Department of Building Inspection. In the city's permit data, current through October 7, the 214-unit application was at "triage" and the 36-unit application was at "filed." The financing plan's estimated construction windows for 3700 California are 2026 to 2029 for the market-rate homes and 2026 to 2028 for the senior and institutional units.

On the money side, the authority approved a bond resolution, but bonds can't be issued until the Board approves the sale terms and the final documents come back for authority approval. A permit filing tells you the developer is moving. It doesn't tell you when a crane goes up, and under this financing it says even less about when a plaza opens.

How to weigh this when comparing Jordan Park

This is a long, staged change, which is different from a single opening day. It touches the California Street edge more directly than the interior blocks. Here is what the documents support:

• California Street retail is a later chapter. Phase one at 3333 includes California Street retail, but no source gives it an opening date. The full retail program of about 38,094 square feet is spread across buildings on California Street.
• Construction years come before amenity years. About $66 million of the plan is for demolition and abatement across the two sites. That work is scheduled before most of the public spaces.
• The public spaces stay privately owned. The 3333 open space is described as privately owned and publicly accessible. Phase-by-phase access to California Square, Mayfair Walk and Euclid Green hasn't been published.
• The district's revenue comes from the project sites. Under the financing plan, the money comes from new property tax value inside the district's boundary. For your own tax situation on any home, check with a tax professional. This post is general information, not tax, legal or financial advice.

If you are buying on the California Street edge and planning to stay ten years or more, this financing points to a neighborhood that looks very different by the early 2030s, if construction starts on the estimated schedule. If you are buying for the next two or three years, those years may line up with the fenced, demolition stage.

Common questions

Has construction started at 3333 or 3700 California? As of the city's permit data current through October 7, 2026, the latest filings at 3700 California were still in early review. The most recent public outlook for 3333 California was the Chronicle's January 2026 report of an expected late 2026 start.

Why are the parks tied to the housing? The developer is repaid for public improvements only out of new tax revenue the completed housing produces, under the financing district the city formed in February 2026.

What happens if the projects stall? Under the city's policy as OEWD described it at the January hearing, the Board of Supervisors can dissolve the district if no new building gets a certificate of occupancy within ten years of the district forming.

If you're deciding which Jordan Park blocks fit the years you plan to stay, we'll walk the California Street edge with you and go through what's been filed for each site so far. Reach out to Michelle Harris to Request a Private Market Review.