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Port Commission approves Pier 70 rehabilitation agreement, CEQA findings and financing steps
Summary
The San Francisco Port Commission approved staff recommendations to extend the exclusive negotiation agreement with Orton Development, adopt CEQA findings and mitigation measures, and approve transaction documents to rehabilitate the historic Pier 70 buildings, while authorizing staff to pursue seismic and tax-increment financing. The action advances a 66-year lease and a project the staff estimates will cost about $76 million.
The San Francisco Port Commission on May 13 approved a package of actions to move forward with rehabilitation and redevelopment of historic buildings at Pier 70.
Port staff presented a second amendment to the Exclusive Negotiation Agreement with Orton Development Incorporated and recommended adoption of CEQA findings and a mitigation monitoring and reporting program. The commission also approved the schematic drawings and the principal transaction documents that will govern a proposed long-term lease and redevelopment of the site.
The project, described by Planning and Development staff as a rehabilitation of the historic core at Twentieth and Illinois streets, is budgeted in staff’s latest presentation at about $76,000,000 in total costs. Staff…
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