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Port Commission endorses Forest City term sheet for Pier 70 waterfront redevelopment
Summary
The Port Commission unanimously endorsed a nonbinding term sheet with Forest City Development for the Pier 70 waterfront project, advancing a multi‑phase plan that staff estimate will require about $160 million in infrastructure and deliver public parks, housing and commercial space subject to a 2–3 year entitlement process.
The Port Commission voted to endorse a term sheet with Forest City Development California Inc. to advance a mixed‑use redevelopment of the Pier 70 waterfront site.
Staff and the developer told commissioners the term sheet is nonbinding and will be followed by an approximately two‑ to three‑year entitlement and environmental review process. Forest City’s presentation described three primary goals for the site: create a vibrant district, reestablish Pier 70 as a jobs hub and deliver a public benefits package that includes open space and affordable housing. Jack Sylvan of Forest City said the plan anticipates about 1,000 residential units and roughly 2.25 million square feet of office space.
City and port staff summarized the financial and implementation analysis, saying Forest City will cover roughly $20 million in predevelopment costs and infrastructure is estimated at about $160 million across four phases. Staff described how the deal would allocate returns after an 18 percent developer return threshold and projected long‑term revenues to the port. Staff also said the waterfront component would include about seven acres of open space, including a 4.5‑acre waterfront park, and that some historic buildings on site are planned for rehabilitation.
Public commenters representing housing advocates, the Central Waterfront Advisory Group, unions, and Newnan Building artists largely supported the term sheet while urging higher density, protections for existing artists’ studios and stronger local‑hire and contracting commitments. Tim Cohen of the San Francisco Housing Action Coalition said the project offers a 'toehold on our Southern Waterfront' and urged flexible zoning to respond to market change. Susie Barnard, speaking for Newnan Building artists, asked for explicit long‑term commitments to affordable artist workspace for current tenants and future artists.
Commissioners praised the outreach and the presentation and asked staff to return with frequent updates during the entitlement phase. Following discussion the commission endorsed the term sheet by voice vote; the staff recorded Resolution number 13 20 as passed.
Next steps: staff and Forest City will proceed with environmental review (CEQA and the federal EIS process where applicable), entitlement tasks and drafting transaction documents for future commission consideration.
