The proposed arena will be located near AT&T Park, home of the San Francisco Giants, and will be privately financed with a price tag of about $500 million.
Once completed, the arena will be accessible by public transit and will provide a downtown-area venue for conventions, concerts and other events.
"This will be one of the most transit-friendly facilities in the nation," Warriors Co-Executive Chairman Peter Guber said in a written statement. "We know that's important for our fans and a real positive to this location."
The Warriors have played at Oracle Arena in Oakland since the 1960s and their lease expires in two years. While the arena has been upgraded and is serviced by the Bay Area Rapid Transit System, it is nevertheless the oldest home court in the NBA.
Joe Lacob, who owns the team with Guber, told the San Francisco Chronicle the decision to pay the full cost of the project was made to skip a potential public vote on using city funds for the project.
"We didn't want to wait a long time," he said.
A projected date for groundbreaking on the Piers 30-32 site was not available and the design of the arena was not finalized. A rendering on the team's Web site showed a glass wall on one side of the building with an up-close view of the Bay Bridge.