Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Leases And Resolutions topic
No spam. Unsubscribe anytime.
Port Commission adopts consent calendar and approves 10-year lease for 340 Jefferson (Pompeys Grotto); vote unanimous
Summary
The San Francisco Port Commission unanimously adopted a multi-item consent calendar including a 10-year capital plan and settlement terms, and approved a new 10-year lease for 340 Jefferson Street (Pompeys Grotto) with a $470,000 tenant improvement allowance funded from ARPA/TARF.
The San Francisco Port Commission unanimously adopted the consent calendar and approved a separate lease for restaurant space at 340 Jefferson Street, signaling a continued push to reactivate Fisherman's Wharf retail and dining sites.
On a unanimous voice vote the commission adopted the consent calendar, approving resolutions listed by staff as 25-20, 25-21, 25-22 and 25-23. The items described by staff included a 10-year capital plan and agreements related to arts and cultural activation and lease terminations; the staff presentation supplied resolution numbers but not detailed fiscal years or every background document. The commission took no public comment on the consent calendar.
Separately the commission voted to authorize forwarding a proposed new lease, resolution 25-24, for 3,750 square feet of restaurant space at 340 Jefferson Street to the Board of Supervisors and, upon that approval, to execute the lease. Port staff said the operator will serve El Salvadorian-inspired cuisine under the trade name Chaska Rio and that the tenant improvement allowance totals $470,000, funded from the ARPA tenant attraction and retention fund (TARF). Year 1 base rent in the staff summary is $10,395 per month, with a 3% annual increase, and a 5.5% percentage rent over base once gross revenue thresholds are exceeded. The lease contains a termination right for the port if the tenant does not reach specified gross sales targets by the end of the third year and includes a 270-day construction abatement period.
Don Cavanaugh, senior property manager, described the competitive solicitation and evaluation process that led to selecting 340 Jefferson Street Partners as the proposed sponsor. Chris McGarry, one of the partners, told commissioners the team expects to open within about 120 days after lease execution and that most kitchen equipment will need replacement.
The commission approved resolution 25-24 by unanimous voice vote. Commissioners made no recorded roll-call vote naming individual ‘yes’ or ‘no’ votes; staff indicated the motions passed unanimously.
