With a full Board of Supervisors vote scheduled for this coming Tuesday, the Mayor’s proposed deal to host the next America’s Cup in San Francisco is shoring up.
Under the deal Newsom’s administration finalized Wednesday with Ellison’s group, if the team selects San Francisco to host the regattas, it would get development rights and a 66-year lease on Piers 30-32 and a 75-year lease on, and possibly title to, Seawall Lot 330 across the Embarcadero at the foot of Bryant Street. The team would also have the option of paying at least $25 million more to shore up nearby Piers 26 and 28 in exchange for 66-year leases on them.
The team will pay “commercially reasonable” rent but be given credit for infrastructure work performed.
Newsom’s revised bid scraps the city’s original proposal to concentrate race facilities along the central waterfront, which had steeper up-front costs and included rent-free leases.
The current proposal for the first time includes development rights to Pier 26 and Pier 28. Overall, it would require the port to relocate 78 tenants.