On the agenda for San Francisco’s Board of Supervisors this afternoon, the endorsement of the financial terms and fiscal feasibility for the Giants proposed development of San Francisco’s Seawall 337, also known as the Giants Parking Lot A, or “Mission Rock.”
Once the Term Sheet is endorsed, the Giants can commence the formal Planning process (entitlements, environmental impacts, design approval) for the four phase development, with the team now slated to commence construction in 2016, finishing the final phase of development by 2022 assuming the market doesn’t dip.
As proposed, the $1.5 billion project will be financed by $200 million in Port funds (bonds, taxes and development rights) and $1.3 billion in private investment. And in terms of the return, the proposed development is expected to yield annual tax and fee revenues to the City of $21,496,000 in addition to a one-time collection of $60,170,000.
While the Port currently receives just under $5 million in rental revenue for the Giants Parking Lot A and Pier 48 parcels, the Port would receive between $1.4 and $1.7 billion in revenue from the Mission Rock development over the 75-year term of the lease.
∙ Mission Rock Term Sheet And Fiscal Feasibility Report [sfbos.org]
∙ Giants Moving Forward With Massive “Mission Rock” Development [SocketSite]
∙ Mission Rock: The Four Phases, Timing, And Sea Rise Clause [SocketSite]
In this day and age, that is the weakest rendering I have ever seen. One step above a cocktail napkin sketch.
^true, but it looks like a massing study. There must be better renderings out there.
They’ll be watching the baseball fer free! dagnammit!