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Giants-led Mission Rock proposal presented; staff outlines phased financing and term-sheet steps
Summary
Representatives of the San Francisco Giants and port staff updated the commission on the conceptual framework for Seawall Lot 337 (Mission Rock), describing waterfront open space, mixed uses and a phased financing approach. Staff said a near-final term sheet will be presented to the commission in the coming weeks.
Port staff and the Giants’ development team presented an informational update on plans for Seawall Lot 337, the surface parking parcels adjacent to AT&T Park (now Oracle Park). The presentation outlined design principles, open-space planning, and a conceptual financial framework that would phase development parcels and align infrastructure delivery with market conditions.
Jack Baer and Fran Weld, representing the Giants and their development partner, described goals to create a pedestrian‑oriented neighborhood with a major waterfront park, an interior urban square, and a mix of housing and office uses designed to activate parks day and night. Phil Williamson, Port project manager, summarized early financial concepts developed during the Exclusive Negotiation Agreement period, noting developer responsibility for entitlement and infrastructure costs during the ENA period and a structure that anticipates phasing and market‑verified parcel transfers.
Staff outlined preliminary financial points, including a referenced site‑wide base rent figure used for modeling and a developer return framework (presenters referenced developer repayment of predevelopment costs with an illustrative market-based equity return). The port said it plans an informational term‑sheet presentation to the commission and expects to seek approval of a term sheet in a subsequent meeting; staff and the developer will continue community outreach and coordination with city departments and regulatory agencies.
Public commenters and stakeholder groups praised the design emphasis on open space and walkability while urging detailed commitments on affordable housing, retail strategy and transportation mitigation. No binding approvals occurred at the meeting; staff reiterated that the term sheet will return for formal action.
