CFAH

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.

As per “Plan B,” the public viewing platform would still shift north to piers 27-29 and eliminate pier 48 from the proposal to eliminate a potential conflict with the Giants.

Comments from Plugged-In Readers

  1. Posted by MH for Movoto

    pretty exciting! hopefully Larry Ellison will make some gorgeous improvements to the waterfront.

  2. Posted by oscar

    i wish they had kept the original plan at the central waterfront. that area needs to be cleaned up more than the current proposed piers. but anyway, it would be great for the city to have this.

  3. Posted by EH

    And the rent is going to be tied to inflation/GDP/Gavin’s rap sheet, right? I can’t imagine that it’s defensible for this area to have the same rent for 75 years.

  4. Posted by EH

    Oh, and we all know that any contractor involved in this is going to more than justify whatever “$55MM” upgrades are done, right? I mean, certainly there’s enough oversight there to prevent padding the rent kickbacks.

  5. Posted by The Milkshake of Despair

    ^^^ exactly what I was thinking EH. How on earth does the city protect against that sort of embezzlement especially since the shoring up work might not start until long after those involved in the negotiations have retired ?

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