The San Francisco Giants and the Cordish Companies have submitted a $1.6bn proposal to the Port of San Francisco, US, for the Mission Rock development project.
The Mission Rock development would include 1.7 million square feet of offices, 1,000 residences, as well as shops and restaurants spread across the 27 acre site, to the south of AT&T Park.
The plan dedicates nearly a third of the development area to open space, including Mission Rock Square and China Basin Park.
San Francisco Mayor Edwin Lee said that Mission Rock will boost the economy of the city.
"It will create thousands of construction and permanent jobs and hundreds of millions of dollars in tax revenues, while creating much-needed housing and open space for a growing neighborhood and office space for companies starting or expanding in San Francisco," Lee said.
Plans include an eight acre bay-side park with open space, restaurants and cafes, a relocated Junior Giants park and places to rent bicycles and kayaks.
The lawn behind the Willie McCovey statue will be turned into an event space that can accommodate about 5,000 people for outdoor concerts, movie nights and other events.
A smaller, 1.5 acre, park in the centre of the development has been designed as a town square, surrounded by offices, apartment buildings, shops and restaurants.
San Francisco Giants CEO and president Larry Baer said that the company, along with its partner, has been working on the Mission Rock Project over the past 18 months to refine and fully develop plans.
"This property is of great strategic importance to the Giants and its successful development will enhance and diversify the economic position of the team, creating new revenue streams that will help us compete at the highest level," Baer said.
Around $13m in annual tax revenue is expected be generated upon completion of the project.
Construction of Mission Rock, which is anticipated to start in 2015, will take place over four phases.
Image: The project will create open space for a growing neighborhood and office space for companies starting or expanding in San Francisco. Photo: courtesy of San Francisco Giants.