With a vision for reinventing the San Francisco Wholesale Produce Market that’s been on the boards, the city of San Francisco is preparing to back the $96 million initiative.
Under legislation that Lee and Supervisor Malia Cohen will introduce Tuesday, the nonprofit San Francisco Market Corp. will sign a new 60-year lease that calls for rent revenue from merchants to be used in a three-phase effort to redevelop and expand the market to an adjacent city-owned parcel at 901 Rankin St., currently a parking lot and storage site.
The nonprofit San Francisco Market Corp. is expected to borrow to cover up-front construction costs and pay it off with rent revenue. Once the upgrades and expansion are paid for, remaining rent revenue would go to the city’s general fund, its main spending account.
As proposed, the two blocks of Jerrold Avenue that currently bisect the market will be closed and the market will expand from 300,000 to 500,000 square feet.
I have always wondered what was up with this funky corner of town. It seems to be undergoing a renaissance of sorts.
One less parking lot? Oh noes! Whatever will the car drivers do?
^^^”Whatever will the car drivers do?”
Leave their cars in their garages in Noe Valley, hopefully. Now why did you want to flame this into another parking discussion?
NoeValleyJim was being sarcastic.
There is obviously not a parking issue in this “neighborhood” as is clear from the aerial view. I’m sure adequate parking for workers will be accommodated in the plan for the facility.
We should not be burdening future generations with leases signed today. A 60 year lease smacks of a sweatheart deal. The City should not enter into any lease longer than 5 or 10 years. Too many things, including that neighborhood, could change in ways we can’t even dream of today.
Developer giveaway. Par for Lee’s course.
Sounds like they’re just finishing a 50-year lease from 1962. I don’t think it’s necessarily bad– no one’s going to make major investments with a 5 year lease. That said, the city should obviously be making money from the deal and not paying for it. $100m is a lot of money, and it sounds suspicious.