 To finance the projects and promote development in the area, the Transbay Redevelopment Plan was adopted by the City of San Francisco in June 2005.By raising a number of building height limits and selling former freeway parcels, the plan envisions the development of over 2,500 new homes, 3 million square feet of new office and commercial space, and 100,000 square feet of retail.Designed by Pelli Clarke Pelli, the new Salesforce Transit Center replaced the former Transbay Terminal at a cost of roughly $2 billion USD and has been dubbed the "Grand Central Station of the West" by proponents.