San Francisco Municipal Transportation Potrero Yard Modernization Project
In April 2026, Provident proudly partnered with the San Francisco Municipal Transportation Agency (SFMTA) to deliver a transformative modernization of the historic 1915-era Potrero Yard. The new four-story facility, scheduled to reach Substantial Completion in June 2030, will serve as a state-of-the-art operational and maintenance hub for SFMTA's transition to a fully electric Muni bus fleet.
Project Completion
and Impact Overview
Once completed, the Project will deliver a new four-story operational and maintenance facility purpose-built to house, charge, and service approximately 250 electric Muni buses, directly enabling SFMTA' s commitment to a fully electric fleet by 2040. The facility, targeting LEED BD+C Gold certification, will provide modern working environments for the approximately 1,100 SFMTA operators, mechanics, and support staff who keep San Francisco moving, with natural light, dedicated outdoor spaces, and improved safety conditions throughout. Substantial Completion is scheduled for June 26,2030, with the 4.4-acre Mariposa Street site also planned to accommodate a future Housing and Commercial Component as a separate development phase.
Financing
In April 2026, Provident and SFMTA reached Commercial Close on April 3 and Financial Close on April 17. To finance the Project, $735,540,000 in tax-exempt revenue bonds were issued through the California Municipal Finance Authority (CMFA) as conduit issuer, comprising $485,540,000 of Series 2026A Revenue Bonds and $250,000,000 of Series 2026B Milestone Revenue Bonds. The bonds, rated A2(Stable) by Moody's, were sold by Wells Fargo Bank, N.A. and Jefferies LLC, with U.S. Bank Trust Company, National Association serving as Trustee and Collateral Agent and Orrick, Herrington & Sutcliffe LLP serving as Bond Counsel. The Project is owned by PRG – Potrero Properties LLC, of which Provident is the sole member, and the bonds are secured by a pledge of Milestone Payments, Availability Payments, and other Project revenues payable by SFMTA over the 30-year Project Agreement term.
Development &
Management
The Principal Project Company is Potrero Neighborhood Collective LLC, sponsored by Plenary Americas US Holdings Inc. Webcor Construction, LP serves as Design-Build Contractor under a $612,107,000 D&C Contract, with Obayashi Corporation providing a contractor performance guarantee, and Arcadis IBI Group leading project design. Following Substantial Completion, SFMTA will retain responsibility for ongoing bus operations and fleet maintenance, while the Principal Project Company will deliver lifecycle and facility services under the long-term Project Agreement through scheduled expiration in June 2060.
Community Impact
The SFMTA Potrero Yard Modernization Project, owned by Provident, supports San Francisco's most ambitious transit electrification and equity goals while replacing a century-old facility that no longer serves the City or its riders. By enabling a fully electric Muni bus fleet, the Project advances the City's Climate Action Plan and improves service reliability for the six Muni routes that connect overburdened and underserved neighborhoods with high concentrations of low-income and minority households. The Project also provides modern, dignified working environments for approximately 1,100 SFMTA employees and creates the platform for future housing and commercial development on the4.4-acre site. Provident is proud to serve as a key component in a project that benefits SFMTA, its workforce, and the communities Muni serves every day.